Fuwei Films Receives Positive Outcome in Anti-Dumping Review
BEIJING, May 31, 2013 /PRNewswire/ -- Fuwei Films (Holdings) Co., Ltd. (Nasdaq: FFHL) ("Fuwei Films" or the "Company"), a manufacturer and distributor of high-quality BOPET plastic films in China, today announced that the United States Court of International Trade, as a result of an administrative challenge brought by Fuwei Films, has found that Fuwei Films' shipments did not give rise to any anti-dumping duties for the period from November 6, 2008 to October 31, 2009.
On March 18, 2011, Fuwei Films filed an administrative lawsuit against the US Department of Commerce ("the Department") regarding the anti-dumping duty of 30.91% imposed as a result of the first round of anti-dumping administrative review. The Department, after recalculating the rate following administrative challenge, found that Fuwei Films' shipments resulted in a level of dumping that was "de minimis" which carries no associated anti-dumping duties. All of Fuwei Films' importers will receive a full refund of all of the monies deposited as anti-dumping duties for entries made during this period, plus interest.
Mr. Xiaoan He, Chairman and CEO of Fuwei Films, said, "This is exciting news for the growth of Fuwei Films. We have long maintained that we conduct our business relations according to the highest standards and this ruling supports our claim. We plan to continue to expand overseas markets as well as accelerate the R & D of the optical thick films to be produced on the third production line to remain competitive and increase the revenue of the Company."
About Fuwei Films
Fuwei Films conducts its business through its wholly owned subsidiary, Fuwei Films (Shandong) Co., Ltd. ("Fuwei Shandong"). Fuwei Shandong develops, manufactures and distributes high-quality plastic films using the biaxial oriented stretch technique, otherwise known as BOPET film (biaxially oriented polyethylene terephthalate). Fuwei's BOPET film is widely used to package food, medicine, cosmetics, tobacco, and alcohol, as well as in the imaging, electronics, and magnetic products industries.
This press release contains information that constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are subject to risks. Risk factors that could contribute to such differences include those matters more fully disclosed in the Company's reports filed with the U.S. Securities and Exchange Commission which, among other things, include both the short and long-term effects of the global financial crisis on the Company and the BOPET film industry; competition in the BOPET film industry; growth of, and risks inherent in, the BOPET film industry in China; uncertainty as to future profitability and our ability to obtain adequate financing for our planned capital expenditure requirements; uncertainty as to our ability to continuously develop new BOPET film products and keep up with changes in BOPET film technology; risks associated with possible defects and errors in our products; uncertainty as to our ability to protect and enforce our intellectual property rights; uncertainty as to our ability to attract and retain qualified executives and personnel; and uncertainty in acquiring raw materials on time and on acceptable terms, particularly in view of the volatility in the prices of petroleum products in recent years. The forward-looking information provided herein represents the Company's estimates as of the date of the press release, and subsequent events and developments may cause the Company's estimates to change. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company's estimates of its future financial performance as of any date subsequent to the date of this press release. Actual results of our operations may differ materially from information contained in the forward-looking statements as a result of the risk factors.
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Miss Lysander Lee
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In the U.S.:
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SOURCE Fuwei Films (Holdings) Co., Ltd.