BEIJING, Jan. 5 /PRNewswire-Asia-FirstCall/ -- Fuwei Films (Holdings) Co.
Limited (Nasdaq: FFHL) ("Fuwei" or the "Company"), a manufacturer and
distributor of high-quality BOPET plastic film located in China, today
announced that Fuwei Films (Shandong) Co., Ltd. ("Fuwei Shandong"), its
wholly-owned operating subsidiary, has received an RMB 25 million (US$3.65
million) interest-free loan from the Weifang City Hi & New Technology Project
Industrial Development Fund ("IDF") in Shandong Province to support the
Company's research and development activities.
Fuwei Shandong initially signed a Letter of Intent with the IDF regarding
the loan in 2007. It was amended and finalized in October 2008 and to date RMB
5 million (US$730,000) of the RMB 25 million has been disbursed to Fuwei.
Fuwei will obtain the remaining RMB 20 million ($2.92 million) as the new R&D
initiative progresses. The loan will be fully repaid in three years.
The IDF was set up by the Weifang government in 2006, for the purpose of
enhancing R&D capabilities of local enterprises.
Mr. Xiaoan He, Chairman and CEO of Fuwei, said, "We are honored to receive
this R&D loan from the local government. This is an acknowledgement of Fuwei's
technological leadership in our industry and we intend to use the loan to
further increase our edge and complete the development of our high-margin
products."
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.
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 and are subject to risks. Risk
factors that could contribute to such differences include those matters more
fully disclosed in the Company's reports filed with the U.S. Securities and
Exchange Commission which, among other things, include 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. 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. Actual results of our operations may differ materially from
information contained in the forward-looking statements as a result of the
risk factors.
For more information, please contact:
In China:
Maggie Huang
Investor Relations
Phone: +86-10-8518-5622x8805
Email: fuweiIR@fuweifilms.com
In the U.S.:
Leslie Wolf-Creutzfeldt
Investor Relations
The Global Consulting Group
Tel: +1-646-284-9472
Email: lwolf-creutzfeldt@hfgcg.com
SOURCE Fuwei Films (Holdings) Co. Limited
FUWEI FILMS (HOLDINGS) CO., LTD 
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