DGAP-News: FAST Casualwear AG develops high-tech-material

DGAP-News: FAST Casualwear AG / Key word(s): Patent FAST Casualwear AG develops high-tech-material for shoe soles 30.10.2013 / 09:06 --------------------------------------------------------------------- PRESS RELEASE FAST Casualwear AG develops high-tech-material for shoe soles - Super-lightweight and highly elastic rubber secures longevity of shoe soles - Certificate of Invention Patent expected for 2014 - Potential reduction of material costs for shoe soles Hamburg, October 30, 2013 - FAST Casualwear AG, a manufacturer of casual footwear and apparel in China, has developed a brand new rubber material for shoe soles as well as an innovative production method that will be transcribed in the own facilities. The Company has already submitted an application for invention patent with the State Intellectual Property Office of the People's Republic of China on April 2, 2013 and has received a Notice of Initial Approval for the patent on May 28, 2013. The Company expects the Official approval and the Certificate of Invention Patent to be issued in the second half of the year 2014. Production cost savings of up to 10 per cent The new material is characterized by light weight, high elasticity and outstanding durability. Compared to traditional materials the new shoe sole made of this new material is 15 per cent lighter and it can reduce the material costs for shoe soles by up to 10 per cent which will have a positive effect on the profitability of FAST. The Company expects to start the production using this new material after it has received the official patent approval. Wing Chi Chong, Chairman of the Management Board stated: 'We believe that with the use of this new material our products will be more competitive and even more desirable. This will have an positive impact on our brand building.' About FAST Casualwear AG FAST Casualwear AG is the German holding company of FAST Group, a Chinese group of companies engaged in the design, production and sale of casualwear, consisting of footwear and apparel including accessories. It mainly designs and produces casualwear under its own brand name 'FAST', targeting consumers aged between 16 and 35 primarily in the lower tier cities in China. FAST distributes its own brand products through 26 unaffiliated regional distributors, who sell the products via retail outlets operated either by themselves or by third party sub-distributors. Its distribution network consists of 931 retail outlets in over 100 cities throughout China. FAST also designs and produces footwear as contract manufacturer for international brand owners, mainly from Europe and the U.S. FAST's operating facilities are located in the southeast of China in Jinjiang City, Fujian Province, one of the largest footwear manufacturing hubs in China. FAST employs around 981 employees. For further information please visit www.fast-casualwear.com or contact Kirchhoff Consult AG Dr. Kay Baden Tel: +49 (0)40 609 186 39 E-mail: baden@kirchhoff.de Disclaimer concerning prognoses This communication contains forward-looking statements. Forward-looking statements are statements that are not historical facts instead they reflect FAST Casualwear's current views and expectations and the assumptions underlying them about future events. Forward-looking statements are subject to many risks and uncertainties. If any of such risks and uncertainties materialise or if the assumptions underlying any of FAST Casualwear's forward-looking statements are proving to be incorrect, FAST Casualwear's actual results may be materially different from those expressed or implied by such forward-looking statements. FAST Casualwear does not intend or assume any obligation to update these forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made. End of Corporate News --------------------------------------------------------------------- 30.10.2013 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: FAST Casualwear AG c/o Kirchhoff Consult AG, Herrengraben 1 20459 Hamburg Germany Phone: 040 60 91 86 0 Fax: 040 60 91 86 60 E-mail: fast@kirchhoff.de Internet: www.fast-casualwear.com ISIN: DE000A1PHFG5 WKN: A1PHFG Listed: Regulierter Markt in Frankfurt (Prime Standard) End of News DGAP News-Service --------------------------------------------------------------------- 236812 30.10.2013