HARBIN, China, Dec. 3, 2010 /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 successful completion of its 3rd annual seminar on the development of the macromolecular materials industry. The seminar is an annual forum for leading Chinese experts in the field of macromolecular materials research and development ("R&D") to present on the latest trends in the industry and to interact with China XD Plastics' senior management and product development teams. In addition to their insights on the industry, the visiting experts provided a comprehensive evaluation of 21 projects which constitute the Company's proposed R&D initiatives for fiscal 2011.
These 21 projects were proposed by the researchers at the Company's R&D center, and following review by China XD Plastics' management, were submitted to the experts attending the seminar for evaluation. The projects include initiatives to develop modified plastics materials for alternative energy vehicles, high-speed trains, ocean-going vessels, airplanes and medical devices, in-line with the Company's strategy to increase production of high-technology and high value-added products with strong market potential.
Participants at the seminar included government officials from the Harbin Municipal Science and Technology Bureau, industry experts, including several academy members from the Chinese Academy of Engineering, representing the leaders in the field of macromolecular materials research, together with market analysts and economists. The participants reviewed and evaluated each project by applying varied criteria, including technological value, market opportunity, expected economic returns, potential government policies and R&D expenses to be incurred. The proposed projects received favorable feedback and were approved by the experts at the seminar.
"The Company has been hosting annual seminars on the development of macromolecular materials since 2008. The purpose of the seminars is to leverage the leading minds in the field to help the Company evaluate its R&D projects and facilitate the exchange of information on new and developing technologies in our industry," said Mr. Jie Han, Chairman and CEO of China XD Plastics. "We believe that the main driving force behind the Company's rapid and stable development since inception has been our consistent focus on R&D. The projects reviewed and evaluated by the industry experts during the seminar are all cutting edge initiatives which we believe will provide us with new and exciting growth opportunities. Nevertheless, these project evaluations are just a starting point. The Company will continue to dedicate time and resources towards R&D efforts for our post-doctoral scientific research work station and academy member work station in Harbin, China. We believe these efforts will allow us to focus on the development of high value-added and high margin products, which in turn will help us to maximize profits and maintain our technology advantage in the industry."
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 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