China Technology Announces Entry to the Solar Energy Sector
September 07 2007 - 9:00AM
PR Newswire (US)
HONG KONG, Sept. 7 /Xinhua-PRNewswire-FirstCall/ -- China
Technology Development Group Corporation (Nasdaq: CTDC; "CTDC" or
the "Company") today announced the new business strategy of
entering the booming solar energy sector. With strong government
commitment to significantly increase China's use of renewable
energy in the coming decades and rising energy demand, CTDC
strongly believes the new business strategy will deliver
shareholder value and higher earnings potential for the Company.
The new business strategy has received the board's approval and
strong endorsement from China Merchants Group ("China Merchants"),
which is currently the Company's largest shareholder and one of the
major Chinese state-owned conglomerate enterprises as well as one
of the Big Four Chinese enterprises in Hong Kong. The Company will
be holding the Annual General Meeting in October, 2007 to obtain
the shareholders' approval. In order to implement this new
strategy, the Company has established a strategic partnership with
a leading solar energy solution provider. The Company will
introduce the technology developed by Terra Solar Global Inc.,
which is a U.S. company pioneering in thin film Photovoltaics (the
"Thin Film PV") industry. The Company will manufacture and sell the
proprietary SnO2 base plate, a key component of a-Si (Amorphous Si)
Thin Film PV products, which can optimize the performance of
Building Integrated Photovoltaics (BIPV). Most importantly, the
Company has become the first and only Chinese company based in
China to apply this new generation technology, which is currently
one of the leading technologies in the Thin Film PV industry. Mr.
Alan Li, Chairman and Chief Executive Officer of the Company,
stated, "As the sole NASDAQ-listed subsidiary of China Merchants,
we are committed to enhancing the profitability and maximizing the
return-on-equity for our shareholders." He also added, "We want to
be in an industry that has tremendous growth potential. With strong
support from our major shareholders, we are determined to build up
a leading position in the renewable energy sector in the near
future." About CTDC: CTDC is engaged in information network
security 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 of China Technology Development Group Corporation,
+852-3112-8461, or Web site: http://www.chinactdc.com/
http://www.cmhk.com/
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