Thursday, September 20, 2007
BEIJING, Sep. 20, 2007 (PR Newswire delivered by Newstex) -- Fuwei Films (Holdings) Co. Limited (Nasdaq: FFHL), China's leading manufacturer and distributor of high quality BOPET plastic film, today announced that its wholly owned subsidiary, Fuwei Films (Shandong) Co., Ltd., celebrated the commencement of installation of its trial production line equipment at a ceremony held last week by the Company.
Xiaoan He, Chairman and CEO of Fuwei Films commented, 'Installation of the special BOPET film trial production line has been a goal of our R&D team for several years and is a significant milestone for our company. It strengthens Fuwei Films' competitive advantage by allowing us to research the development of multiple-layer BOPET films and increasingly focus on high value-added production to meet the needs of our customers.'
The trial production line is capable of producing special BOPET films with thickness of 12-50 micrometers and width of 2.5-3.0m and has an annual designed capacity of 1500 metric tons. The trial production line is expected to be used mainly for pilot production of new products, as well as production of multiple small batches of high value differentiated products.
The trial production line is the first domestic pilot production line with multi-flow channel dies capable of multi-layered co-extrusion. The project is supported by funding from the Weifang City Hi & New Technology Project Industrial Development Fund and features key equipment from leading manufacturers in Germany, Japan, and France, among others. Experts from leading domestic scientific research institutes, together with the Fuwei Films R&D team, are responsible for technological integration of the production line.
The establishment of this trial production line is expected to benefit Fuwei Films by allowing the Company to quickly respond to the market, shortening R&D cycles, lowering test cost, and avoiding the waste of materials, energy and time resulting from testing done on high-speed, wide production lines. Completion of this project is also expected to further enhance the core competitive power of Fuwei Films and promote independent R&D and production of high-end BOPET films for industrial application in China.
The installation ceremony was attended by the Secretary-General of Plastics Committee of China Packaging Federation, the Governors of Weifang City Government and the Administration Committee of Weifang City Hi & New Technology Industrial Development Zone, together with management and employee representatives of Fuwei Films.
Mr. Mingchi Cai, Secretary-General of Plastics Committee of China Packaging Federation, and Mr. Pan, Deputy-Director-General of the Administration Committee of Weifang City Hi & New Technology Industrial Development Zone made speeches congratulating the Company on the opening of the trial production line and praising Fuwei Films' independent innovation and industrial recognition, and reaffirming their ongoing support for the Company's development and advancement.
About Fuwei Films
Fuwei Films conducts its business through its wholly owned subsidiary Shandong Fuwei Films Co., Ltd. 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'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.
For more information about the Company, please visit the Company's website at
http://www.fuweiholdings.com . 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. Any such forward-looking statements involve risk and uncertainties that could cause actual results to differ materially from any future results described by the forward-looking statements. Risk factors that could contribute to such differences include those matters more fully disclosed in the Company's reports filed with the Securities and Exchange Commission. 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.
The forward-looking statements included in this press release are subject to risks, uncertainties and assumptions about our businesses and business environments. These statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual results of our operations may differ materially from information contained in the forward-looking statements as a result of risk factors some of which include, among other things, 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.
For more information, please contact: In China: Christina He Investor Relations Tel: +86-10-8518-5620 Email:
fuweiIR@fuweifilms.com In the US: Mark Jones Global Consulting Group Tel: +1-646-284-9414 Email: mjones@hfgcg.com SOURCE Fuwei Films (Holdings) Co. Limited
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