China XD Plastics Responds to Seeking Alpha Article
HARBIN, China, July 11, 2014 /PRNewswire/ — China XD Plastics Company Limited (NASDAQ: CXDC, “China XD Plastics” or the “Company”), one of China’s leading specialty chemical players engaged in the development, manufacture and sale of polymer composite materials primarily for automotive applications, today responded to the allegations raised by an article posted on Seeking Alpha’s website dated July 10, 2014 by Bleecker Street Research. China XD Plastics believes that Bleecker Street Research’s article contains numerous errors of facts, misleading speculations and malicious interpretation of events. China XD will consider and decide on the necessary and appropriate course of action in response to the allegations. China XD Plastics is committed to providing full and accurate disclosure to investors and to rebutting any false claims that attempt to undermine confidence in the Company’s business, management, operations and corporate structure.
About China XD Plastics Company Limited
China XD Plastics Company Limited, through its wholly-owned subsidiaries (the “Company”), 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 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 composites materials and benefits from its cooperation with well-known scientists from prestigious universities in China. As of March 31, 2014, 290 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 Company’s and its subsidiaries’ ability to fully perform all of their obligations under the Notes transaction and other contractual obligations applicable to them; the effectiveness, profitability, and the marketability of its products; 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.
China XD Plastics
Mr. Taylor Zhang