Nov 16 2010
China XD Plastics Company Limited ("China XD Plastics" or the "Company"), (NasdaqGM: CXDC), a leading Chinese developer, manufacturer, and distributor of modified plastics primarily for use in automotive applications in China, today announced that its Macromolecule Research Institute, a national leader in the macromolecule research and development field, has been officially designated an Academy Member Workstation by the PRC Department of Science and Technology of Heilongjiang province, becoming one of only five Academy Member Workstations in Heilongjiang province.
The Academy Member Workstation is an innovation-driven platform, teaming members of the Chinese Academy of Science (CAS) and the Chinese Academy of Engineering (CAE) with local provincial research institutes and enterprises. In addition to fostering high-level cooperation for research and development purposes, this platform enables enterprises to apply for government research grants available only to companies with this certification. With this designation, the Company will begin to seek areas of cooperation with the CAS and CAE members to further its research and development initiatives.
"We are pleased to announce the designation of our Macromolecule Institute as an Academy Member Workstation, an important honor bestowed upon us by the Heilongjiang provincial Department of Science and Technology. We believe that this formal certification – the first given to an enterprise in the field of automotive modified plastics in China – provides the Company with a solid platform to enter into the high-tech field of new energy automobiles. We anticipate that obtaining this government support will enable us to increase our R&D efforts related to electric automobiles and the development of other new modified plastics materials. This in turn, we expect, will help the Company to extend its high-end product lines, develop at a faster pace, and continue to reap the full benefit of global increases in usage of modified plastic per vehicle," commented Mr. Jie Han, Chairman of the Board and CEO of China XD Plastics.
Source: http://www.chinaxd.net/