Fuwei Films Appoints Three New Directors
26 Novembro 2007 - 12:08PM
PR Newswire (US)
BEIJING, Nov. 26 /Xinhua-PRNewswire-FirstCall/ -- Fuwei Films
(Holdings) Co. Limited (NASDAQ:FFHL), a manufacturer and
distributor of high-quality BOPET plastic film located in China,
today announced that the Board of Directors has elected Mr. Tee
Chuang Khoo, Professor Yudong Huang and Mr. Xiuyong Zhang to serve
as members of its Board of Directors effective November 21, 2007.
Mr. Khoo was appointed to serve as the Chairman of the Audit
Committee. 'We are pleased to add experienced and distinguished
professionals to the Board to help Fuwei Films realize its
potential,' said Xiaoan He, Chairman and CEO of Fuwei Films. 'Mr.
Khoo's experience with Asian public companies, and his management
and finance background, will provide valuable insights to assist in
building value for our shareholders. Professor Huang's technical
expertise, especially in film technology, will prove to be an
important asset for the Board. Mr. Zhang has made valuable
contributions at Fuwei and now he can provide his guidance as a
member of the Board of Directors as well.' Mr. Tee Chuang Khoo, 61,
was a Senior Partner in Management Consulting at DENEC Management
Consulting Co. Ltd. in Shanghai until October 2007. Prior to DENEC,
Mr. Khoo was a Senior Partner at Improve Management Consulting
Services in Malaysia where he was responsible for reducing
manufacturing costs and process improvement. Mr. Khoo was Executive
Director at JPK (M) Sdn Bhd, a Malaysian-listed company, where he
assisted the Managing Director with the entire operation of the
company. Prior to that, he was the General Manager of Broadway
Group's (a Singapore-listed company) product factories in Johor
Baru, Malaysia, and in China. He also held managerial positions at
the Malaysian conglomerate, The Lion Group, and he was a Human
Resources Manager at Metal Box Singapore Ltd, a Singapore-listed
company owned by the British Metal Box Group. Mr. Khoo has a
Bachelor of Arts in Finance & Management from the University of
Oregon (USA), a Masters in Business Administration (MBA) from
University of Southern California (USA) in 1986 and a diploma in
Accounting from the Association of International Accountants from
the United Kingdom. Mr. Khoo is fluent in English, Mandarin
Chinese, other Chinese dialects and Malay/Indonesian. Mr. Khoo
said, 'My broad management, accounting and finance background will
be very valuable to fulfill my director's duties and especially as
Chairman of the Audit Committee.' Professor Yudong Huang, 42, is a
Professor and Director of the Department of Applied Chemistry of
Harbin Institute of Technology. His research coverage includes PET
films. Since 1992, Professor Huang has performed more than 20
research projects, out of which 3 projects have won science and
technology awards at the provincial and ministerial levels. He has
published more than 60 papers in national and international
publications. He was awarded the 'Excellent Scientist Prize' of
Heilongjiang Province in 1998. Professor Huang graduated from the
Department of Applied Chemistry of Harbin Institute of Technology
with a Ph.D., after also attaining Master and Bachelor degrees from
the same institution. Professor Huang said, 'I am thrilled about my
appointment as a director for Fuwei. My knowledge and experience of
applied chemistry and the plastic film industry will help me
fulfill my responsibilities as a director to this
technology-enhanced film leader in the Chinese BOPET industry." Mr.
Xiuyong Zhang has been the Deputy General Manager of Fuwei Films
(Shandong) Co., Ltd. since January 2005 and is responsible for the
day-to-day management of the financial and taxation matters in the
PRC. Prior to joining Shandong Fuwei as a director in July 2004,
Mr. Zhang had accumulated more than 10 years of experience in
accounting and finance. Mr. Zhang was the vice president of the
Weifang branch of Shandong Zhengyuan Hexin Auditors, an accounting
firm in China, from 1999 to 2004. From 1991 to 1999, he was an
accounting supervisor at the main office of the Weifang City Local
Products Company. Mr. Zhang was jointly certified as a public
appraiser by the Ministry of Personnel and the Ministry of Finance
in the PRC in 2004. He was certified as an accounting professional
by the Ministry of Finance in 1997. He graduated with a degree in
Accounting from the Shandong Television University in 1996. Mr.
Zhang will replace Mr. Tongju Zhou, who resigned as director and
member of the compensation committee in mid-October. Mr. Zhang
said, 'My leadership experience and supervision of financial
matters at Fuwei have made me well prepared to work with the other
Board members to address the current challenges and guide the
Company towards its potential. I look forward to working closely
with the other Board members.' 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 U.S.: Leslie
Wolf-Creutzfeldt Investor Relations The Global Consulting Group
Tel: +1-646-284-9472 Email: DATASOURCE: Fuwei Films (Holdings) Co.
Limited CONTACT: Christina He, Investor Relations,
+86-10-8518-5620, or
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