Fuwei Films Updates Legal Proceeding Related to Three Major Shareholders
31 Outubro 2008 - 10:35AM
PR Newswire (US)
BEIJING, Oct. 31 /Xinhua-PRNewswire-FirstCall/ -- Fuwei Films
(Holdings) Co. Limited (NASDAQ:FFHL) ("Fuwei" or "the Company"), a
manufacturer and distributor of high-quality BOPET plastic films
located in China, today announced that the Company became aware
that the initial trial of the Company's three major shareholders,
Mr. Jun Yin, Mr. Tongju Zhou and Mr. Duo Wang, had begun on October
23 and continued on October 24 and October 27, 2008. On October 16,
2007, the Company became aware that arrest notices were issued by
the People's Procuratorate of Shandong Province for the three major
shareholders on suspicion of the crime of irregularities for
favoritism and to sell state-owned assets at low prices. The trial
was held at Jinan Intermediate People's Court in the city of Jinan,
Shandong Province. As of October 27, 2008, there has been no
verdict announced by Jinan Intermediate People's Court. Mr. Yin is
a 52.92% shareholder of Fuwei, and Mr. Zhou and Mr. Wang together
indirectly own 12.54% of the Company. None of these individuals are
involved in Fuwei's day-to-day operations. About Fuwei Films Fuwei
Films conducts its business through its wholly owned subsidiary
Fuwei Films (Shandong) 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. 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 U.S. 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 which
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 Manager Tel:
+86-10-8518-5620 Email: In the U.S.: Leslie Wolf-Creutzfeldt
Investor Relations Grayling Global Tel: +1-646-284-9472 Email:
DATASOURCE: Fuwei Films (Holdings) Co. Limited CONTACT: Christina
He, Investor Relations Manager, Fuwei Films (Holdings) Co. Limited,
+86-10-8518-5620, or Leslie Wolf- Creutzfeldt, Investor Relations,
Grayling Global, +1-646-284-9472, lwolf- , for Fuwei Films
(Holdings) Co. Limited
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