September 7, 2007
China Technology Development Group (Nasdaq: CTDC), a Hong Kong-based computer network security company, announced today that it would enter the solar sector.
The company said it established a strategic partnership with New York's Terra Solar Global, a manufacturer of thin-film photovoltaic systems and turnkey facilities.
Financial terms of the deal were not disclosed.
Terra Solar is 51 percent owned by China Solar Energy Holdings, another Hong Kong company.
"We want to be in an industry that has tremendous growth potential. With strong support from our major shareholders, we are determined to build up a leading position in the renewable energy sector in the near future," said Alan Li, chairman and CEO of China Technology Development.
The company said the new partnership received an endorsement from China Tech's largest shareholder, the state-owned China Merchants Group.
China Tech plans to hold its annual general meeting in October, where it hopes to obtain shareholders' approval for the company's move into solar.
China Tech said it will manufacture and sell Terra Solar's proprietary tin oxide base plate, a key component of amorphous silicon thin-film photovoltaic products.
In July, China Tech announced a proposal to buy a plant in Zhangzhou for $6 million from another unit of China Merchants.
Saturday, September 8, 2007
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