HARBIN, China, Dec. 2, 2010 /PRNewswire-Asia-FirstCall/ -- China XD Plastics Company Ltd. ("China XD Plastics" or the "Company"), (Nasdaq: CXDC), one of the leading Chinese manufacturers engaged in the development, manufacture, and distribution of modified plastics primarily for use in automotive applications in China, today announced that the Company's shareholders adopted all the resolutions proposed by management at the 2010 annual general meeting held in Harbin on December 1, 2010.
The following two proposals were approved by the Company's shareholders at the 2010 annual general meeting:
1. The election of the following seven directors to the board of directors of the Company to serve until the next annual meeting of shareholders and until their respective successors is elected and qualified: Mr. Jie Han, Mr. Taylor Zhang, Mr. Qingwei Ma, Mr. Lawrence Leighton, Mr. Robert Brisotti, Mr. Linyuan Zhai, and Mr. Yong Jin.
2. The appointment of Moore Stephens HK as the Company's independent auditor for the fiscal year ending December 31, 2010.
About China XD Plastics Company Ltd.
China XD Plastics Company Ltd., through its wholly owned subsidiary, Harbin Xinda Macromolecule Material ("Xinda"), develops, manufactures, and distributes modified plastics, primarily for automotive applications. The Company's specialized plastics are used in the exterior and interior trim and in the functional components of more than 60 automobile brands manufactured in China including Audi, Red Flag, Volkswagen and Mazda. The Company's wholly-owned research institute is dedicated to the research and development of modified plastics, and benefits from its cooperation with well-known scientists from prestigious universities in China. At present, 169 of Xinda's products have been certified for use by one or more of the automobile manufacturers in China. For more information please visit http://www.chinaxd.net.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's ability to increase the number of certifications; the Company's ability to introduce new product applications for automobiles; the effectiveness, profitability, and the marketability of its products; the Company's ability to successfully expand its production capacity; the Company's ability to protect its proprietary information; general economic and business conditions; the volatility of the Company's operating results and financial conditions; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission ("SEC"), which are available on the SEC's website at http://www.sec.gov. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and its industry. The Company undertakes no obligation to update these forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
SOURCE China XD Plastics Company Limited