HARBIN, China, Nov. 13, 2014 /PRNewswire/ -- China XD Plastics
Company Limited (NASDAQ: CXDC, "China XD Plastics" or the
"Company"), one of China's leading
specialty chemical producers engaged in the development,
manufacture and sale of polymer composite materials primarily for
automotive applications, today provided a status update on its new
manufacturing campus ("Southwest Campus") under development in
Sichuan province.
Since the groundbreaking of its Southwest Campus in December 2013, China XD Plastics has completed
the government-assisted land acquisition and related relocations
for the 300,000 square meter site (approximately 74 acres). Due to
the site's hilly terrain, additional ground leveling work was
necessary prior to construction. The preparation took the Company
approximately six months to finish what would normally take nine
months to complete and was done concurrently with site design,
plant intelligence plan, production process plan, landscape plan,
and government approval processes.
As of the date of this release, China XD Plastics has completed
the majority of construction preparation, including land surveys,
building engineering and architecture plans for the
state-of-the-art facility. RFPs for construction contractors are
underway, preparation for the facility's foundation is near
completion and the equipment customization order was completed
ahead of schedule. The Company expects to start laying the
foundation for the manufacturing plant and its auxiliary facilities
before the end of the year. Operations at the Southwest Campus are
expected to begin in early 2016, as originally scheduled.
Jie Han, Chairman and CEO of
China XD Plastics, commented, "Our Southwest Campus is an important
platform for our expansion into Southwest, South and Central China, and will provide additional
capacity for our sales channels in East China. These regions
represent an increasingly important strategic opportunity for us as
more auto and auto-parts manufacturers are expanding there. We
believe having production capacity close to our customers will be a
competitive advantage, allowing us to provide higher quality
service more efficiently."
Through focused R&D efforts, China XD Plastics has broadened
its product offering from six major categories to eleven this year.
The Company has achieved breakthroughs in biodegradable and 3D
printing materials for future commercialization, which will benefit
its customers' product development and design cycles. To meet
environment standards and global adoption, there is an increasing
need in the marketplace for biodegradable materials. These
technology advancements will provide China XD Plastics a
competitive edge. Maintaining automobile applications as its core
business, the Company is continuing to diversify its product
offering for applications in high-speed rail, ships, and aircrafts
as well as biodegradable and electronics applications.
About China XD Plastics Company Limited
China XD Plastics Company Limited, through its wholly-owned
subsidiaries, 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 25 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
September 30, 2014, 311 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 ability to
raise additional capital to finance the Company's activities; the
effectiveness, profitability, and the marketability of its the
ongoing mix shift to more advanced products; the Company's prospect
on the construction and later, operations and development of its
Sichuan manufacturing campus;
legal and regulatory risks; 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; the Company's ability to protect its
proprietary information; 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.
Contacts:
China XD Plastics
Mr. Taylor Zhang, CFO
(New York)
Phone: +1 (212) 747-1118
Email: cxdc@chinaxd.net
ICR LLC
Mr. Gary Dvorchak, CFA
(Beijing)
Senior Vice President
Phone (China): +86 (10)
6583-7500
Phone (US): +1 (310) 954-1123
Email: gary.dvorchak@icrinc.com
SOURCE China XD Plastics Company Limited