Keyuan Petrochemicals Adds New Board Observer from Prax Capital
NINGBO, China, Jan. 17, 2012 /PRNewswire-Asia-FirstCall/ -- Keyuan Petrochemicals Inc. (OTC: KEYP), ("Keyuan" or "the Company"), an independent manufacturer and supplier of various petrochemical products in China, today announced that the Company has added a board observer, Mr. Lei ("Michael") Xu, a partner of Prax Capital, to its board of directors effectively immediately.
Mr. Xu is a partner at Prax Capital, a private equity fund focusing on growth capital investments in China. Mr. Xu joined Prax Capital in 2003, and has been primarily responsible for leading the investment team in sourcing, evaluating and executing deals, including the investments in Suntech and Little Sheep. Prior to joining Prax Capital, Mr. Xu worked at NewMargin Ventures, Kamsky Associates, Inc. and Deloitte & Touch. Mr. Xu holds an MBA degree from the Wharton School at the University of Pennsylvania and a law degree from Ningbo University in China.
About Keyuan Petrochemicals, Inc.
Keyuan Petrochemicals, Inc., established in 2007 and operating through its wholly-owned subsidiary, Ningbo Keyuan Plastics, Co. Ltd. and Ningbo Keyun Petrochemicals Co., Ltd., is located in Ningbo, China and is an independent manufacturer and supplier of various petrochemical products. Having commenced production in October 2009, Keyuan's operations include an annual petrochemical manufacturing design capacity of 720,000 MT for a variety of petrochemical products, with facilities for the storage and loading of raw materials and finished goods, and a technology that supports the manufacturing process with low raw material costs and high utilization and yields. In order to meet increasing market demand, Keyuan plans to expand its manufacturing capacity to include a SBS production facility which was completed in September 2011 and is currently on trial production, additional storage capacity, a raw material pre-treatment facility, and an asphalt production facility.
Cautionary Statement Regarding Forward-Looking Information
This press release may contain certain "forward-looking statements" relating to the business of Keyuan Petrochemicals, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements regarding the impact of the proceeds from the private placement on the Company's short term business and operations, the general ability of the Company to achieve its commercial objectives, including the ability of the Company to sustain growth; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For more information, please contact:
Keyuan Petrochemicals ,Inc
MZ North America
Ted Haberfield, President
Mr. Andrew Haag, Managing Partner, USA
Hampton Growth, LLC
SOURCE Keyuan Petrochemicals, Inc.