China Technology Regains Compliance with NASDAQ Stock Market Continued Listing Requirements
September 22 2006 - 11:30AM
PR Newswire (US)
HONG KONG, Sept. 22 /Xinhua-PRNewswire-FirstCall/ -- China
Technology Development Group Corporation (Nasdaq: CTDC; "CTDC" or
the "Company") today announced that it has received a formal
written notice from the Office of General Counsel of the Nasdaq
Stock Market stating that the Nasdaq Listing Qualifications Panel
had determined to grant the request of CTDC for continued listing
on the Nasdaq Stock Market after the hearing held on September 7,
2006. The delinquency in CTDC's filing of its Annual Report on Form
20-F for the fiscal year ended December 31, 2005 has been cured by
the Company's filing of its Annual Report on Form 20-F on September
19, 2006. As a result, the Company has regained compliance with the
NASDAQ requirements for continued listing. On July 21, 2006, the
Company announced that due to the delay in the filing of its Annual
Report on Form 20-F for the fiscal year ended December 31, 2005, it
had received a letter from the Nasdaq Stock Market indicating that
the Company's common stock was subject to delisting pursuant to
NASDAQ Marketplace Rule 4310(c)(14). NASDAQ Marketplace Rule
4310(c)(14) requires the Company to make, on a timely basis, all
filings with the Securities and Exchange Commission, as required by
the Securities Exchange Act of 1934, as amended. About CTDC: CTDC
is engaged in providing information network security solutions in
People's Republic of China. With the acquisition of China Natures
Technology Inc. in October 2005 ("CNT", formerly Future Solutions
Development Inc.), which develops health food products utilizing
bio-active components of bamboo, CTDC also entered the Chinese
nutraceutical market. CTDC's major shareholder is Beijing Holdings
Limited, a conglomerate with over $3 billion in total assets
beneficially owned by the Beijing People's Municipal Government.
For more information, please visit our website at
http://www.chinactdc.com/ . Forward-Looking Statement Disclosure
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
The statements regarding CTDC contained in this press release that
are not historical in nature, particularly those that utilize
terminology such as "may," "will," "should," "likely," "expects,"
"anticipates," "estimates," "believes," or "plans," or comparable
terminology, are forward-looking statements. Forward-looking
statements are based on current expectations and assumptions, and
entail various risks and uncertainties that could cause actual
results to differ materially from those expressed in such
forward-looking statements. Important factors known to CTDC that
cause actual results to differ materially from those expressed in
such forward-looking statements are identified and discussed in
CTDC's filings with the Securities and Exchange Commission.
Contact: China Technology Development Group Corporation Michael
Siu, Executive Director, Chief Financial Officer and Secretary Tel:
+852-3112-8461 Email: DATASOURCE: China Technology Development
Group Corporation CONTACT: Michael Siu of China Technology
Development Group Corporation, +852-3112-8461, or , or Web site:
http://www.chinactdc.com/
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