Tuesday, November 16, 2010

China Technology entered into agreement with Linsun Renewable Energy Corporation

China Technology Development Group Corporation (CTDC) made an announcement that it has entered into a Stock Purchase Agreement with China-based solar modules manufacturer Linsun Renewable Energy Corporation Limited (LSP) and its shareholders, Goldpoly Company Limited and Mr. Liao Lin-Hsiang. The purpose of the agreement is the acquisition by the BVI company of 100% equity interest in LSR and its wholly owned subsidiaryLinsun Power Technology (Quanzhou) Corp. Ltd., at a consideration of US$3.2 million. This sum is payable in shares of CTDC's common stock at a price of US$3.01 per share. Upon completion, LSP will become a wholly-owned subsidiary of CTDC.

Linsun Renewable Energy Corporation Limited is a crystalline photovoltaic modules manufacturer. PV modules have been accredited with TUV certificate and exported to European markets, including Germany, Italy and Czech Republic, etc.

By words of Mr. Alan Li, Chairman and CEO of CTDC, the acquisition will help the company to form a close relationship with PV cells supplier Goldpoly Company Limited, and to ensure sufficient supply of raw material.