HARBIN, China, May 11, 2020 /PRNewswire/ -- China XD Plastics
Company Limited (NASDAQ: CXDC) (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 its board of directors (the "Board") has formed a
special committee (the "Special Committee") consisting of three
independent and disinterested directors, Linyuan Zhai, Huiyi
Chen and Guanbao Huang, with Huiyi Chen serving as the
chairperson of the Special Committee, to consider and evaluate the
previously announced preliminary non-binding "going private"
proposal received by the Board on May 8,
2020. The Special Committee has been authorized by the Board
with the power to retain independent advisors, including
independent legal and financial advisors, to assist it in its
review and evaluation of the proposed transaction.
The Board cautions the Company's shareholders and others
considering trading the Company's securities that no decisions have
been made by the Special Committee with respect to the Company's
response to the proposal. There can be no assurance that any
definitive offer will be made, that any agreement will be executed
or that this or any other transaction will be approved or
consummated. The Company does not undertake any obligation to
provide any updates with respect to this or any other transaction,
except as required under applicable law.
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 September
30, 2019, 595 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://chinaxd.irpass.com/, 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 U.S. 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
approval and the consummation of the potential transaction
contemplated by the proposal letter or any alternative transaction.
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, the fluctuation in automotive sales and
productions, the development of Company's expansion plans, the
slowdown of China's automotive
industry, the concentration of the Company's distributors,
customers and suppliers, and other risks detailed in the Company's
filings with the U.S 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