BEIJING, Oct. 19, 2011 /PRNewswire-Asia-FirstCall/ -- Fuwei Films (Holding) Co., Ltd. (NASDAQ:FFHL)("Fuwei Films" or the "Company"), a manufacturer and distributor of high-quality BOPET films in China, today announced that its wholly-owned subsidiary Fuwei Films ( Shandong) Co., Ltd. ("Shandong Fuwei") has been selected as one of the leading high-tech enterprises of the 2011 National Torch Program in China.
The selection of leading high-tech enterprises in the National Torch Program, a highly respected program organized by the Ministry of Science and Technology of China, is designed to showcase and promote excellence in the high-tech domestic industry and promote the commercialization, industrialization and internationalization of R & D efforts. The review of leading high-tech enterprises for the National Torch Program in China is conducted every three years, requiring each selected enterprise to have strong R & D capacity and technological innovation as well as leading technology in its primary product production with fundamental impact on the development of the industry and a leading role in the advancement of technology. Of the overall 598 enterprises selected as leading high-tech enterprises of the 2011 National Torch Program in China, there are only 41 enterprises headquartered in Shandong and Shandong Fuwei is the exclusive BOPET manufacturer in China among them.
"We are pleased to be selected as one of the leading high-tech enterprises of the 2011 National Torch Program in China in recognition of our R & D capacity. We will continue to invest more into our R & D for enhanced capacity in high-tech products," said Mr. Xiaoan He, Chairman and CEO of the Company.
About Fuwei FilmsFuwei Films conducts its business through its wholly owned subsidiary, Fuwei Films ( Shandong) 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. Safe Harbor 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 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. For more information, please contact:
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