BEIJING, Jan. 31, 2013
/PRNewswire-FirstCall/ -- Fuwei Films (Holding) Co., Ltd. (NASDAQ:
FFHL) ("Fuwei Films" or the "Company"), a manufacturer and
distributor of high-quality BOPET films in China, today announced that its third
production line has been put into trial operation at the end of
January 2013. This commissioning of
this production line was delayed due to the former major
shareholders' ownership transfer in early 2012.
This production line will manufacture high-performance electric
insulation film, base film for solar backsheet and TFT-LCD optical
film with an annual design capacity of 23,000 metric tons and
thickness between 38 and 250 micrometers.
During the trial operation, only the commodity thick films will
be produced and the production line will be adjusted to meet the
operational criteria.
Mr. Xiaoan He, Chairman and CEO
of the Company said, "We are proud and pleased to announce that the
third production line has begun trial operation. We intend to make
every effort to accelerate the development of our high value-added
thick films to meet the market demands, improve our profitability
as well as strengthening our competitiveness. Fuwei Films is now
confronted with unprecedented market competition, in which
excessive capacity results in reduced prices. We believe upon
commencing production, the third production line may not be
profitable in the short term due to the fact that it may take time
to develop a prototype, pilot production, testing and confirmation
by clients leading to mass production of its high-end products.
However, we are convinced that by staying ahead of the competition
in terms of technology and quality, we will eventually grow and
profit from the third production line."
About Fuwei Films
Fuwei Films conducts its business through its wholly owned
subsidiary, Fuwei Films (Shandong)
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 Films' 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 including complaints and claims from clients;
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:
Miss Lysander Lee
Investor Relations Officer
Phone: +86 133 615 59266
Email: fuweiIR@fuweifilms.com
In the U.S.:
Ms Leslie Wolf-Creutzfeldt
Investor Relations
Grayling
Phone: +1-646-284-9472
Email: leslie.wolf-creutzfeldt@grayling.com
SOURCE Fuwei Films (Holdings) Co., Ltd.