China Technology Announces Proposed Transaction
July 09 2007 - 9:00AM
PR Newswire (US)
HONG KONG, July 9 /Xinhua-PRNewswire-FirstCall/ -- China Technology
Development Group Corporation (Nasdaq: CTDC; "CTDC" or "the
Company") today announced that on July 5, 2007, the Company has
entered into a Term Sheet with China Biotech Holdings Limited
("China Biotech") in relation to the sale and purchase of the
entire issued share capital of Faster Assets Limited ("Faster
Assets") (the "Sale Shares"), a wholly owned subsidiary of China
Biotech. Faster Assets ultimately owns a plant, together with the
land use rights thereto, subject to the completion of the necessary
approval and registration procedures and the issuance of the
relevant certificates from the relevant Chinese authorities, at No.
3, Tangyang Industrial Zone, China Merchants Zhangzhou Development
Zone, China. China Biotech is the largest shareholder of the
Company, holding 24.74% of the issued share capital of CTDC.
According to the Term Sheet, the total consideration of the Sale
Shares is RMB46,000,000, subject to the fair market value of the
plant and the land use right as set out in the independent
valuation report (the "Final Consideration"). The Company shall, at
its sole discretion, pay the Final Consideration upon completion to
China Biotech by any of the following means: (a) by way of wire
transfer to China Biotech designated account in cash in US$ or RMB
based on the Exchange Rate of US$1.00 = RMB7.70; or (b) by way of
the issue and allotment of certain number of ordinary shares with
par value US$0.01 each of the Company to be issued and allotted to
China Biotech ("Consideration Shares"), based on the Final
Consideration divided by the average closing price of approximately
per share as quoted on the NASDAQ for the last thirty (30) trading
days of the Company's shares immediately preceding to the execution
of the Term Sheet; or (c) other means of payment as agreed by both
the Company and China Biotech in writing. The acquisition of the
Sale Shares transaction, however, shall be conditional upon the
shareholder's approval at the forthcoming 2007 Annual General
Meeting. About CTDC: CTDC is engaged in information network
security business in China. CTDC's ultimate principal shareholder
is China Merchants Group (http://www.cmhk.com/ ), one of the
leading Chinese state-owned enterprises in China. For more
information, please visit our website at http://www.chinactdc.com/
. Forward-Looking Statement Disclosure: This press release of the
Company, which is a foreign private issuer, on Form 6-K contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Act of
1934. These statements relate to future events or the Company's
future financial performance. The Company has attempted to identify
forward-looking statements by terminology including "anticipates",
"believes", "expects", "can", "continue", "could", "estimates",
"expects", "intends", "may", "plans", "potential", "predict",
"should", or "will" or the negative of these terms or other
comparable terminology. These statements are only predictions,
uncertainties and other factors may cause the Company's actual
results, level of activity, performance or achievements to be
materially different from any future results, level of activity,
performance or achievements expressed or implied by these
forward-looking statements. The information in this Report on Form
6-K is not intended to project future performance of the Company.
Although the Company believes that the expectations reflected in
the forward- looking statements are reasonable, the Company does
not guarantee future results, level of activity, performance or
achievements. The Company's expectations are as of the date this
Form 6-K is filed, and the Company does not intend to update any of
the forward-looking statements after the date this Report on Form
6-K is filed to conform these statements to actual results, unless
required by law. Contact: China Technology Development Group
Corporation Alan Li Chief Executive Officer Tel: +852-3112-8461
Email: DATASOURCE: China Technology Development Group Corporation
CONTACT: Alan Li, CEO of CTDC, +852-3112-8461, or Web site:
http://www.chinactdc.com/ http://www.cmhk.com/
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