Key Developments For China Technology Development Group Corporation
China Technology Development Group Corporation (CTDC.O) (Consolidated Issue listed on NASDAQ Capital Market)
China Development Group Corp To Acquire Majority Interest In On-Grid Solar Power Station Business
China Development Group Corp announced that it has entered into a Stock Purchase Agreement (the Stock Purchase Agreement) with China Technology Solar Power Holdings Limited (CTSPHL Group) and its direct and indirect shareholders to acquire a 51% equity interest and become the major shareholder of CTSPHL Group. Terms of the deal were not disclosed.
China Development Group Corp Announces CFO Change
China Development Group Corp announced that the Board has appointed Mr. Frederick Tang, who has been working with the Company as Vice President, as the Company's new Chief Financial Officer to replace Mr. Gary Leung who resigned for his personal reason, effective from September 1, 2009.
China Development Group Corp's Subsidiary Closed Offering Of USD 10 Million Convertible Note
China Development Group Corp announced that China Green Holdings Limited, a wholly owned subsidiary of the Company, has closed the offering of convertible note in principal amount USD10 million on May 12, 2009, pursuant to a subscription agreement entered into by and among the Company, China Green Industry Group Ltd., China Green Holdings Ltd. and CMTF Private Equity One on April 28, 2009. The China Green Holdings Limited intends to use the net proceeds of the note offering for the expansion of solar business, especially for the development of Qaidam solar plant project.
China Development Group Corp Completes Disposal Of Non-Core Business
China Development Group Corp announced that it has completed the disposal of its non-core business of network security on February 16, in order to concentrate solely on its solar energy projects. On December 29, 2008, the Company entered into a sale and purchase agreement to sell its wholly-owned subsidiary Jingle Technology Co, Ltd. (Jingle), including BHL Networks Technology Co., Ltd. (Cayman) and Beijing BHL Networks Technology Co., Ltd. which are owned by Jingle, to an independent party for a cash consideration of HKD200,000. Jingle and its subsidiaries are providing network security solutions and distribution channels in China.
China Development Group Corp Announces Proposed Offering Of USD20 Million Convertible Notes Of Its Subsidiary
China Development Group Corp announced that China Green Holdings Ltd. (the CGHL), a wholly owned subsidiary of the Company, entered into a memorandum of understanding regarding convertible notes in the principal of USD20 million of CGHL with CMTF Asset Management Limited (the MOU). Pursuant to the MOU, the CGHL intends to offer, subject to market and other conditions, approximately an aggregate principal amount of USD20 million convertible notes due 2013 with interest rate equal to Hong Kong Prime Rate per annum, in a private offering to CMTF Asset Management Limited and its affiliated sophisticated investors (the Investors). CMTF Asset Management Limited is a joint venture held by China Merchants Securities Investment Limited and Taifook Fund Managers Limited. In certain circumstances, the notes will be convertible into, at discretion of the Investors, the ordinary shares of CGHL (the CGHL Shares) which will represent 15% of the entire issued share capital and voting right in the CGHL, or the common shares of CTDC (CTDC Shares) with a conversion price at USD3.01 per share. CGHL expects to use the net proceeds from the offering of the notes for expansion of its manufacturing operations, the Qaidam Basin solar power plant project as well as working capital. The terms of the Convertible Notes will be determined and finalized upon execution of a definitive subscription agreement in relation to the subscription and issue of the Convertible Notes on or before February 20, 2009.
