CTDC Enters Into Agreement To Acquire A Solar Modules Manufacturer
HONG KONG, Nov. 8, 2010 (GLOBE NEWSWIRE) -- China Technology Development Group Corporation ("CTDC", the "Company" or "we") (Nasdaq:CTDC), a growing clean energy group based in China to provide solar energy products and solutions, announced today that CTDC has entered into a Stock Purchase Agreement (the "SPA") with Linsun Renewable Energy Corporation Limited ("LSR") and its stockholders, Goldpoly Company Limited ("Goldpoly") and Mr. Liao Lin-Hsiang, to acquire 100% equity interest in LSR and its wholly owned subsidiary - Linsun Power Technology (Quanzhou) Corp. Ltd. ("LSP") at a consideration of US$3.2 million, payable in shares of CTDC's common stock at a price of US$3.01 per shares. Upon completion, LSP will become a wholly-owned subsidiary of CTDC.
LSP is a crystalline photovoltaic ("PV") modules manufacturer with annual production capacity of about 65 megawatt ("MW"), located at Jinjiang Economic Development Zone in Fujian Province of China. LSP's PV modules have been accredited with TUV certificate and exported to European markets, including Germany, Italy and Czech Republic, etc.
"The acquisition of LSP will be achieving a significant milestone towards our development strategy in solar energy industry. Upon completion, we plan to expand LSP's annual capacity to 100MW. Together with existing capacity of China Merchants Zhangzhou Development Zone Trendar Solar Tech Ltd. - another subsidiary of CTDC, our annual capacity of crystalline PV modules will be increased to 165MW, which will be ahead of our target capacity of 150 MW by the end of 2011," said Mr. Alan Li, Chairman and CEO of CTDC. "Moreover, the acquisition will help us form a close relationship with Goldpoly, an upstream PV cells supplier, to ensure sufficient supply of raw material. Looking forward, we will leverage the synergies created by two companies to develop the Xiamen Bay into a renowned PV production base, so as to maximize our shareholders' value."
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