HONG KONG, Sept. 7 /Xinhua-PRNewswire-FirstCall/ -- China Technology Development Group Corporation (Nasdaq: CTDC; "CTDC" or the "Company") today announced the new business strategy of entering the booming solar energy sector. With strong government commitment to significantly increase China's use of renewable energy in the coming decades and rising energy demand, CTDC strongly believes the new business strategy will deliver shareholder value and higher earnings potential for the Company.
The new business strategy has received the board's approval and strong endorsement from China Merchants Group ("China Merchants"), which is currently the Company's largest shareholder and one of the major Chinese state-owned conglomerate enterprises as well as one of the Big Four Chinese enterprises in Hong Kong. The Company will be holding the Annual General Meeting in October, 2007 to obtain the shareholders' approval.
In order to implement this new strategy, the Company has established a strategic partnership with a leading solar energy solution provider. The Company will introduce the technology developed by Terra Solar Global Inc., which is a U.S. company pioneering in thin film Photovoltaics (the "Thin Film PV") industry. The Company will manufacture and sell the proprietary SnO2 base plate, a key component of a-Si (Amorphous Si) Thin Film PV products, which can optimize the performance of Building Integrated Photovoltaics (BIPV). Most importantly, the Company has become the first and only Chinese company based in China to apply this new generation technology, which is currently one of the leading technologies in the Thin Film PV industry.
Mr. Alan Li, Chairman and Chief Executive Officer of the Company, stated, "As the sole NASDAQ-listed subsidiary of China Merchants, we are committed to enhancing the profitability and maximizing the return-on-equity for our shareholders."
He also added, "We want to be in an industry that has tremendous growth
|SOURCE China Technology Development Group Corporation|
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