HARBIN, China, Dec. 11, 2015 /PRNewswire/ -- China XD Plastics Company Limited (NASDAQ: CXDC, "China XD Plastics" or the "Company"), one of China's leading specialty chemical companies engaged in the development, manufacture and sale of polymer composite materials primarily for automotive applications, today announced that its subsidiary, Heilongjiang Xinda Enterprise Group Co., Ltd. ("Xinda Group"), entered into a comprehensive strategic cooperation agreement with the Institute of Chemistry, Chinese Academy of Sciences ("ICCAS") for the research and development of high-end polymer materials. The two parties will join forces based on their respective specialized knowledge and resources in advancing the development of the polymer materials industry in China.
"I am pleased that we have entered into the cooperation agreement with the Institute of Chemistry Chinese Academy of Sciences, one of China's leading scientific research institutions that has a strong track record of successful collaborations," said Jie Han, Chairman and Chief Executive Officer. "I am confident that China XD Plastics' strong product development and marketing capabilities in partnership with the Academy's advanced polymer research will generate industry-leading developments and cutting-edge applications in the polymer materials industry in China."
The cooperation involves the establishment of a Xinda Group-ICCAS Joint Laboratory intended to take advantage of China XD Plastic's leading role in the polymer materials industry and ICCAS's extensive research resources and expertise in polymer materials and related fields in order to develop innovative applications in high-end polymer materials and related technologies. The Xinda Group-ICCAS Joint Laboratory will be funded by Xinda Group. As part of the cooperation, Xinda Group also has access to and the right to use up to 57 patents in the fields of additive manufacturing, supra polymer, and functional polymer materials owned by ICCAS.
On December 3, 2015 a signing ceremony was attended by the General Manager Mr. Rujun Dai of Xinda Group, the Director of the Heilongjiang Provincial Science and Technology Department, the Deputy Mayor of Harbin City and officials from China's National Patent Office and the Technology Promotion Bureau of the Chinese Academy of Science. Additional attendees include Professor Xigao Jian, a member of the Chinese Academy of Engineering and Ph.D. Advisor from Dalian University of Technology, and more than 30 experts and scholars from top scientific research institutions in China including Dalian University of Technology, Tsinghua University, Jilin University, Sichuan University, East China University of Science and Technology and the Harbin Institute of Technology.
About China XD Plastics Company Limited
China XD Plastics Company Limited, through its wholly-owned subsidiaries (the "Company"), develops, manufactures and sells polymer composite materials, primarily for automotive applications. The Company's products are used in the exterior and interior trim and in the functional components of 24 automobile brands manufactured in China, including AUDI, BMW, Toyota, Buick, Mazda, and VW Passat, Golf, and Jetta. The Company's wholly-owned research center is dedicated to the research and development of polymer composite materials, and benefits from its cooperation with well-known scientists from prestigious universities in China. As of Sept 30, 2015, 350 of the Company's products have been certified for use by one or more of the automobile manufacturers in China. For more information please visit http://www.chinaxd.net.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's growth potential in international markets; the effectiveness and profitability of the Company's product diversification strategy; the impact of the Company's product mix shift to more advanced products and related pricing policies; the volatility of the Company's operating results and financial condition; the Company's ability to raise additional capital to finance the Company's activities; the Company's and its subsidiaries' ability to fully perform all of their obligations under the guaranteed senior notes transaction and other contractual obligations applicable to them; the effectiveness, profitability, and the marketability of its the ongoing mix shift to more advanced products; the prospect of the Company's Dubai facility, and the associated expansion into Middle East, Europe and other parts of Asia; the prospect of the Company's Southwest China facility, and its penetration into Southwest China; the impact of volatile crude oil prices on the Company's efforts to diversify its product offers; market for plastic resins; legal and regulatory risks; the Company's projections of its revenues for performance in fiscal in 2015; the Company's ability to execute its growth strategy and the effectiveness of its marketing strategy; the future trading of the common stock of the Company; the Company's ability to operate as a public company; the period of time for which its current liquidity will enable the Company to fund its operations; general economic and business conditions; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission and available on its website at http://www.sec.gov. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
China XD Plastics
Mr. Taylor Zhang
CFO (New York)
US Phone: +1 (212) 747-1118
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