CTDC Announces Board and Management Changes and Conducts Non-Deal Roadshow
July 08 2011 - 8:00AM
China Technology Development Group Corporation (Nasdaq:CTDC)
("CTDC" or the "Company"), a growing clean energy group that
provides solar energy products and solutions, based in Hong Kong
with sales offices in Milan and Munich, announced today that the
Company has made a number of changes to its board and key
management positions:
- The Board resolved to remove Ju Zhang from the office as
Executive Director effective July 7th. The Company has no
disagreement with Ju Zhang and confirms that the removal will not
have any material effect on the business and operations of the
Company. The board of directors consists of eight directors, three
of whom are executive directors and five of whom are independent
directors;
- Zhenwei Lu has been appointed Chief Financial Officer effective
July 7th, and will continue as executive director on the board of
directors; and
- Weining Zhang has been appointed Chief Communications Officer
effective June 15th.
Zhenwei Lu holds a Bachelor's degree from Shanghai Marine
College and a Master's degree from Zhongnan University of Economics
and Law. Mr. Lu was the General Manager of China Merchants
Technology Co., Ltd., a wholly owned subsidiary of China Merchants
Group. Mr. Lu has represented China Merchants Group to establish
Shenzhen China Merchants Group Yinke Investment Management Ltd, a
Renminbi venture investment fund, and he is acting as General
Manager of this company.
Weining Zhang holds a Bachelor's degree in Economics
(Quantitative Path) from University of California at Berkeley
and a specialized MBA degree with a focus in Finance from SDA
Bocconi, Milan. Prior to joining CTDC, she served as a
director of Perennial Financial Consulting, providing strategy and
financial services to public and private companies. Prior to
that she worked in the financial industry in roles that included
serving as a closing analyst for Real Estate Division of Credit
Suisse First Boston/DLJ, a financial advisor for American Express,
a senior manager for Real Options Group, a senior account executive
of CCG Elite Investor Relations.
"We are very pleased to have such a high caliber of financial
talent on board to strengthen our management team as we make
strides in becoming an important player in the solar energy field,"
Alan Li, Chairman and CEO of CTDC said. "Their expertise and
competence in financial markets will be a tremendous asset to the
Company. We believe they will realize our vision in our endeavor
and improve our communications with investors."
CTDC has scheduled a non-deal roadshow in the following cities
of the USA between July 11th and September 14th of 2011:
San Francisco, CA
Los Angeles, CA
New York, NY
Boston, MA
To request meetings with management, please contact the Company
at ir@chinactdc.com.
About China Technology Development Group
Corporation (Nasdaq:CTDC)
CTDC, a fast-growing clean energy group based in Hong Kong,
provides solar energy products and solutions to the global market
under the "LSP" brand.
For more information, please visit http://www.chinactdc.com
Forward-Looking Statement Disclosure:
It should be noted that certain statements herein which are not
historical facts, including, without limitation, those regarding:
A) the timing of product, service and solution deliveries; B) our
ability to develop, implement and commercialize new products,
services, solutions and technologies; C) expectations regarding
market growth, developments and structural changes; D) expectations
regarding our product volume growth, market share, prices and
margins; E) expectations and targets for our results of operations;
F) the outcome of pending and threatened litigation; G)
expectations regarding the successful completion of contemplated
acquisitions on a timely basis and our ability to achieve the set
targets upon the completion of such acquisitions; and H) statements
preceded by "believe," "expect," "anticipate," "foresee," "target,"
"estimate," "designed," "plans," "will" or similar expressions are
forward-looking statements. These statements are based on
management's best assumptions and beliefs in light of the
information currently available to it. Because they involve risks
and uncertainties, actual results may differ materially from the
results that we currently expect. Factors that could cause these
differences include the risk factors specified on our annual report
on Form 20-F for the year ended December 31, 2010 under "Item 3.D
Risk Factors." Other unknown or unpredictable factors or underlying
assumptions subsequently proving to be incorrect could cause actual
results to differ materially from those in the forward-looking
statements. The Company does not undertake any obligation to update
publicly or revise forward-looking statements, whether as a result
of new information, future events or otherwise, except to the
extent legally required.
CONTACT: Enquiry:
Weining Zhang, Chief Communications officer
China Technology Development Group Corporation
Tel: +1 415 358 0899
Email: ir@chinactdc.com
Web: www.chinactdc.com
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