SHENZHEN, China, Nov. 26 /Xinhua-PRNewswire-FirstCall/ -- China Display Technologies, Inc. (OTC Bulletin Board: CDYT) (“China Display”, or “the Company”), a leading manufacturer of optoelectronic products, specializing in small- to mid-sized LED and CCFL backlight units for LCD displays in China, today announced its symbol has been changed to “CDYT”.
The Company, formerly known as Lincoln International Corporation, with trading symbol “LCNIA”, changed its name to China Display Technologies, Inc. The new trading symbol became effective today, November 26, 2007.
"We are pleased that our new trading symbol has become effective. This along with our recent name change should help to increase the Company’s visibility with the investment community. Our company continues to benefit from a rapidly growing market for backlight unit products, due to rising demand for LCDs in all kinds of electronics,” said Mr. Lawrence Chan, CEO of China Display Technologies. "We plan to continue our efforts to improve our product mix in our effort to capture a greater share of this rapidly growing market."
In September 2007, the Company completed a share exchange with the shareholder of Keep On Holdings Ltd., a British Virgin Islands company (“Keep On”) pursuant to which Keep On became a wholly-owned subsidiary of the Company. Keep On is the sole shareholder of Suny Electronics (Shenzhen), Ltd., a Chinese corporation. Concurrent with the share exchange, the Company completed a $4.0 million private placement of convertible preferred stock and warrants with accredited investors led by Barron Partners LP.
The Company has approximately 11.6 million shares outstanding, which reflects a one-for-7.5 reverse split. An additional 26.8 million shares would be outstanding if if the convertible preferred stock is converted in full and all of the warrants are exercised.
About China Display Technologies, Inc.
China Display Technologies, Inc. through its wholly-owned subsidiary Suny Electronics (Shenzhen) Company Limited (“SUNY”) in China, designs, manufactures and markets small- to mid-sized Light Emitting Diode (LED) and Cold Cathode Fluorescent Lamp (CCFL) backlights for various types of Liquid Crystal Displays (LCDs). Its products have applications in electronic consumer products, such as mobile phones, PDAs, GPS systems, portable DVD/VCD players, MP3s and MP4s, medical equipment and household appliances with displays. SUNY was organized in November 2004 and started operations in 2005. It has experienced rapid growth and became a publicly-traded company, listed on the OTC market, through a reverse merger in September 2007. The Company has 600 employees, with manufacturing facilities and management located in Shenzhen, China.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of the Company and its subsidiary companies. These forward looking statements are often identified by the use of forward-looking terminology such as "believes, expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website ( http://www.sec.gov ). All forward-looking statements attributable the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors other than as required under the securities laws. The Company does not assume a duty to update these forward-looking statements.
For more information, please contact:
Company Contact:
Mr. Jason Wong
Executive Vice President
China Display Technologies, Inc.
Tel: +852-9257-8928
Email: jason@suny.hk
Investor Relations Contact:
Mr. Crocker Coulson
President
CCG Elite Investor Relations
Tel: +1-646-213-1915 (NY office)
Email: crocker.coulson@ccgir.com
