China Technology Announces Proposed Increase of Its Stake by the Largest Shareholder to nearly 32%
September 05 2007 - 7:30AM
PR Newswire (US)
HONG KONG, Sept. 5 /Xinhua-PRNewswire-FirstCall/ -- China
Technology Development Group Corporation (Nasdaq: CTDC; "CTDC" or
the "Company") today announced China Biotech Holdings Limited
("China Biotech"), the largest shareholder of the Company, entered
into an Amendment to Sale and Purchase Agreement dated April 12,
2007 with Beijing Holdings Limited ("Beijing Holdings"), pursuant
to which China Biotech will purchase 1,000,000 common shares of
CTDC from Beijing Holdings for an aggregate consideration of US$4
million. After the completion which is expected to take place on or
before December 15, 2007, China Biotech will increase its stake
from 24% to nearly 32%. Mr. Zhenwei Lu, Executive Director of China
Biotech as well as President of China Merchants Technology Holdings
Limited, the largest shareholder of China Biotech, commented, "We
believe that by continuously increasing the stake in the Company,
this demonstrates our firm support to the Company's upcoming
business development and rapid growth in eco-friendly industry." In
addition, the Sale and Purchase Agreements dated April 12, 2007 by
and among Beijing Holdings, ChinaDragon Pacific Limited and China
Zhongjing Energy Investment Limited have been terminated. The
termination has no impact to the Company. About CTDC: CTDC is
engaged in information network security and nutraceutical business
in the People's Republic of China. CTDC's ultimate principal
shareholder is China Merchants Group ( http://www.cmhk.com/ ), one
of the most important 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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