BEIJING, Mar. 1, 2011 /PRNewswire-Asia-FirstCall/ -- 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 it has submitted to the U.S. Department of Commerce a response outlining perceived factual errors made by the Department in calculating its final results in the first-round antidumping case.
Under the subject of merchandise in the first round of anti-dumping administrative review, film manufactured by Fuwei and sold to the United States is cited from November 6, 2008 to October 31, 2009. In the decision, the Department sought to impose an anti-dumping duty of 30.91% on Fuwei. This means that Fuwei and its clients could be obliged to pay additional anti-dumping duties. In addition, the products of Fuwei could be limited in their access to the U.S. market in subsequent years.
Fuwei believes that the final results contain certain errors which are clearly ministerial inaccuracies as they result from a misstatement by the Department in regards to the data which was inaccurately interpreted and therefore should be corrected. Fuwei looks forward to receiving comments on its communications with the Commerce Department on this matter so that the perceived mistake can be corrected.
About Fuwei Films
Fuwei Films conducts its business through its wholly owned subsidiary Shandong Fuwei Films Co., Ltd. ("Shandong Fuwei"). Shandong Fuwei 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.
For more information about the Company, please visit the Company's website at http://www.fuweiholdings.com.
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. Any such forward-looking statements involve risk and uncertainties that could cause actual results to differ materially from any future results described by the forward-looking statements. Risk factors that could contribute to such differences include those matters more fully disclosed in the Company's reports filed with the Securities and Exchange Commission. 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.
The forward-looking statements included in this press release are subject to risks, uncertainties and assumptions about our businesses and business environments. These statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual results of our operations may differ materially from information contained in the forward-looking statements as a result of risk factors some of which are include, among other things, 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.
For more information, please contact:
Ms. Amy Gao
Investor Relations Manager
In the U.S.:
Ms. Leslie Wolf-Creutzfeldt
SOURCE Fuwei Films (Holdings) Co., Ltd.