China Technology Announces It Received Delisting Notification from Nasdaq
July 21 2006 - 5:00PM
PR Newswire (US)
HONG KONG, July 21 /Xinhua-PRNewswire-FirstCall/ -- China
Technology Development Group Corporation (Nasdaq: CTDC; "CTDC" or
the "Company") announced that the Company received a letter on July
19, 2006 from the Nasdaq Stock Market indicating that as a result
of the Company's failure to file with the Securities and Exchange
Commission the Company's Annual Report on Form 20-F for the fiscal
year ended December 31, 2005, the Company is not in compliance with
the Nasdaq requirements for continued listing set forth in Nasdaq
Marketplace Rule 4320(e)(12). Nasdaq Marketplace Rule 4320(e)(12)
requires the Company to make on a timely basis all filings with the
Securities and Exchange Commission, as required by the Securities
Exchange Act 1934, as amended. Accordingly, the Company's
securities are subject to delisting from the Nasdaq Stock Market
beginning at the opening of business on July 28, 2006. The Company
will make its best endeavor to file its Form 20-F before July 28,
2006 in order to maintain its continued listing on Nasdaq. If the
Company is not able to do so, it plans to appeal the Nasdaq Staff's
determination by requesting a hearing before the Nasdaq Listing
Qualifications Panel, which would automatically stay the delisting
of the Company's common stock pending the Panel's review and
determination. There can be no assurance that the Panel will grant
the Company's request for continued listing. 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/
Copyright