HARBIN, China, Jan. 4, 2019 /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 the results of the
Company's 2018 Annual General Meeting, which was held
on December 28, 2018, at 9:00 am Beijing time (December
27, 2018 at 8:00 pm U.S. Eastern Time)
in Beijing, China. The
Company's shareholders approved the following proposals as
recommended by the Company's Board of Directors:
- Elected a total of eight (8) directors to the Board, including
two (2) directors elected solely by the holders of the Company's
Series D Preferred Stock, to serve until the next annual meeting of
shareholders and until their successors are duly elected and
qualified;
- Approved the 2017 compensation of the named executive
officers (the "say-on-pay vote"); and
- Ratified the appointment of KPMG Huazhen LLP as the Company's
independent auditors for the fiscal year ending 2018.
About China XD Plastics Company Limited
China XD Plastics Company Limited, through its wholly-owned
subsidiaries, develops, manufactures and sells polymer composites
materials, primarily for automotive applications. The Company's
products are used in the exterior and interior trim and in the
functional components of 31 automobile brands manufactured in
China, including without
limitation, Audi, Mercedes Benz,
BMW, Toyota, Buick, Chevrolet, Mazda, Volvo, Ford, Citroen, Jinbei
and VW Passat, Golf, Jetta, etc. The Company's wholly-owned
research center is dedicated to the research and development of
polymer composites materials and benefits from its cooperation with
well-known scientists from prestigious universities in China. As of September
30, 2018, 476 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 the Company's English website at
http://www.chinaxd.net, and the Chinese website at
http://www.xdholding.com.
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 effectiveness,
profitability, and the marketability of its the ongoing mix shift
to more advanced products; the prospects of the Company's
Harbin facility, and its
penetration into Northeast China;
the Company's projections of its revenues for performance in fiscal
2018. These forward-looking statements can be identified by
terminology such as "will," "expect," "project," "anticipate,"
"forecast," "plan," "believe," "estimate" and similar statements.
Forward-looking statements involve inherent risks and uncertainties
and are based on current expectations, assumptions, estimates and
projections about the Company and the industry. A number of
important factors could cause actual results to differ materially
from those contained in any forward-looking statement. Potential
risks and uncertainties include, but are not limited to, the global
economic uncertainty could further impair the automotive industry
and limit demand for our products; fluctuations in automotive sales
and production could have a material adverse effect on our results
of operations and liquidity; our financial performance may be
affected by the prospect of our Dubai facility and the associated expansion
into Middle East, Europe and other parts of Asia; the withdrawal of preferential
government policies and the tightening control over the Chinese
automotive industry and automobile purchase restrictions imposed in
certain major cities may limit market demand for our products; the
slowing of Chinese automotive industry's growth; the concentration
of our distributors, customers and suppliers; 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. 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.
View original
content:http://www.prnewswire.com/news-releases/specialty-chemical-company-china-xd-plastics-announces-results-of-2018-annual-general-meeting-300772922.html
SOURCE China XD Plastics Company Limited