Fuwei Films Receives RMB 25 million ($3.65 million) R&D Loan from Weifang City in Shandong Province
05 Janeiro 2009 - 10:52AM
PR Newswire (US)
BEIJING, Jan. 5 /PRNewswire-Asia-FirstCall/ -- Fuwei Films
(Holdings) Co. Limited (NASDAQ:FFHL) ("Fuwei" or the "Company"), a
manufacturer and distributor of high-quality BOPET plastic film
located in China, today announced that Fuwei Films (Shandong) Co.,
Ltd. ("Fuwei Shandong"), its wholly-owned operating subsidiary, has
received an RMB 25 million (US$3.65 million) interest-free loan
from the Weifang City Hi & New Technology Project Industrial
Development Fund ("IDF") in Shandong Province to support the
Company's research and development activities. Fuwei Shandong
initially signed a Letter of Intent with the IDF regarding the loan
in 2007. It was amended and finalized in October 2008 and to date
RMB 5 million (US$730,000) of the RMB 25 million has been disbursed
to Fuwei. Fuwei will obtain the remaining RMB 20 million ($2.92
million) as the new R&D initiative progresses. The loan will be
fully repaid in three years. The IDF was set up by the Weifang
government in 2006, for the purpose of enhancing R&D
capabilities of local enterprises. Mr. Xiaoan He, Chairman and CEO
of Fuwei, said, "We are honored to receive this R&D loan from
the local government. This is an acknowledgement of Fuwei's
technological leadership in our industry and we intend to use the
loan to further increase our edge and complete the development of
our high-margin products." 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 U.S. Securities
and Exchange Commission which, among other things, include
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 more information,
please contact: In China: Maggie Huang Investor Relations Phone:
+86-10-8518-5622x8805 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: In
China: Maggie Huang, Investor Relations at +86-10-8518-5622 x8805
or ; Or in the U.S.: Leslie Wolf-Creutzfeldt, Investor Relations,
The Global Consulting Group at +1-646-284-9472 or
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