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China XD Plastics Engages Moore Stephens as New Independent Auditor

Posted on: Friday, 6 November 2009, 07:30 CST

HARBIN, China, Nov. 6 /PRNewswire-Asia-FirstCall/ -- China XD Plastics Company Ltd. ("China XD Plastics" or the "Company"), (OTC 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.

SOURCE China XD Plastics Company Ltd.

Source: PR Newswire

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