Fuwei Films Announces Results of 2011 Annual General Meeting of Shareholders
(BEIJING, Dec. 1) -- Fuwei Films (Holdings) Co., Ltd. (Nasdaq: FFHL) ("Fuwei Films" or the "Company"), a manufacturer and distributor of high-quality BOPET plastic films in China, today announced the results of its Annual General Meeting of the Company's Shareholders (the "Meeting") which was held on Wednesday, November 30, 2011 in Beijing, China.
Holders of 90.39% of the Company's outstanding shares were present in person or represented by proxy at the Meeting and approved the election of the two director nominees -- Mr. Changrong Ji and Mr. Shan Jiang and ratified the appointment of Kabani & Company, Inc. as the Company's independent auditing firm for the fiscal year ended December 31, 2011.
Commenting on the results of the Annual Meeting, Mr Xiaoan He, Chairman of Fuwei Films, stated, "We are pleased that so many of our shareholders were able to participate in the Company's Annual Meeting by casting their votes on these important issues. We express our thanks to them in supporting further efforts by Fuwei Films’ Board and its management to continue implementing our given strategies to move the Company forward for the benefit of all stockholders."
About Fuwei Films
Fuwei Films conducts its business through its wholly owned subsidiary, Fuwei Films (Shandong) Co., Ltd. (“Shandong Fuwei”). 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 Films' BOPET film is widely used to package food, medicine, cosmetics, tobacco, and alcohol, as well as in the imaging, electronics, and magnetic products industries.
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 including complaints and claims from clients; 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:
Miss Lysander Lee
Investor Relations Officer
In the U.S.:
Ms. Leslie Wolf-Creutzfeldt