HARBIN, China, Dec. 12, 2011 /PRNewswire-Asia-FirstCall/ -- China XD Plastics Company Limited (NASDAQ: CXDC, "China XD Plastics" or the "Company"), one of China's leading specialty chemical players engaged in the development, manufacture, and sale of modified plastics primarily for automotive applications, announced the successful completion of its 4th Annual Seminar on the Development of the Macromolecule Materials Industry held in Harbin, China on December 10, 2011.
The annual seminar gives industry experts an opportunity to review and evaluate the Company's research and development ("R&D") initiatives in terms of technology advancement on the backdrop of government policies which support development of the modified plastics industry. The seminar was attended by the mayor of Harbin Mr. Guozhang Cong, who gave a keynote address to the seminar, the Company's senior management and R&D staff, government officials from the Harbin Municipal Science and Technology Bureau, and leading macromolecule materials industry experts and analysts.
During the seminar, industry experts assessed the progress of the Company's R&D projects for 2011, and then evaluated the Company's 11 R&D projects for 2012. Projects were reviewed in terms of overall strategy, alignment with government policies, market opportunities, efficient utilization of R&D and technical feasibility, and received favorable remarks and support from the industry experts. The Company's projects include initiatives to develop modified plastics for automobiles, aviation, ocean-going vessels, electronics and construction, reflecting the Company's strategy to diversify its product portfolio and further expand its customer base.
Mr. Jie Han, Chairman and CEO of China XD Plastics, said, "We are pleased to host this important seminar each year and importantly, we believe it highlights our focus on product R&D as a key growth driver of our business. The Company's presented projects are all advanced initiatives designed to continue the shift of our product mix to help meet the growing demand for higher value-added and high margin modified plastics products across various industries. We will continue to invest in R&D and deepen our cooperation with industry experts to ensure that we stay on the leading edge of the modified plastics sector in China."About China XD Plastics Company Limited China XD Plastics Company Limited, through its wholly-owned subsidiary, Harbin Xinda Macromolecule Material ("Xinda"), develops, manufactures, and sells modified plastics, primarily for automotive applications. The Company's products are used in the exterior and interior trim and in the functional components of more than 70 automobile models manufactured in China, including AUDI, BMW, Toyota, Buick, Mazda, VW, and Hafei new energy vehicles. The Company's wholly-owned research center is dedicated to the research and development of modified plastics, and benefits from its cooperation with well-known scientists from prestigious universities in China. As of September 30, 2011, 202 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 raise additional capital to finance the Company's activities; the effectiveness, profitability, and the marketability of its products; legal and regulatory risks; the Company's ability to execute its growth strategy; the future trading of the common stock of the Company; the Company's ability to operate as a public company; the period of time for which its current liquidity will enable the Company to fund its operations; the Company's ability to protect its proprietary information; general economic and business conditions; the volatility of the Company's operating results and financial condition; 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 and available on its 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 the industry. The Company undertakes no obligation to update 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. Contacts: China XD Plastics Mr. Taylor Zhang, CFO ( New York)Phone: +1-212-747-1118 Email: email@example.com Mr. Tienan Han, IR Manager ( Harbin)Phone: +86-451-8434-6600Email: firstname.lastname@example.org FTI Consulting for China XD PlasticsMs. Cara O'Brien ( Hong Kong)Phone: +852-3768-4537 Email: email@example.com Mr. John Pattison ( Beijing) Phone: +86-10-8591-1958Email: firstname.lastname@example.org SOURCE China XD Plastics Company Limited