HARBIN, China, Oct. 7 /PRNewswire-Asia-FirstCall/ -- China XD Plastics Company Limited ("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 the appointment of Mr. Robert Brisotti to its Board of Directors. Mr. Brisotti replaces Mr. Cosimo Patti as a member of the Board of Directors and Chairman of the compensation committee.
Mr. Brisotti has 14 years of experience in the plastics industry as business manager and chemist and 20 years of experience in the securities industry as an investment banker and securities analyst. In the plastics industry, Mr. Brisotti has experience with acrylics at Rohm and Haas, now a wholly owned subsidiary of The Dow Chemical Company, and urethanes at Olin Corporation. In addition, Mr. Brisotti held several managerial positions of increasing responsibility culminating with general management of a specialty polyolefin business at Union Carbide, a wholly owned subsidiary of The Dow Chemical Company. Currently Senior Vice President at Buckman, Buckman & Reid, Inc., Mr. Brisotti manages underwriting and merger and acquisition transactions. Mr. Brisotti has a BS in Chemistry from Lehigh University, an MS in Chemistry from University of Rhode Island, and an MBA in Finance from Columbia University.
Mr. Jie Han, the Company's Chairman and CEO commented, "We are extremely fortunate to have Mr. Robert Brisotti join China XD Plastics as an independent non-executive director. We believe that his unique and extensive experience and connections in both the chemical and plastics industries, as well as his capital markets background will add valuable experience and insight to the Company and will be of great benefit to the Board and the Company."
About China XD Plastics Company Limited
China XD Plastics Company Limited, through its wholly owned subsidiary, Harbin Xinda Macromolecule Material ("Xinda"), develops, manufactures, and distributes modified plastics, primarily for use in the production of automobile parts and components. The Company's specialized plastics are used to produce: exterior parts, such as automobile bumpers, rearview and sideview mirrors and license plate parts; interior parts, such as door panels, dashboard, steering wheel, glove compartment and safety belt components; and functional components, such as air conditioner casings, heating and ventilation casings, engine covers, and air ducts. The Company's specialized plastics are utilized in more than 30 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 the cooperation with well-known scientists from prestigious universities in China. At present, 159 Xinda's automotive-specific modified plastic products have been certified by one or more of the automobile manufacturers in China. For more information please visit http://www.chinaxd.net.
Safe Harbor Statement
This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving 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. You 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 the risk factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's 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 risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
SOURCE China XD Plastics Company Limited