BEIJING, Dec. 16,
2022 /PRNewswire/ -- Fuwei Films (Holdings) Co., Ltd.
(Nasdaq: FFHL) ("Fuwei Films" or the "Company"), a manufacturer and
distributor of high-quality BOPET plastic films in China, announced that immediately upon the
completion of the merger transaction previously announced on
July 19, 2022 contemplated by the
agreement and plan of merger between Fuwei Films and BaiJiaYun
Limited, Mr. Yong Fang will be
appointed as the chief financial officer of the Company and Ms.
Jingjing Cheng, the current chief
financial officer of the Company, is expected to resign from such
role.
Mr. Yong Fang has served as the
chief financial officer of BaiJiaYun Limited and its subsidiaries
since June 2021. Mr. Fang is
experienced in finance and accounting. From July 2018 to May
2021, he served as the assistant controller of Sangraf
International Inc., a company focuses on manufacturing and
distribution of premium graphite electrodes globally. From
January 2018 to July 2018, Mr. Fang served as the technical
accounting manager at SOA Projects, Inc., a company providing
clients ranging from high-tech startups to fortune 100 companies
with professional service including technical accounting, financial
reporting and internal audit. From January
2015 to January 2018, Mr. Fang
served as the senior auditor at the San
Francisco office of Marcum LLP, an independent public
accounting & advisory services firms. From January 2014 and January
2015, Mr. Fang worked as financial consultant at Murdock and
Martel, which provides accounting, finance and human resources
services to established and emerging growth companies in Silicon
Valley, California. Mr. Fang
received his MBA degree in 2013 from Thomas
Jefferson University/Philadelphia
University. He received his master's degree in Accounting
and Financial Management in 2008 from Temple
University. He earned his bachelor's degree in Accounting in
2002 from Hunan University. He
holds a Certified Public Accountant designation from the
State of New York and a Certified
Fraud Examiner (inactive) from ACFE.
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'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 certain "forward-looking
statements." These statements are made under the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. Statements that are not historical facts, including
statements about the pending transaction described herein, and the
parties' perspectives and expectations, are forward-looking
statements. Such statements include, but are not limited to,
statements regarding the proposed transaction, including the equity
values, the benefits of the proposed transaction, expected revenue
opportunities, anticipated future financial and operating
performance and results, including estimates for growth, the
expected management and governance of the combined company, and the
expected timing of the transaction. The words "will," "expect,"
"believe," "estimate," "intend," "plan" and similar expressions
indicate forward-looking statements.
Such forward-looking statements are inherently uncertain, and
shareholders and other potential investors must recognize that
actual results may differ materially from the expectations as a
result of a variety of factors. Such forward-looking statements are
based upon management's current expectations and include known and
unknown risks, uncertainties and other factors, many of which are
hard to predict or control, that may cause the actual results,
performance, or plans to differ materially from any future results,
performance or plans expressed or implied by such forward-looking
statements. 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 the significant oversupply of BOPET films
resulting from the rapid growth of the Chinese BOPET industry
capacity, changes in the international market and trade barriers,
especially the uncertainty of the antidumping investigation and
imposition of an anti-dumping duty on imports of the BOPET films
originating from the People's Republic of
China ("China") conducted
by certain countries; uncertainty around coronavirus (COVID-19)
outbreak and the effects of government and other measures seeking
to contain its spread, uncertainty around U.S.-China trade war and its effect on the
Company's operation, fluctuations of the RMB exchange rate, 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 effect of the announcement of the transaction with BJY on the
ability of the Company to retain and hire key personnel and
maintain relationships with customers, suppliers and others with
whom the Company or BJY do business, or on the Company's or BJY's
operating results and business generally; risks that the
transaction disrupts current plans and operations and the potential
difficulties in employee retention as a result of the transaction;
the ability of the parties to consummate the proposed transaction
on a timely basis or at all; the satisfaction of the conditions
precedent to consummation of the proposed transaction, at all or in
a timely manner; risks that the proposed transaction may not close
due to prohibition by a governmental entity; the occurrence of any
event, change or other circumstances that could give rise to the
termination of the transaction documents; any material adverse
change with respect to the financial position, performance,
operations or prospects of the Company or BJY; changes in
applicable laws and regulations; risks relating to the combined
company's ability to enhance its services and products, execute its
business strategy, expand its customer base and maintain stable
relationship with its business partners; and business disruption
following the transaction. 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.
A further list and description of risks and uncertainties can be
found in the documents that the parties have filed or furnished, or
may file or furnish with the SEC, which you are encouraged to read.
Should one or more of these risks or uncertainties materialize, or
should underlying assumptions prove incorrect, actual results may
vary materially from those indicated or anticipated by such
forward-looking statements. Accordingly, you are cautioned not to
place undue reliance on these forward-looking statements.
Forward-looking statements relate only to the date they were made,
and BJY, the Company and their subsidiaries and affiliates
undertake no obligation to update forward-looking statements to
reflect events or circumstances after the date they were made
except as required by law or applicable regulation.
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SOURCE Fuwei Films