HARBIN, China, April 1, 2019 /PRNewswire/ -- China XD Plastics
Company Limited (NASDAQ: CXDC) ("China XD Plastics" or the
"Company"), one of China's leading
specialty chemical companies engaged in the development,
manufacture and sale of polymer composite materials primarily for
automotive applications, today announced that it has filed a Form
12b-25 (the "Filing") with the Securities and Exchange Commission
indicating that it will not be in a position to file its Quarterly
Report on Form 10-K for the year ended December 31, 2018 within the 15-day extension
period provided in Rule 12b-25(b)
under the Securities Exchange Act of 1934.
The Company is in the process of preparing and reviewing the
financial information and compiling and disseminating the
information to be included in the Form 10-K for the period ended
December 31, 2018, as well as the
completion of the required review of the Company's financial
information, none of which could be complete by the date required
without incurring undue hardship and expenses.
The Company expects to file the Annual Report on Form 10-K
within the fifteen-day following extension period provided by this
Form 12b-25 and new earnings conference call coordinates will be
forthcoming and provided in a separate press release prior to the
Form 10-K filing.
About China XD Plastics Company
Limited
China XD Plastics Company Limited, through its wholly-owned
subsidiaries, develops, manufactures and sells polymer composites
materials, primarily for automotive applications. The Company's
products are used in the exterior and interior trim and in the
functional components of 31 automobile brands manufactured in
China, including without
limitation, AUDI, Mercedes Benz,
BMW, Toyota, Buick, Chevrolet, Mazda, Volvo, Ford, Citroen, Jinbei,
VW Passat, Golf, Jetta, etc.. The Company's wholly-owned research
center is dedicated to the research and development of polymer
composites materials and benefits from its cooperation with
well-known scientists from prestigious universities in China. As of December
31, 2018, 488 of the Company's products have been certified
for use by one or more of the automobile manufacturers in
China. For more information,
please visit the Company's English website at
http://www.chinaxd.net, and the Chinese website at
http://www.xdholding.com.
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 growth
potential in international markets; the effectiveness and
profitability of the Company's product diversification strategy;
the impact of the Company's product mix shift to more advanced
products and related pricing policies; the effectiveness,
profitability, and the marketability of its the ongoing mix shift
to more advanced products; the prospects of the Company's
Harbin facility, and its
penetration into Northeast China;
the Company's projections of its revenues for performance in fiscal
2018. These forward-looking statements can be identified by
terminology such as "will," "expect," "project," "anticipate,"
"forecast," "plan," "believe," "estimate" and similar statements.
Forward-looking statements involve inherent risks and uncertainties
and are based on current expectations, assumptions, estimates and
projections about the Company and the industry. A number of
important factors could cause actual results to differ materially
from those contained in any forward-looking statement. Potential
risks and uncertainties include, but are not limited to, the global
economic uncertainty could further impair the automotive industry
and limit demand for our products; fluctuations in automotive sales
and production could have a material adverse effect on our results
of operations and liquidity; our financial performance may be
affected by the prospect of our Dubai facility and the associated expansion
into Middle East, Europe and other parts of Asia; the withdrawal of preferential
government policies and the tightening control over the Chinese
automotive industry and automobile purchase restrictions imposed in
certain major cities may limit market demand for our products; the
slowing of Chinese automotive industry's growth; the concentration
of our distributors, customers and suppliers; 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. 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.
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SOURCE China XD Plastics Company Limited