China XD Plastics Engages Moore Stephens as New Independent Auditor
November 06 2009 - 8:30AM
PR Newswire (US)
HARBIN, China, Nov. 6 /PRNewswire-Asia-FirstCall/ -- China XD
Plastics Company Ltd. ("China XD Plastics" or the "Company"), (OTC:
CXDC) (BULLETIN BOARD: CXDC) , the largest Chinese manufacturer
engaged in the development, manufacture, and distribution of
modified plastics primarily for use in automotive applications in
China, today announced that the Company has engaged Moore Stephens
Hong Kong ("Moore Stephens") as its new independent auditor,
effective November 2, 2009. Moore Stephens replaced Bagell Josephs
Levine & Company, LLC ("Bagell Josephs Levine"), which was
dismissed on November 2, 2009. The decision to change its auditor
was approved by the Company's Audit Committee and Board of
Directors. China XD Plastics reported that there is no disagreement
with Bagell Josephs Levine on matters related to accounting
principles and practices, financial statement disclosure, auditing
scope, and procedure. "We are pleased to engage Moore Stephens to
serve as our new independent auditor. As a U.S. listed company, we
are committed to providing timely and accurate financial
information that reflects our business operations," said Mr. Jie
Han, the Chairman and CEO of China XD Plastics. "We are looking
forward to working with Moore Stephens and building a strong
professional relationship with them in the future." About China XD
Plastics Company Ltd. China XD Plastics Company Ltd., through its
wholly owned subsidiary Harbin Xinda Macromolecule Material
("Xinda"), develops, manufactures, and distributes modified
plastics, primarily for automotive applications. The Company's
specialized plastics are used in the exterior and interior trim and
in the functional components of more than 30 automobile brands
manufactured in China including Audi, Red Flag, Volkswagen and
Mazda. The Company's wholly-owned research institute is dedicated
to the research and development of modified plastics, and benefits
from the cooperation with well-known scientists from prestigious
universities in China. As of September 30, 2009, 137 products that
Xinda manufactured 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
effectiveness, profitability, and the marketability of its
products; legal and regulatory risks associated with the share
exchange; the Company's ability to successfully expand its
production capacity; 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
companies 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, they cannot assure you that their expectations will
turn out to be correct, and investors are cautioned that actual
results may differ materially from the anticipated results. For
more information, please contact: China XD Plastics Company Ltd.
Mr. Taylor Zhang, CFO Phone: +1-212-747-1118 (New York) Mr. Allan
Lao, IR Director Tel: +86-451-8434-6600 (China) Email: CCG Investor
Relations Inc. Mr. Crocker Coulson, President Tel: +1-646-213-1915
(New York) Mr. Ed Job, CFA Tel: +1-646-213-1914 (New York) Email:
Web: http://www.ccgirasia.com/ DATASOURCE: China XD Plastics
Company Ltd. CONTACT: Mr. Taylor Zhang, CFO, +1-212-747-1118 (New
York), Mr. Allan Lao, IR Director, +86-451-8434-6600 (China), ; CCG
Investor Relations Inc., Crocker Coulson, President,
+1-646-213-1915 (New York), or Mr. Ed Job, CFA, +1-646-213-1914
(New York), Web site: http://www.chinaxd.net/
http://www.ccgirasia.com/
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