omniture

China Technology Announces Proposed Increase of Its Stake by the Largest Shareholder to nearly 32%

China Technology Development Group Corporation
2007-09-05 19:31 873

HONG KONG, Sept. 5 /Xinhua-PRNewswire-FirstCall/ -- China Technology Development Group Corporation (Nasdaq: CTDC; "CTDC" or the "Company") today announced China Biotech Holdings Limited ("China Biotech"), the largest shareholder of the Company, entered into an Amendment to Sale and Purchase Agreement dated April 12, 2007 with Beijing Holdings Limited ("Beijing Holdings"), pursuant to which China Biotech will purchase 1,000,000 common shares of CTDC from Beijing Holdings for an aggregate consideration of US$4 million. After the completion which is expected to take place on or before December 15, 2007, China Biotech will increase its stake from 24% to nearly 32%.

Mr. Zhenwei Lu, Executive Director of China Biotech as well as President of China Merchants Technology Holdings Limited, the largest shareholder of China Biotech, commented, "We believe that by continuously increasing the stake in the Company, this demonstrates our firm support to the Company's upcoming business development and rapid growth in eco-friendly industry."

In addition, the Sale and Purchase Agreements dated April 12, 2007 by and among Beijing Holdings, ChinaDragon Pacific Limited and China Zhongjing Energy Investment Limited have been terminated. The termination has no impact to the Company.

About CTDC:

CTDC is engaged in information network security and nutraceutical business in the People's Republic of China. CTDC's ultimate principal shareholder is China Merchants Group ( www.cmhk.com ), one of the most important Chinese state-owned enterprises in China. For more information, please visit our website at http://www.chinactdc.com .

Forward-Looking Statement Disclosure:

This press release of the Company, which is a foreign private issuer, on Form 6-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Act of 1934. These statements relate to future events or the Company's future financial performance. The Company has attempted to identify forward-looking statements by terminology including "anticipates", "believes", "expects", "can", "continue", "could", "estimates", "expects", "intends", "may", "plans", "potential", "predict", "should", or "will" or the negative of these terms or other comparable terminology. These statements are only predictions, uncertainties and other factors may cause the Company's actual results, level of activity, performance or achievements to be materially different from any future results, level of activity, performance or achievements expressed or implied by these forward-looking statements. The information in this Report on Form 6-K is not intended to project future performance of the Company. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company does not guarantee future results, level of activity, performance or achievements. The Company's expectations are as of the date this Form 6-K is filed, and the Company does not intend to update any of the forward-looking statements after the date this Report on Form 6-K is filed to conform these statements to actual results, unless required by law.

Contact:

China Technology Development Group Corporation

Alan Li

Chief Executive Officer

Tel: +852-3112-8461

Email: investor.relations@chinactdc.com

Source: China Technology Development Group Corporation
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