NINGBO, China, June 28, 2011 /PRNewswire-Asia-FirstCall/ --
Keyuan Petrochemicals, Inc. (Nasdaq: KEYP) ("Keyuan or the
"Company"), a leading merchant manufacturer of various
petrochemical products in China,
today announced that KEYP and Hangzhou Zhongce Rubber Company
Limited "Hangzhou Zhongce") have formally agreed to jointly develop
commercial applications for Solution Polymerization Styrene
Butadiene Rubber ("SSBR").
"This agreement is another example of our ongoing commitment to
develop new products using our innovative technologies," began
Chungfeng Tao, Chairman and Chief Executive Officer of Keyuan.
"Hangzhou Zhongce is a proven leader in tire production with strong
R&D capabilities. Sales of car tires worldwide were
$140 billion in 2010(1), which is the
largest user of SSBR today, especially for high gear radials. By
engaging early in this technology, we expect to gain an advantage
by developing commercial applications for SSBR in new markets and
capitalizing on a significant growth opportunity."
Tires using SSBR are safer, more fuel efficient and have a lower
environmental impact than existing products(2). The EU is
encouraging the use of more environmentally friendly tires by
enforcing stricter labeling requirements starting in November 2012(3). China is still in the early stage of applying
SSBR into tire production, but the market prospect is
promising.
Keyuan is working with researchers from Hangzhou Zhongce Rubber
Company Limited to develop SSBR over the next several years. The
Companies will share the rights to products and technologies
developed from this cooperation. Upon successful development of
SSBR, Keyuan will be able to produce this new product using the
same facility of SBS (Styrene-Butadiene-Styrene) that is currently
under construction.
About Hangzhou Zhongce
Hangzhou Zhongce Rubber Company Limited produces various tires
including radial, truck, passenger car, industrial, agricultural,
motor cycle, bicycle, wheel-barrrow, rubber crawler belt, and tube
rubber products. The Company's current product line is offered
through 14 series containing more than 2230 tire products. The
Company's tire products have passed China's product quality authentication process
and are authorized users granted by the US Department of
Transportation (DOT), Economic Commission of Europe (ECE) and Brazil INMETRO. In 2004, the
company passed ISO/TS16949 automobile quality control system
authentication. For more information, please visit:
http://www.chaoyang.com/english/about.asp.
About Keyuan Petrochemicals, Inc.
Keyuan Petrochemicals, Inc., established in 2007 and operating
through its wholly-owned subsidiary, Keyuan Plastics, Co. Ltd., is
located in Ningbo, China and is a
leading independent manufacturer and supplier of various
petrochemical products. Having commenced production in October 2009, Keyuan's operations include an
annual petrochemical manufacturing design capacity of 720,000 MT
for a variety of petrochemical products, with facilities for the
storage and loading of raw materials and finished goods, and a
technology that supports the manufacturing process with low raw
material costs and high utilization and yields. In order to meet
increasing market demand, Keyuan plans to expand its manufacturing
capacity to include a SBS production facility, additional storage
capacity, a raw material pre-treatment facility, and an asphalt
production facility. For further information please visit:
www.keyuanpetrochemicals.com.
(1) Source: Irco.biz – by
Siwaporn Bumroongpan
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(2) Source: ICIS.com
10/25/10
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(3) Source: Rubber & Plastic
News, February 7, 2011 "Neodymium BRs and SSBRs for performance
tires"
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Safe Harbor Statement
This press release includes statements that may constitute
forward-looking statements made pursuant to the safe harbor
provision of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by terminology
such as "will," "expects," "anticipates," "future," "intends,"
"plans," "believes," "estimates" and similar statements. For
example, statements about the future use of the proceeds are
forward looking and subject to risks. Keyuan Petrochemicals, Inc.
may also make written or oral forward-looking statements in its
periodic reports to the U.S. Securities and Exchange Commission on
forms 10-K, 10-Q and 8-K, in its annual report to shareholders, in
press releases and other written materials and in oral statements
made by its officers, directors or employees to third parties.
Statements that are not historical facts, including statements
about the Company's beliefs and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements. 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, risks outlined in
the Company's filings with the U.S. Securities and Exchange
Commission, including its registration statement on Form S-1, as
amended. The Company does not undertake any obligation to update
any forward-looking statement, except as required under applicable
law.
For more information, please contact:
Investor Relations:
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HC International,
Inc.
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Ted Haberfield, Executive
VP
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Tel: +1-760-755-2716
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Email:
thaberfield@hcinternational.net
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Website:
http://www.hcinternational.net
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Mr. Andrew Haag
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Managing Partner, USA
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Hampton Growth, LLC
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Tel: +1-877-368-3566
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E-mail:
andrew@hamptongrowth.com
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Website: www.hamptongrowth.com
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SOURCE Keyuan Petrochemicals, Inc.