Fuwei Films to Receive Funding from the Weifang City Hi & New Technology Project Industrial Development Fund
06 Setembro 2007 - 10:00AM
PR Newswire (US)
Proceeds to Support Research and Development at Fuwei Films'
Technology Center BEIJING, Sept. 6 /Xinhua-PRNewswire-FirstCall/ --
Fuwei Films (Holdings) Co. Limited (NASDAQ:FFHL), China's leading
manufacturer and distributor of high quality BOPET plastic film,
today announced that its wholly owned operating subsidiary, Fuwei
Films (Shandong) Co. Ltd. ('Shandong Fuwei'), expects to receive a
RMB 30 million loan from the Weifang City Hi & New Technology
Project Industrial Development Fund to support the Company's
Technology Center project. As part of the Fuwei Films Technology
Center project, the Company is building a small-scale trial
production line for the purpose of conducting research and
development. This new trial production line will be primarily used
for research into the development of multiple-layer BOPET films and
may also be utilized for commercial production. Using a dedicated
production line of a smaller trial production scale will enable the
Company to save costs and reduce waste during the process of
development, particularly during test production. Xiaoan He,
Chairman and CEO of Fuwei Films commented, 'We are very pleased
that the local government recognizes the importance of Fuwei Films'
business expansion plans, especially the development of high level
value-added technology. After granting Fuwei Films a low-interest
loan of RMB 20 million in 2006, the local government continues to
provide support to Fuwei's progress and efforts in improving
technology. The funds from the new RMB 30 million loan can
continuously be used in the trial production line project and to
support other research and development efforts in our Technology
Center, including purchasing of key durable and large-scale R&D
equipment needed to develop high-level value-added products or
purchasing patents and specific technology.' Shandong Fuwei entered
into a 'Letter of Intent of Fund Support' with the Administration
Committee of Weifang City Hi & New Technology Industrial
Development Zone regarding the Hi-Tech Industry Development Funding
of Fuwei Films Technology Center project. Fuwei expects that
subject to final approvals, funds from the RMB 30 million loan will
be available in the fourth quarter of 2007. The Weifang government
established the Hi & New Technology Project Industrial
Development Fund in 2006, for the purpose of enhancing the
independent innovation and technical R&D ability of local
enterprises, and to support the development of local Hi & New
Technology enterprises. About Fuwei Films Fuwei Films conducts its
business through its wholly owned subsidiary Shandong Fuwei Films
Co., Ltd. Shandong Fuwei develops, manufactures and distributes
high quality plastic films using the biaxial oriented stretch
technique, otherwise known as BOPET film (biaxially oriented
polyethylene terephthalate). Fuwei's BOPET film is widely used to
package food, medicine, cosmetics, tobacco and alcohol, as well as
in the imaging, electronics, and magnetic products industries. For
more information about the Company, please visit the Company's
website at http://www.fuweiholdings.com/ . 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. Any such
forward-looking statements involve risk and uncertainties that
could cause actual results to differ materially from any future
results described by the forward-looking statements. Risk factors
that could contribute to such differences include those matters
more fully disclosed in the Company's reports filed with the
Securities and Exchange Commission. 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. The forward-looking statements included in
this press release are subject to risks, uncertainties and
assumptions about our businesses and business environments. These
statements reflect our current views with respect to future events
and are not a guarantee of future performance. Actual results of
our operations may differ materially from information contained in
the forward-looking statements as a result of risk factors some of
which are include, among other things, 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.
For more information, please contact: In China: Christina He
Investor Relations Tel: +86-10-8518-5620 Email: In the US: Mark
Jones Global Consulting Group Tel: +1-646-284-9414 Email:
DATASOURCE: Fuwei Films (Holdings) Co. Limited CONTACT: Christina
He, Investor Relations of Fuwei Films (Holdings) Co. Limited,
+86-10-8518-5620, or ; Mark Jones of Global Consulting Group,
+1-646-284-9414, or Web Site: http://www.fuweiholdings.com/
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