HONG KONG, Oct. 24, 2012 (GLOBE NEWSWIRE) -- China Technology Development Group Corporation (Nasdaq:CTDC) ("we" or "the Company") today announced the change of its name to Renewable Energy Trade Board Corporation and the implementation of a 1-for-10 reverse split of its common stock. The name change and the reverse stock split will become effective on Wednesday, October 24, 2012, upon receipt of the approval by the registrar of British Virgin Islands of the Company's amended and restated Memorandum of Association effecting these changes. The Company's common stock will begin trading on The Nasdaq Capital Market under the new symbol "EBOD" and on a split-adjusted basis when the market opens on Thursday, October 25, 2012. In addition, the Company's common stock will begin trading at such time under a new CUSIP number (G7495T 106).
Both the name change and reverse stock split were approved by the Company's shareholders at the 2012 annual general meeting of shareholders (the "2012 AGM") held in Hong Kong on September 28, 2012. The Company's board of directors (the "Board of Directors") was authorized to implement a reverse stock split and determine the ratio of the split within a range of not less than 1-for-2 and not greater than 1-for-10. The Board of Directors has determined to fix the ratio for the reverse stock split at 1-for-10.
At the effective time of the reverse stock split, every ten shares of the Company's issued and outstanding common stock will be converted automatically into one issued and outstanding share of common stock. The par value per share will be increased to US$0.10, the number of shares of common stock authorized will be reduced to 400,000,000, and the number of shares of the Company's issued and outstanding common stock will be reduced from 22,498,549 to approximately 2,249,854. In addition, the reverse stock split will effect a proportionate adjustment to the per share exercise price and the number of shares issuable upon the exercise of all outstanding stock options and warrants to purchase or acquire shares of the Company's common stock.