HARBIN, China, Dec. 3, 2012 /PRNewswire-FirstCall/ -- China XD Plastics Company Limited (NASDAQ: CXDC, "China XD Plastics", or the "Company"), one of China's leading companies engaged in the development, manufacture and sale of modified plastics primarily for automotive applications, today announced the successful completion of its 5th Annual Seminar on the Development of the Macromolecule Materials Industry held in Harbin, China on December 2th, 2012.
The annual seminar gives industry experts an opportunity to discuss cutting-edge technologies and policy trends in plastics new materials at an international level under the backdrop of current macro-economic environment and future market trends. The attending experts reviewed and evaluated the Company's research and development ("R&D") projects to be initiated in 2013. The seminar was attended by members of Chinese Academy of Engineering, Chinese macromolecule industry academic leaders, industry analysts, economists, Company executives and the Company's research personnel.
At the beginning of this seminar, industry experts that are Company consultants provided a comprehensive overview on the Company's 28 research and development projects established in the beginning of 2012. The Company has completed five (5) projects during 2012 (the original goal of four (4) projects). Then, aligned with the Company's Five-Year Development Plan, industry experts conducted thorough review of 17 newly proposed R&D projects. Under the review and examination over market acceptability, government policy guidelines, technological feasibility, expected return and R&D expenses, industry experts endorsed nine (9) out of the 17 proposed R&D projects and determined that these nine (9) projects met the government policy guidelines regarding automobile, home appliance, high-speed rail, ocean vessel, aviation and other fields for 2013. As an extension of the Company's effort in 2012, the total 32 R&D projects (including nine (9) new R&D projects of 2013), will be the cornerstone of the Company's R&D initiatives in future.
The Chairman and CEO of China XD Plastics Company Limited, Jie Han said: "It is the fifth consecutive annual industry expert seminar that China XD Plastics holds. We are excited that the company received the endorsements of industry leading experts in China's macromolecule material industry. This cements our company's determination of diversifying our product mix, and continuing increase in R&D investment. Looking forward, our company will continue our commitment to research and development as before; deepen the technology exchanges and cooperation with domestic and international industry leading experts and scholars. Our company strives to solidify its industry status in the field of modified plastic new materials. Meanwhile, our company is poised to transform from the leading domestic automobile modified plastics manufacturer to leading domestic specialty chemical player, and to create greater long-term value for the Company and the shareholders."
About China XD Plastics Company Limited
China XD Plastics Company Limited, through its wholly-owned subsidiaries, develops, manufactures and sells modified plastics, primarily for automotive applications. The Company's products are used in the exterior and interior trim and in the functional components of 23 automobile brands manufactured in China, including AUDI, BMW, Toyota, Buick, Mazda, VW Golf, Jetta, and Hafei new energy vehicles. The Company's wholly-owned research center is dedicated to the research and development of modified plastics, and benefits from its cooperation with well-known scientists from prestigious universities in China. As of September 30, 2012, 236 of the Company's products have been certified for use by one or more of the automobile manufacturers in China. For more information please visit http://cxdc.irpage.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, statements reflecting management's current beliefs regarding the market acceptability, technological feasibility, and expected return of our research and development projects; policy trends in plastics new materials; macro-economic environment and future market trends; our ability to transition into a leading domestic specialty chemical player; and our future growth prospects and market position. These statements and other forward-looking statements are subject to uncertainties and risks detailed in the Company's filings with the Securities and Exchange Commission and available on its 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 the industry. The Company undertakes no obligation to update 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.
Contacts: China XD Plastics Mr. Taylor Zhang, CFO (New York) Phone: +1-212-747-1118 Email: email@example.com
SOURCE China XD Plastics Company Limited