HARBIN, China, December 3, 2014 /PRNewswire/ -- China XD Plastics Company Limited (NASDAQ: CXDC, "China XD Plastics" or the "Company"), one of China's leading specialty chemical producers engaged in the development, manufacture and sale of polymer composite materials primarily for automotive applications, today announced that it hosted the 7th Annual Molecule and Macromolecular Materials Development Seminar in Harbin, China on December 2 to December 3, 2014. The seminar reviewed the Company overall performance in 2014 and set goals for the Company's research and development effort in 2015, which is intended to build a solid foundation for the Company to optimize its product structure towards making more higher-value-added offerings, while broadening its high-end specialized composite overseas business.
This annual seminar hosted by the Company provides a forum for leading industry experts to review and evaluate the Company's research and development plans, especially in relation to the Chinese government's high priority industrial policies. Seminar attendees include city and provincial leaders, corporate executives, academics, scholars, specialists and researchers engaged in the macromolecular materials industry in China.
At this year's seminar, the experts reviewed the progress of China XD Plastics' R&D projects in 2014 and assessed its 17 completed projects. The experts appraised the Company's over 40 patent applications (three of which were licensed in 2014), and its 28 new OEM product certifications. The experts also reviewed the technology breakthroughs that enabled the Company to expand its product line from six categories to eleven sub-categories, as well as technology related to 3D printing materials and biodegradable materials. Notably, at the seminar the experts were satisfied with the Company's efforts in improving the customer experience in 3D printing, as well as the proactive refinement of its Chinese website (www.xdholding.com) to further attract a broader base of users in order to grow the business.
In addition, at the seminar the Company proposed its 2015 research model, the highlights of which are: 1) academics and scholars will assess R&D projects; 2) academic pioneers will lead the research process; and 3) partner consultants will finalize project cooperation with universities and institutions both in China and overseas. Research goals for 2015 include progress in engineering plastics, specialized engineering plastics, high-performance fiber composite materials, biodegradable plastics, functional masterbatch, thermoplastic elastomeric materials, 3D printing composite materials and fire-retardant materials. Besides serving the Company's principal industry of automotive, research objectives will cover advanced industries such as high-speed railway, shipping and aircraft, as well as complementary industries such as medical equipment, food packaging, 3D printing and electronic instruments.
Mr. Jie Han, Chief Executive Officer of China XD Plastics, commented, "We are pleased to see the scale of our seminar grow, with an increasing number of participating experts each year. Thanks to the reviews and evaluations by our seminar experts, we were able to accomplish breakthroughs in 3D printing materials and biodegradable plastics this year. The seminar this year featured a milestone for China XD Plastics as it was held as we are transitioning into more product categories. With the support of our academics, scholars, pioneers and R&D team, we were able to set goals for 20 exciting projects to help grow our business. Guided by government policy and led by the recently established New Materials Industry Association, we will accelerate our corporate transition, stimulate local economic growth and industry development, and enhance the general awareness and influence of new material industry."
About China XD Plastics Company Limited
China XD Plastics Company Limited, through its wholly-owned subsidiaries, develops, manufactures and sells polymer composite materials, primarily for automotive applications. The Company's products are used in the exterior and interior trim and in the functional components of 25 automobile brands manufactured in China, including AUDI, BMW, Toyota, Buick, Mazda, and VW Passat, Golf and Jetta. The Company's wholly-owned research center is dedicated to the research and development of polymer composite materials, and benefits from its cooperation with well-known scientists from prestigious universities in China. As of September 30, 2014, 311 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 ability to raise additional capital to finance the Company's activities; the effectiveness, profitability, and the marketability of its the ongoing mix shift to more advanced products and greater product variety; legal and regulatory risks; the Company's ability to execute its growth strategy and the effectiveness of its marketing and R&D strategy; the future trading of the common stock of the Company; the Company's ability to operate as a public company; the period of time for which its current liquidity will enable the Company to fund its operations; general economic and business conditions; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; 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. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. 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.
Contacts:
China XD Plastics
Mr. Taylor Zhang, CFO (New York)
Phone: +1 (212) 747-1118
Email: cxdc@chinaxd.net
ICR LLC
Mr. Gary Dvorchak, CFA (Beijing)
Senior Vice President
Phone (China): +86 (10) 6583-7500
Phone (US): +1 (310) 954-1123
Email: gary.dvorchak@icrinc.com
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