HONG KONG, Feb. 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 CTDC has been awarded a fund of RMB 600,000, or US$88,000 from Fujian Province, a Chinese local government, for its SnO2 TCO Base Plate project. These proceeds, in the form of free appropriation, will be used to fund corporate R&D in PV technology. The Company plans to cooperate with local universities to train up technical personnel, so as to further improve the technological innovative capability of CTDC.
Mr. Yuanheng Zhu, Director of Photoelectric Office of China Merchants Zhangzhou Development Zone ("the Development Zone"), said that local government will positively support CTDC's development in the solar industry, especially SnO2 TCO project. He said: "CTDC's expansion in solar business will create new jobs for the Development Zone. We hope the Company will continue to take a leading role to move our Development Zone closer to green community, and make the Development Zone into a leading solar industrial park in China."
"We truly want to thank governments at all levels for their great support to our company. The fund granted to CTDC reflects government recognition to our technology and innovation. We aim to train a large number of technical personnel and accelerate technical innovation to meet the development of solar sector," commented Mr. Gary Leung, Chief Financial Officer of CTDC.
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.