BEIJING, April 8, 2011 /PRNewswire-Asia-FirstCall/ --
Fuwei Films (Holdings) Co., Ltd. (Nasdaq: FFHL) ("Fuwei" or the
"Company"), a manufacturer and distributor of high-quality BOPET
films in China, today announced
that it has filed an administrative lawsuit with United States Court of International Trade in
connection with anti-dumping duties imposed pursuant to the first
administrative review issued by the U.S. Department of Commerce on
March 18, 2011.
On March 25, 2011, Fuwei received
a favorable ruling from the Court of International Trade regarding
its Motion for a Preliminary Injunction. Pursuant to this ruling,
prior to the final arbitration decision of the Court of
International Trade, Fuwei and its US customers will not be subject
to anti-dumping duties for the PET films they exported to US during
the period of November 6, 2008 to
December 31, 2009 as stipulated by
the first administrative review.
On March 1, 2011, Fuwei submitted
its ministerial errors comments regarding the final results of the
first administrative review which recommended that the U.S.
Department of Commerce should make changes to the ministerial
errors with respect to the data which were inaccurately interpreted
for the final results. On March 11,
2011, the U.S. Department of Commerce rejected Fuwei's
ministerial error comments.
About Fuwei Films
Fuwei 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'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 more information, please
contact:
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In China:
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Ms. Amy Gao
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Investor Relations
Manager
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Phone: +86 10
68522612
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Email:
zhenhuangao@fuweifilms.com
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In the U.S.:
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Ms. Leslie
Wolf-Creutzfeldt
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Investor Relations
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Grayling
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Phone:
+1-646-284-9472
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Email:
leslie.wolf-creutzfeldt@grayling.com
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SOURCE Fuwei Films (Holdings) Co., Ltd.