Fuwei Films Learns Result of Auction of Controlling Interest
BEIJING, Sept. 17, 2013
BEIJING, Sept. 17, 2013 /PRNewswire/ -- Fuwei Films (Holdings) Co., Ltd.
(NASDAQ: FFHL, "Fuwei Films" or the "Company") announced today that the
Company has become aware that the second public auction by which the Company's
controlling shareholder, the Weifang State-owned Assets Operation
Administration Company, a wholly-owned subsidiary of Weifang State-owned Asset
Management and Supervision Committee (collectively, the "Administration
Company") who is seeking to sell control over the Company, did not result in a
successful bid having been accepted.
The auction was held on September 17, 2013 at 10 am in Jinan, Shandong
province, the People's Republic of China ("PRC") and placed control over
6,912,503 (or 52.9%) of the Company's outstanding ordinary shares for sale.
The Company learned this public auction failed due to a lack of bidders
registered for the auction.
About Fuwei Films
Fuwei Films 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 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 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.
For more information, please contact:
Mr. Yong Jiang
In the U.S.:
Ms. Vivian Chen
SOURCE Fuwei Films (Holdings) Co., Ltd.
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