Fuwei Films Announces Resignation of Independent Accountant
06 Novembro 2007 - 12:00PM
PR Newswire (US)
BEIJING, Nov. 6 /Xinhua-PRNewswire-FirstCall/ -- Fuwei Films
(Holdings) Co. Limited (NASDAQ:FFHL) ("Fuwei" or "the Company"),
China's leading manufacturer and distributor of high-quality BOPET
plastic film, today announced the resignation of its principal
independent accountant, Murrell, Hall, McIntosh & Co. PLLP
("MHM"), effective on November 1, 2007. As a result of the
disclosure that three significant direct or indirect shareholders
of the Company were arrested on charges related to the suspicion of
the crime of irregularities for favoritism and to sell state-owned
assets at low prices, MHM resigned as the independent auditor of
Fuwei. There were no disagreements between the Company and MHM on
any matter of accounting principals or practices, financial
statement disclosure, or auditing scope or procedure. The Board of
Directors of the Company plans to begin interviewing and selecting
a replacement independent accountant to perform the upcoming audit
for the fiscal year ended December 31, 2007, as soon as possible.
As previously announced, Fuwei will announce its third quarter
earnings results ended September 30, 2007, which are not reviewed
by MHM, on Monday, November 12, before the markets open. 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: Christina He of
Investor Relations, +86-10-8518-5620, or ; Or Leslie
Wolf-Creutzfeldt of Investor Relations of The Global Consulting
Group, +1-646-284-9472, or ; Or Stacy Dimakakos of Media Relations
of The Global Consulting Group, +1-646- 284-9417, or
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