HONG KONG, Nov. 10, 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 signed a Strategic Cooperation Agreement (the "Agreement") with Goldpoly International Limited ("Goldpoly") to establish a solid and long-term relationship for supply of solar cells, and jointly build up the vertically integrated PV value chain.
Pursuant to the Agreement, both companies agreed to form a solid long-term relationship for supply of solar cells. Goldpoly agreed to provide CTDC with high-quality polycrystalline PV cells not less than 100 megawatt ("MW") per year from beginning of 2011 at the lowest price in the market and CTDC agreed to preferentially purchase the solar cells from Goldpoly as its major supplier.
CTDC and Goldpoly will jointly develop the vertically integrated PV industry chain. CTDC is developing the down-stream chain of the industry, including PV modules manufacturing and PV application solutions, while Goldpoly is focusing on PV cells production to integrate the industrial mid-stream chain."We are delighted to partner with Goldpoly, which is another significant step for CTDC following the acquisition of PV modules manufacturer," said Mr. Alan Li, Chairman and CEO of CTDC. "The cooperation enables us to obtain stable and sufficient supply of polycrystalline solar cells and to reduce our production cost of PV modules, which will in turn increase our profit margin. Looking forward, we are confident to cooperate with Goldpoly successfully to build up the vertically integrated PV chain." Mr. Hung Chao Hong, Chairman of Goldpoly, said, "We are excited to have CTDC as our partner. Such strategic cooperation essentially represents the development trend of two leading solar enterprises in Fujian Province and will enhance both parties' competitive position in the market."