BEIJING, June 29 /PRNewswire-Asia-FirstCall/ -- Fuwei
Films (Holdings) Co., Ltd. (Nasdaq: FFHL) ("Fuwei Films" or the
"Company"), a manufacturer and distributor of high-quality BOPET
plastic films in China, today
announced that on June 24, 2010, it
received a Nasdaq Staff Deficiency Letter indicating that it is not
in compliance with the minimum bid price requirement for continued
listing set forth in Listing Rule 5550(a)(2) which requires listed
securities to maintain a minimum bid price of $1.00 per share.
Fuwei's management is looking into various options available to
it in order to regain compliance and ensure its continued listing
on the Nasdaq. The Company intends to actively monitor the bid
price for its common stock between now and the end of the grace
period.
According to the letter from the Nasdaq, Fuwei has been given a
grace period of 180 calendar days, starting June 24, 2010, to regain compliance with the
minimum bid price requirement. Fuwei can regain compliance if, at
any time before the grace period ends, the bid price of its common
stock closes at or above $1.00 per
share for a minimum of ten consecutive business days. If Fuwei
cannot demonstrate compliance by the end of the grace period, the
Nasdaq's staff will notify the Company that its common stock is
subject to delisting. Fuwei may then be eligible for an additional
180 day grace period if it meets the Nasdaq Capital Market's
initial listing standards with the exception of the minimum bid
price requirement.
During the grace period (as may be extended) Fuwei's common
stock will continue to trade on the Nasdaq Capital Market under the
symbol "FFHL".
About Fuwei Films
Fuwei Films conducts its business through its wholly owned
subsidiary, Fuwei Films (Shandong)
Co., Ltd. ("Fuwei Shandong"). Fuwei Shandong develops, manufactures
and distributes high-quality plastic films using the biaxial
oriented stretch technique, otherwise known as BOPET film
(biaxially oriented polyethylene terephthalate). Fuwei Fimls' 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 more information, please contact:
In China:
Ms. Maggie Huang
Investor Relations Manager
Phone: +86-10-6852-2612
Email: fuweiIR@fuweifilms.com
In the U.S.:
Ms. Leslie Wolf-Creutzfeldt
Investor Relations
Grayling
Phone: +1-646-284-9472
Email: leslie.wolf-creutzfeldt@us.grayling.com
SOURCE Fuwei Films (Holdings) Co., Ltd.