HARBIN, China, March 12,
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 Joseph Chow, one of the Company's independent
directors and chairman of its Audit Committee, tendered his
resignation from the board of directors on March 6,
2019 for personal reason, effective immediately and
that Xin Li had accepted appointment to fill the director
vacancy created by Mr. Chow's resignation. Upon Mr.
Chow's resignation, he also ceased to be a member of
each of the Company's Audit Committee and Compensation
Committee of the Company. On the same date,
the Company's Board of Directors (the
"Board") appointed Xin Li to serve as a director of
the Company. The Board also appointed Mr. Li as a member
and the chairman of the Audit Committee of the Board and a
member of the Nominating Committee of the Board.
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, 2018, 476 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