CTDC enters into agreement to acquire solar modules manufacturer Linsun

HONG KONG, China Technology Development Group Corporation (CTDC), a growing clean energy group based in China to provide solar energy products and solutions, has entered into a Stock Purchase Agreement with Linsun Renewable Energy Corp. Ltd (LSR) and its stockholders, Goldpoly Co. Ltd and Liao Lin-Hsiang, to acquire 100 percent equity interest in LSR and its wholly owned subsidiary - Linsun Power Technology (Quanzhou) Corp. Ltd. (LSP) at a consideration of $3.2 million, payable in shares of CTDC's common stock at a price of US$3.01 per shares.

Upon completion, LSP will become a wholly-owned subsidiary of CTDC.

LSP is a crystalline photovoltaic modules manufacturer with annual production capacity of about 65 megawatt, located at Jinjiang Economic Development Zone in Fujian Province of China. LSP's PV modules have been accredited with TUV certificate and exported to European markets, including Germany, Italy and Czech Republic, etc.

"The acquisition of LSP will be achieving a significant milestone towards our development strategy in solar energy industry. Upon completion, we plan to expand LSP's annual capacity to 100MW. Together with existing capacity of China Merchants Zhangzhou Development Zone Trendar Solar Tech Ltd. - another subsidiary of CTDC, our annual capacity of crystalline PV modules will be increased to 165MW, which will be ahead of our target capacity of 150 MW by the end of 2011," said Alan Li, chairman and CEO of CTDC.

"Moreover, the acquisition will help us form a close relationship with Goldpoly, an upstream PV cells supplier, to ensure sufficient supply of raw material. Looking forward, we will leverage the synergies created by two companies to develop the Xiamen Bay into a renowned PV production base, so as to maximize our shareholders' value."

Liao Lin-Hsiang, CEO of LSP, said: "LSP is excited to join forces with CTDC. We believe the powerful support by CTDC will enable LSP to grow rapidly. In the future, we will strive to focus on improving product quality, exploring the international market, as well as offering superior products and services to our valuable customers."