BEIJING, Aug. 26, 2021 /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
announced that an Extraordinary General Meeting of Shareholders
(the "EGM") was held today, at 10:00
a.m. (Beijing Time) at Fuwei Films (Shandong) Co., Ltd., No. 387 Dongming Road,
Weifang, Shandong, China.
Holders of approximately 73.7% of the Company's outstanding
shares, as of the record date, July 27,
2021, were present in person or represented by proxy at the
Meeting and approved (1) the issuance of 111,111,111 ordinary
shares of par value of US$0.519008
each of the Company to the shareholders of Enesoon New Energy
Limited, a company incorporated under the laws of the British Virgin Islands ("Enesoon") in exchange
for all issued shares of Enesoon; (2) the authorised share capital
of the Company be increased from US$2,595,040 divided into 5,000,000 ordinary
shares of US$0.519008 each to
US$70,066,080 divided into
135,000,000 ordinary shares of US$0.519008 each; and (3) the directors of the
Company are hereby authorised to do all acts and things considered
by them to be necessary or desirable in connection with the
implementation the forgoing resolutions.
Completion of the transactions stated in the securities purchase
agreement dated 31 March 2021 (as
amended) (the "Securities Purchase Agreement") made among by the
Company, Enesoon, and certain other parties thereto is subject to
the satisfaction or waiver of the closing conditions set forth in
Securities Purchase Agreement. The Company will work with the other
parties to the Securities Purchase Agreement towards satisfying the
closing conditions and complete the transactions in a timely
manner.
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 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 uncertainty 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 countries;
uncertainty around coronavirus (COVID-19) outbreak and the effects
of government and other measures seeking to contain its spread,
uncertainty around U.S.-China
trade war and its effect on the Company's operation, fluctuations
of the RMB exchange rate, 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 effect of the announcement
of the transaction with Enesoon on the ability of the Company to
retain and hire key personnel and maintain relationships with
customers, suppliers and others with whom the Company or Enesoon do
business, or on the Company's or Enesoon's operating results and
business generally; risks that the transaction disrupts current
plans and operations and the potential difficulties in employee
retention as a result of the transaction; the ability of the
parties to consummate the proposed transaction on a timely basis or
at all; the satisfaction of the conditions precedent to
consummation of the proposed transaction, at all or in a timely
manner; and business disruption following the transaction. 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.
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SOURCE Fuwei Films
