BEIJING, Jan. 26, 2017 /PRNewswire/ -- 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 the Company has signed an annual sales contract for
2017 with Eternal Electronic Material (Guangzhou) Co., Ltd. ("Eternal Electronic"),
one of the Company's top five customers during the year ended
December 31, 2015 that purchases
polyester film for PCB from Fuwei Films. Polyester film for PCB is
a base film for dry film. Eternal Electronic is a well-known
manufacturer of dry films globally, which is mainly used in Printed
Circuit Boards ("PCB"). Based on the new contract, Fuwei expects
that the total polyester film for PCB sales in the first quarter of
2017 will approximately increase by 34.5% compared to the same
period of 2016. Fuwei Films continues to improve its product
quality and has been supplying Eternal Electronic with advantageous
prices and sound services for the past few years.
"We believe that the increase of orders from Eternal Electronic
demonstrates that our product quality of polyester film for PCB is
recognized by our customers," commented Mr. Zengyong Wang, Chairman
of Fuwei Films, "Our Company will continue to execute a portfolio
of products that optimizes a higher margin strategy. We intend to
continue to leverage our R&D capabilities and develop new,
high-quality products with strong profit margins and maintain our
excellent customer service in order to maintain a competitive
advantage over our competitors."
About Fuwei Films
Fuwei Films conducts its business through its wholly owned
subsidiary, Fuwei Films (Shandong)
Co., Ltd. ("Fuwei Shandong"). Fuwei Shandong 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 both the possible
delisting of the Company's ordinary shares from the NASDAQ Global
Market; significant competition in the BOPET film industry,
especially the significant oversupply of BOPET films resulting from
the rapid growth of the Chinese BOPET industry capacity, changes in
the international market and trade barriers, especially the adverse
impact of the antidumping investigation and imposition of an
anti-dumping duty on imports of the BOPET films originating from
the People's Republic of China
("China") conducted by certain
main importing countries; and the effect of the recent US
presidential election on trade policy, fluctuations of RMB exchange
rate, the reduce in demand for the Company's products or the loss
of main customers which may result in the decrease of sales, and
negatively influencing the Company's financial performance,
uncertainty as to the future profitability, uncertainty as to the
Company's ability to successfully obtain additional funds to meet
the working capital needs of the new BOPET production line,
uncertainty as to the Company's ability to continuously develop new
BOPET film products to be produced by the third production line and
keep up with changes in BOPET film technology, risks associated
with possible defects and errors in its products including
complaints and claims from clients, uncertainty as to its ability
to protect and enforce its intellectual property rights,
uncertainty as to its ability to attract and retain qualified
executives and personnel, and uncertainty in acquiring raw
materials on time and on acceptable terms, particularly in light of
the volatility in the prices of petroleum products in recent years,
instability of power and energy supply, and the uncertainty
regarding the future operation of the Company in connection with
the changes in the labor law in China, the measures taken by the Chinese
government to save energy and reduce emissions, and the complaints
from nearby residents and local government about the noise caused
by our production as well as the uncertainty of the impact of major
shareholder transfer that have substantial influence over the
Company and the Company's business operation including possible
overlap of our BOPET products, customers and market orientation
with an BOPET film manufacturer, which is controlled by the same
individual who has control over the shares of our major
shareholder. 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:
In China:
Ms. Xiaoli Yu
Investor Relations Manager
Phone: +86-133-615-59266
Email: fuweiIR@fuweifilms.com
In the U.S.:
Vivian Chen
Investor Relations
Grayling
Phone: +1-646-284-9427
Email: vivian.chen@grayling.com
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SOURCE Fuwei Films (Holdings) Co., Ltd.