China Technology Announces Proposed Acquisition of All Solar Energy Related Assets of a Leading Solar Products Provider
September 17 2007 - 7:30AM
PR Newswire (US)
HONG KONG, Sept. 17 /Xinhua-PRNewswire-FirstCall/ -- China
Technology Development Group Corporation (Nasdaq: CTDC; "CTDC" or
the "Company") today announced the proposed acquisition of all
solar energy assets and business of Shenzhen Soyin Electrical
Appliance Industrial Co., Ltd. ("Soyin"). The Company expects to
contribute US$5.8 million (RMB43, 800,000) in cash consideration to
a new joint venture, Shenzhen Shengguang New Energy Technology Co.,
Ltd. (the "JV Company"), pursuant to the joint venture agreement
signed by the Company and Soyin on September 14, 2007. The Company
will be the largest shareholder of the JV Company, holding a 49%
ownership interest. All of Soyin's existing solar energy business
will be solely operated by the JV Company upon completion of its
establishment. In addition, the board of directors of the JV
Company will consist of five directors and three of them will be
appointed by the Company. Soyin, founded in 1998, is a leading
Photovoltaic (PV) application product provider in China. Soyin's
major customers are from overseas which include Atico (one of the
largest trading companies in U.S.), Test Rite Group (top 3 trading
companies in Taiwan) and Axone (top trading company in France),
etc. Mr. Alan Li, Chairman and Chief Executive Officer of the
Company, commented, "This acquisition of the solar energy business
presents a significant opportunity to accelerate the expansion and
growth of the Company's business portfolio in the solar energy
market. We are committed to growing our business both through
organic growth and strategic acquisitions." Mr. Zhenwei Lu, General
Manager of China Merchants Technology Holdings Co., Ltd., stated,
"With strong government endorsement and abundant resources from
China Merchants Group, the largest shareholder of CTDC, this
acquisition represents a significant step in CTDC's strategy to
invest in the solar energy business. We believe it's a natural fit
for CTDC to further invest in the downstream application sector and
are fully supportive of its business expansion." 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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