HONG KONG, Jan. 13, 2009 (GLOBE NEWSWIRE) -- China Technology Development Group Corporation (Nasdaq:CTDC) ("CTDC" or "the Company"), a provider of solar energy products and solutions in China focusing on a-Si thin film technology, today announced that the Company's wholly-owned subsidiary, China Merchants Zhangzhou Development Zone Trenda Solar Energy Ltd. ("Trenda Solar"), has received a commitment of credit line up to RMB 250,000,000, or US$36,000,000 from China Construction Bank, a leading commercial bank in China.
Fujian Branch of China Construction Bank is providing this credit line to the Company, subject to certain terms and conditions, for expanding CTDC's existing manufacture facility in Xiamen Bay Solar City.
"We are extremely pleased to receive this credit line facility from China Construction Bank, which demonstrates China Construction Bank's recognition to our company and strong support for management's goal to become one of leading thin-film PV producers and application solutions providers in China," said Mr. Gary Leung, Chief Financial Officer of CTDC. "We expect that the credit line will not only accelerate our current expansion of thin film PV production lines in the solar city, but also enables us to eventually supply solar products to Qaidam Basin solar power plant which we announced recently."
About CTDC:
CTDC is a provider of solar energy products and solutions in China focusing on a-Si thin-film technology. CTDC's ultimate principal shareholder is China Merchants Group (http://www.cmhk.com), one of the biggest state-owned conglomerates in China.
For more information, please visit our website at http://www.chinactdc.com.
Forward-Looking Statement Disclosure:
It should be noted that certain statements herein which are not historical facts, including, without limitation, those regarding: A) the timing of product, service and solution deliveries; B) our ability to develop, implement and commercialize new products, services, solutions and technologies; C) expectations regarding market growth, developments and structural changes; D) expectations regarding our product volume growth, market share, prices and margins; E) expectations and targets for our results of operations; F) the outcome of pending and threatened litigation; G) expectations regarding the successful completion of contemplated acquisitions on a timely basis and our ability to achieve the set targets upon the completion of such acquisitions; and H) statements preceded by "believe," "expect," "anticipate," "foresee," "target," "estimate," "designed," "plans," "will" or similar expressions are forward-looking statements. These statements are based on management's best assumptions and beliefs in light of the information currently available to it. Because they involve risks and uncertainties, actual results may differ materially from the results that we currently expect. Factors that could cause these differences include the risk factors specified on our annual report on Form 20-F for the year ended December 31, 2007 under "Item 3.D Risk Factors." Other unknown or unpredictable factors or underlying assumptions subsequently proving to be incorrect could cause actual results to differ materially from those in the forward-looking statements. The Company does not undertake any obligation to update publicly or revise forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.