Fuwei Films Announces Receiving RMB 10 Million in Additional Financial Support From Chinese Government
03 Dezembro 2009 - 12:00PM
Marketwired
Fuwei Films (Holdings) Co. Limited (NASDAQ: FFHL) ("Fuwei Films" or
the "Company"), a manufacturer and distributor of high-quality
BOPET plastic films located in China, today announced that its
wholly owned subsidiary -- Fuwei Films (Shandong) Co. Ltd.
("Shandong Fuwei") recently received RMB 10 million financial
support in the form of a loan from the local Chinese government.
Since 2008, Chinese companies have been adversely impacted by
the global financial crisis. In response to the economic conditions
in China, the Chinese government has introduced a series of
stimulus packages. In November 2009, the Company received the RMB
10 million financial support after completing the necessary
procedures with the local Chinese government. Shandong Fuwei is one
of the two companies in the Weifang High-tech Area which has
acquired this financial support from the government. Shandong Fuwei
is planning to use this project fund in accordance with the needs
of the company.
This financial support is an eight-year long-term loan with an
interest rate of 5.346% and equal installments of RMB 3.3 million
to be paid within 3 years prior to the expiration of the loan.
"We are glad that our subsidiary has been awarded the financial
support from the local Chinese government. We believe that this
long term loan demonstrates the Chinese government's endorsement in
the long-term outlook of Fuwei Films," said Mr. Xiaoan He, the
chairman and CEO of Fuwei Films. "We will continue to commit
ourselves to the operation of the Company and enhance the equity of
the shareholders."
About Fuwei Films
Fuwei Films conducts its business through its wholly owned
subsidiary Shandong Fuwei Films Co., Ltd. ("Shandong Fuwei").
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 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: Maggie Huang
Investor Relations Manager Phone: +86-10-6852-2612 Email:
fuweiIR@fuweifilms.com In the U.S.: Leslie Wolf-Creutzfeldt
Investor Relations Graying Tel: +1-646-284-9472 Email:
leslie.wolf-creutzfeldt@us.grayling.com
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