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HONG KONG, Apr 30, 2010 - (ACN Newswire) - China Technology Development Group Corporation ("CTDC" or the "Company"; NASDAQ: CTDC) today announces that the Company entered into a Subscription Agreement (the "Subscription Agreement") with China Wanhe Investment Limited (the "Subscriber" or "Wanhe Investment"), an industrial investment company in China, in connection with a private placement transaction of 2 million shares of the Company's common stock on April 28, of which proposed to finance US$6 million.
Pursuant to the Subscription Agreement, the Company agreed to sell, and the Subscriber agreed to purchase, 2 million shares of the Company's common stock, par value US$0.01 per share, at a price of US$3.01 per share. CTDC intends to use the net proceeds of approximately US$6 million from the private placement to develop and operate the Xinhua Multimedia project, including the purchase of flat-panel displays, content management system, advertising business development and daily operations.
Mr. Alan Li, Chairman of the Board & CEO of CTDC, said, "We are very excited to cooperate with Wanhe to invest in the Xinhua Multimedia project. With the backdrop of Triple Play (the integration of telecom network, internet and cable TV network in China), we are optimistic about the perspective of Xinhua Multimedia project."
Contact:
Quam IR
Ms Anita Wan
Tel: +852 2217-2687
E-mail: anita.wan@quamgroup.com
Ms Sharon Au
Tel: +852 2217-2680
E-mail: sharon.au@quamgroup.com
Ms Venus Lam
Tel: +852 2217-2909
E-mail: venus.lam@quamgroup.com
Topic: Issue of Stocks/Bonds
Source: China Technology Development Group
Sectors: Daily Finance
https://www.acnnewswire.com
From the Asia Corporate News Network
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