Fuwei Films Announces Initial Verdict of Major Shareholders Case
10 Março 2009 - 5:30PM
PR Newswire (US)
BEIJING, March 10 /PRNewswire-Asia-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 the Company became aware of the
initial verdict issued by the Jinan Intermediate People's Court in
the city of Jinan, Shandong Province, concerning the Company's
three major shareholders, Mr. Jun Yin, Mr. Tongju Zhou and Mr. Duo
Wang. The verdict found the three major shareholders guilty of the
crime of misappropriation of state-owned assets relating to tens of
millions of RMBs' worth of assets during the reorganization of
Shandong Neoluck Plastics Co., Ltd. The court sentenced Mr. Yin to
death, with a stay of execution for two years. The other two
defendants, Mr. Zhou and Mr. Wang, each received life imprisonment.
All of the personal property of the three individuals (including
their holdings of Apex Glory and Easebright Investments, through
which they own an aggregate of approximately 65% of the ordinary
shares of Fuwei) will be transferred to the Chinese government.
None of these individuals is currently involved in Fuwei's
day-to-day operations. The three individuals are currently
appealing the initial verdict. "With today's announcement, Fuwei
believes it is close to the conclusion of a nearly two-year period
of uncertainty in the Company's history," said Mr. Xiaoan He,
Chairman and CEO of Fuwei. "We believe the Chinese government will
support our long-term growth, as it did before. This also means we
will soon be able to focus exclusively on executing Fuwei's
strategy to emerge from the current economic crisis as a stronger
player in our industry, by developing export markets, continuing
our R&D, and expanding into the thick film business, which we
believe will be a strategically important market for us to be in."
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 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 both the short and long-term effects of the
global financial crisis on the Company and the BOPET film industry;
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: Maggie Huang Investor
Relations Manager Phone: +86-10-8518-5620 Email: In the U.S.:
Leslie Wolf-Creutzfeldt Investor Relations Grayling Tel:
+1-646-284-9472 Email: DATASOURCE: Fuwei Films (Holdings) Co.
Limited CONTACT: In China, Maggie Huang, Investor Relations Manager
of Fuwei Films (Holdings) Co. Limited, +86-10-8518-5620, or In the
U.S., Leslie Wolf-Creutzfeldt, Investor Relations of Grayling,
+1-646-284- 9472, for Fuwei Films (Holdings) Co. Limited
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