China Technology Announces the Proposed Change of Board of Directors
April 13 2007 - 8:00AM
PR Newswire (US)
HONG KONG, April 13 /Xinhua-PRNewswire-FirstCall/ -- China
Technology Development Group Corporation (Nasdaq: CTDC; "CTDC" or
the "Company") today announced proposed change of Board of
Directors of the Company (the "Board") subject to the Shares Sale
and Purchase Agreements (the "SPAs") dated April 12, 2007. The SPAs
are agreed and signed by Beijing Holdings Limited ("Beijing
Holdings") and China Biotech Holdings Limited as well as by Beijing
Holdings and ChinaDragon Pacific Limited ("ChinaDragon Pacific")
respectively. Two executive directors of the Company, Mr. Changshan
Zhao and Mr. Xu Qian, will resign following the completion of the
SPAs. Mr. Kang Li and Mr. Wenhan Bi will be appointed by the Board
as new executive directors of the Company. Prior to joining the
Company, Mr. Kang Li was the Vice President of China Science &
Merchants Venture Capital Management Co., Ltd., which is a
subsidiary of China Merchants Group, focusing on venture capital
investments in China. And Mr. Wenhan Bi currently serves as the
Managing Director of Guo Kang Pharmaceutical & Medical Supplies
Limited, which is the sole shareholder of ChinaDragon Pacific. Mr.
Alan Li, the current Chief Executive Officer and executive director
of the Company, will be appointed as Chairman of the Board. In
addition, the number of warrants to be issued pursuant to the
Subscription Agreements entered into on April 12, 2007 will be
1,250,000 warrants rather than 1,500,000 warrants as reported
previously. About CTDC: CTDC is engaged in information network
security and nutraceutical 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 Yibing Zhang Chief Financial Officer and Company
Secretary Tel: +852-3112-8461 Email: Source: China Technology
Development Group Corporation CONTACT: Yibing Zhang, CFO of CTDC,
+852-3112-8461, or Web site: http://www.chinactdc.com/
http://www.cmhk.com/
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