BEIJING, April 5, 2016 /PRNewswire/ -- 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
announces that Mr. Xiuyong Zhang resigned as the Company's Chief
Financial Officer and Director, effective March 31, 2016. The Board of Directors of the
Company has appointed Mr. Benjie
Dong to serve as the Company's new Chief Financial Officer
effective April 1, 2016. The
resignation of Mr. Zhang was not due to any disagreements between
Mr. Zhang and the Company on any matter relating to the Company's
operations, policies or practices.
Mr. Dong has been the director of Shandong SNTON Group Co., Ltd.
("SNTON Group") since December 2012,
and the vice president of SNTON Group since October 2005. From October
2005 to December 2012, Mr.
Dong was the vice general manager and head of the finance
department of SNTON Group and he was the finance minister of SNTON
Group from May 2003 to October 2005. Prior to this, he was the vice
finance minister of SNTON Group from June
2000 to May 2003. Mr. Dong
joined SNTON Group in March 1996 as
an accountant until June 2000. Prior
to joining Shandong SNTON Group, he worked in Shandong Kenli County
Oil Chemical Factory as an accountant from October 1995 to March
1996. Mr. Dong studied Business Management and received his
postgraduate degree from the City University of Macau in 2009. From 2002 to 2005, he studied
Economics and Management and received his bachelor degree from
Shandong University of Technology.
From 1997 to 1999, Mr. Dong studied Economics and Management and
received his college degree from the Shandong Provincial Committee
Party School. From 1993 to 1995, Mr. Dong studied at Dongying
Television University where he obtained his degree in
accounting.
The Board of Directors would like to thank Mr. Zhang for his
dedication, leadership and contribution to the Company during his
tenure as the CFO and Director of the Company. Mr. Zhang has
been a Director of our Company since November 2007. He began serving as our Chief
Financial Officer on April 11, 2008.
He had accumulated more than 10 years of experience in investment,
accounting and financial fields. He was responsible for the
Company's day-to-day investment management, financing, accounting
and auditing matters and in charge of the financing, financial and
taxation matters of our subsidiary.
As previously announced, the Company will report its fourth
quarter and full year 2015 financial results on April 7, 2016 after the close of the market and
will host its financial earnings call at 9:00AM EDT on April
8, 2016.
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'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 possible
delisting of the Company's ordinary shares from the NASDAQ Capital
Market; significant competition in the BOPET film industry,
especially the significant oversupply of BOPET films resulting from
the rapid growth of the Chinese BOPET industry capacity, changes in
the international market and trade barriers, especially the adverse
impact of the antidumping investigation and imposition of an
anti-dumping duty on imports of the BOPET films originating from
the People's Republic of China
("China") conducted by certain
main importing countries; fluctuations of RMB exchange rate, the
reduce in demand for the Company's products or the loss of main
customers which may result in the decrease of sales, and negatively
influencing the Company's financial performance, uncertainty as to
the future profitability, uncertainty as to the Company's ability
to successfully obtain additional funds to meet the working capital
needs of the new BOPET production line, uncertainty as to the
Company's ability to continuously develop new BOPET film products
to be produced by the third production line and keep up with
changes in BOPET film technology, risks associated with possible
defects and errors in its products including complaints and claims
from clients, uncertainty as to its ability to protect and enforce
its intellectual property rights, uncertainty as to its ability to
attract and retain qualified executives and personnel, and
uncertainty in acquiring raw materials on time and on acceptable
terms, particularly in light of the volatility in the prices of
petroleum products in recent years, instability of power and energy
supply, and the uncertainty regarding the future operation of the
Company in connection with the changes in the labor law in
China, the measures taken by the
Chinese government to save energy and reduce emissions, and the
complaints from nearby residents and local government about the
noise caused by our production as well as the uncertainty of the
impact of major shareholder transfer that have substantial
influence over the Company and the Company's business operation
including possible overlap of our BOPET products, customers and
market orientation with an BOPET film manufacturer, which is
controlled by the same individual who has control over the shares
of our major shareholder. 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. Xiaoli Yu
Investor Relations Manager
Phone: +86-133-615-59266
Email: fuweiIR@fuweifilms.com
In the U.S.:
Vivian Chen
Investor Relations
Grayling
Phone: +1-646-284-9427
Email: vivian.chen@us.grayling.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/fuwei-films-announces-the-resignation-of-its-cfo-and-director-and-the-appointment-of-new-cfo-300246365.html
SOURCE Fuwei Films (Holdings) Co., Ltd.