Friday, January 18, 2008

CTDC announces disposal of its BVI-domiciled subsidiary

BVI-incorporated China Technology Development Group Corporation (CTDC) announced that it has completed another step in its strategic plan to focus management and operating resources on the principal business of solar energy.

The company disposed its subsidiary China Natures Technology Inc. (also registered in the British Virgin Islands) to an independent party for HK$10,000,000, pursuant to the sale and purchase agreement dated December 18, 2007. The net proceeds of the disposal will be used to further develop solar energy business of the CTDC.

Major terms of this agreement were approved by the shareholders on the annual general meeting held on October 19, 2007.

CEO of the BVI corporation Alan Li said that the transaction of disposal of non-core business will allow “increased focus of management and financial resources on our core activities and will put the Company in a stronger position to move forward in the solar energy business."

Several days before disposal of BVI registered subsidiary China Technology Development Group Corporation announced the completion of the purchase from China Biotech Holdings Limited of the plant located at China Merchants Zhangzhou Development Zone, for manufacturing PV solar thin film base plates.

The BVI corporation which provides renewable energy solutions and applications focusing in solar energy and works mainly in China, now expects to complete the installation of the showcase production line by this month already, and to be operational in late 1st quarter to early 2nd quarter of 2008. China Technology will announce additional details of its production plans and products at a later date.

Alan Li, commented that the purchased facility is well-located in a valuable and expanding area which offers excellent transportation systems, and the necessary infrastructure to support company's business.