BEIJING, July 12, 2018
/PRNewswire/ -- China TechFaith Wireless Communication Technology
Limited (NASDAQ: CNTF) ("TechFaith" or the "Company") today
announced that Techfaith Wireless Technology Group Limited
("TechFaith Wireless"), a wholly-owned subsidiary of the Company,
has entered into a share purchase agreement (the "Agreement") with
an unrelated third party, pursuant to which TechFaith Wireless will
sell its 100% ownership in Charm Faith Limited, a wholly-owned
subsidiary of TechFaith Wireless, for a total consideration of
RMB710 million, subject to certain
price adjustment mechanisms and a detailed installment payment
schedule. The installment payments and consummation of the
transaction pursuant to the Agreement are subject to satisfaction
of certain project milestones and closing conditions. Through its
wholly-owned subsidiary located in China, Charm Faith Limited owns a project
including 3 already constructed buildings and 4 buildings under
construction. TechFaith expects to use the proceeds from the sale
for general corporate purposes, further development of its
ruggedized smart devices business and the reinvestment into new
office space development opportunities.
About TechFaith
TechFaith (NASDAQ: CNTF) is a developer, owner and operator of
commercial real estate properties across China as well as a China-based mobile solutions provider for the
global mobile handsets market. TechFaith continues to maintain a
team of professional engineers focused on the development of
ruggedized smart devices for both its consumer and enterprise
segments, although it started investing in the construction of
buildings and facilities in 2009 as part of its growth and business
diversification strategy, gradually shifting away from its
traditional focus on the mobile solutions and handset markets. The
Company currently focuses on developing office space that can serve
as anchor bases in areas with developing economies, as it meets the
needs of both established businesses and innovative start-up
companies in China. For more information, please visit
www.techfaithwireless.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will,""expects,""anticipates,""future,""intends,""plans,""believes,""estimates,""confident,""outlook"
and similar statements. TechFaith may also make written or
oral forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission on Forms 20-F and 6-K, among
others, and in its annual report to shareholders, in press releases
and other written materials and in oral statements made by its
officers, directors or employees to third parties. Statements that
are not historical facts, including statements about TechFaith's
beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of important factors could cause actual
results to differ materially from those contained in any
forward-looking statement. Potential risks and uncertainties
include, but are not limited to, those risks outlined in
TechFaith's filings with the U.S. Securities and Exchange
Commission, including its annual report on Form 20-F. TechFaith
does not undertake any obligation to update any forward-looking
statement, except as required under applicable law.
View original
content:http://www.prnewswire.com/news-releases/techfaith-enters-agreement-to-sell-wholly-owned-subsidiary-300679736.html
SOURCE China TechFaith Wireless Technology Limited