HARBIN, China, April 26, 2019 /PRNewswire/ -- 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, today announced that Jun
Xu, one of the Company's independent directors, tendered his
resignation from the board of directors on April 23, 2019 for personal reason, effective
immediately and that Ryan Law had
accepted appointment to fill the director vacancy created by Mr.
Xu's resignation. On the same date, the stockholder holding all of
the issued and outstanding series D junior convertible preferred
stock appointed Ryan Law to serve as
a director of the Company.
Jie Han, Chairman and CEO of
China XD Plastics, said, "Mr. Xu has been a trusted member of our
board since 2011; we thank him for his many contributions and wish
him every success in his future endeavors. We are delighted to have
Ryan join the Company's Board of Directors. His distinguished
career and expertise in capital market and industry knowledge at
major global institutions will be tremendous assets to our
organization."
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
and 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; and the prospect of the Company's
Southwest China facility, and its
penetration into Southwest China.
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