Fuwei Films Announces Resignations of Two Directors
25 Outubro 2007 - 10:09AM
PR Newswire (US)
Fuwei Announces Intention to Defend Itself Against Class-Action
Lawsuit BEIJING, Oct. 25 /Xinhua-PRNewswire-FirstCall/ -- Fuwei
Films (Holdings) Co. Limited (NASDAQ:FFHL), China's leading
manufacturer and distributor of high-quality BOPET plastic film
(the "Company"), today announced the resignations of both Mr.
Tongju Zhou and Mr. Mark E. Stulga as directors of the Company
effective October 18, 2007. Mr. Zhou was a member of the
compensation committee at the time of his resignation and Mr.
Stulga was Chairman of each of the audit committee, the
compensation committee and the corporate governance and nominating
committee at the time of his resignation. The Company is currently
searching for qualified people to appoint as new directors to fill
the vacancies. The board believes that a timetable for completing
the search process is expected to be set within the next several
weeks. In addition, the Company today said it has become aware of
the class- action lawsuit filed in the United States District Court
for the Southern District of New York on October 19, 2007. The
Company believes the claims are without merit and plans to
vigorously defend itself against the claims. 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. 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 Securities and Exchange Commission some of which are 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. 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 further
information, please contact: In China: Christina He Investor
Relations Tel: +86-10-8518-5620 Email: In the U.S.: Leslie
Wolf-Creutzfeldt Investor Relations The Global Consulting Group
Tel: +1-646-284-9472 Email: Stacy Dimakakos Media Relations The
Global Consulting Group Tel: +1-646-284-9417 Email: DATASOURCE:
Fuwei Films (Holdings) Co. Limited CONTACT: In China, Christina He,
Investor Relations of Fuwei, +86-10- 8518-5620, or ; or in the
U.S., Leslie Wolf-Creutzfeldt, Investor Relations, +1-646-284-9472,
or , or Stacy Dimakakos, Media Relations, +1-646-284-9417, or ,
both of The Global Consulting Group, for Fuwei
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