BEIJING, Oct. 28, 2009 (GLOBE NEWSWIRE) -- Fuwei Films (Holdings) Co., Ltd. (Nasdaq:FFHL) ("Fuwei" or the "Company"), a manufacturer and distributor of high-quality BOPET plastic films in China, today announced that Mr. Hanyong Lee, the Vice President for Research & Development of Fuwei Films (Shandong) Co., Ltd., Fuwei's wholly owned operating subsidiary, has won an award of Enterprise Technology Innovative Leader (the "Innovation Award") from the Provincial Government of Shandong.
The Innovation Award was granted in recognition of Fuwei's overall R&D resources and capabilities, and it has been granted to companies in all industries in China in the past. Although the Innovation Award does not bring any monetary advantages for Fuwei, it is considered an honorary award and is well-known among Chinese companies in the same industries.
"Since the beginning of last year, Fuwei has continued to devote significant resources to the R&D of high value-added products such as dry films," said Mr. Xiaoan He, CEO and Chairman of Fuwei. "In addition, Fuwei's trial production line has been used for manufacturing small batches of the new products. We believe that Mr. Lee's winning of a prestigious provincial-level R&D award is evidence to Fuwei's achievement to date. With government support and the BOPET industry's increasing focus on supplying to high-growth industries in China, Fuwei is committed to adding more high-value-added and more proprietary products to the Company's products."
About Fuwei Films
Fuwei conducts its business through its wholly owned subsidiary, Fuwei Films (Shandong) Co., Ltd. ("Fuwei Shandong"). Fuwei Shandong 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 both the short and long-term effects of the global financial crisis on the Company and the BOPET film industry; 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.