BEIJING, July 28, 2015 /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 received a letter from the Nasdaq Stock
Market ("Nasdaq") on July 23, 2015
notifying the Company that it has regained compliance with the
$1.00 per share minimum closing bid
price requirement for continued listing on the NASDAQ Capital
Market, pursuant to the NASDAQ Listing Rule 5550(a)(2) (the "Bid
Price Rule").
As previously reported, on December 8,
2014, NASDAQ notified the Company that its ordinary shares
failed to maintain a minimum bid price of $1.00 over the previous thirty consecutive
business days as required by the Listing Rules of The Nasdaq Stock
Market. Additionally, on June 9,
2015, Nasdaq notified the Company that while the Company had
not regained compliance with the Bid Price Rule, it was eligible
for an additional 180-day grace period, until December 7, 2015, to regain compliance with the
Bid Price Rule.
Since then, NASDAQ has determined that for the last ten
consecutive business days, from July
9, to July 22, 2015, the
closing bid price of the Company's ordinary shares has been at
$1.00 per share or greater.
Accordingly, the Company has regained compliance with the Bid Price
Rule and this matter is now closed.
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 Films' 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 short and
long-term effects of the global financial crisis on the Company and
the BOPET film industry; competition in the BOPET film industry;
growth of, and risks inherent in, the BOPET film industry in
China; uncertainty as to future
profitability and our ability to obtain adequate financing for our
planned capital expenditure requirements; uncertainty as to our
ability to continuously develop new BOPET film products and keep up
with changes in BOPET film technology; risks associated with
possible defects and errors in our products; uncertainty as to our
ability to protect and enforce our intellectual property rights;
uncertainty as to our ability to attract and retain qualified
executives and personnel; and uncertainty in acquiring raw
materials on time and on acceptable terms, particularly in view of
the volatility in the prices of petroleum products in recent years.
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:
Mr. Yong Jiang
Board Secretary
Phone: +86 158 632 92177
Email: fuweiir@fuweifilms.com
In the U.S.:
Ms. 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.