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CHINA TECHNOLOGY GLOBAL Quick Quote: CTGLF 0.13 (Even)
China Technology Global Corporation Signs Memorandum of Understanding with Si Chuan Ying Shan Digital Technology Co., Ltd to Acquire 49 per cent of the Shareholding 4/24/2006
HONG KONG, April 24, 2006 /Xinhua-PRNewswire-FirstCall via COMTEX News Network/ -- China Technology Global Corporation (OTC Bulletin Board: CTGLF; the ''Company''), announced the signing of a Memorandum of Understanding to acquire 49% shareholding of Si Chuan Ying Shan Digital Technology Co., Ltd (''YS Digital''). YS Digital has agreed the Company to start the due diligence for this business acquisition.
YS Digital, located in Chengdu City Sichuan Province PRC, founded in 2004, is now one of the leading disc production companies in the Southwest, China. Dr. Frank Fan, Chairman and Chief Executive Officer of China Technology Global Corporation commented: ''Read-only disc industry is a highly regulated industry by the Chinese central government in order to control problems of illegal copies. So far only 83 licenses of disc production have been granted to the Chinese enterprises by the central government in China. With recent increasing elimination on illegal copies, the Chinese central government has already suspended 14 licenses in March of 2006, reducing total licenses from 83 to 69. And moreover, it is estimated that the authority will further suspend more licenses. YS Digital is one of the companies on the government list of clean-record of no illegal copies."
Mr. Gao Song Ji, General Manager of Oriental Optical Disk Manufacture Co. Ltd. (''Oriental Disc''), one of the subsidiaries of China Merchants DiChain Group, commented: '' I am very glad to know this development. Oriental Disc is the leading DC\VCD production manufacturer in this region, and YS Digital was the only regional competitor to us. Hence, this coming acquisition should change competition into true collaboration.''
Contact: China Technology Global Corporation Sifie Fu Investor Relations Manager Tel: +852-2255-0688 Email: sifiefu*ChinaTechGlobal.com Investor Relations Division Email: Investors*ChinaTechGlobal.com Website: www.ChinaTechGlobal.com
SOURCE China Technology Global Corporation
Sifie Fu of China Technology Global Corporation, +852-2255-0688, or sifiefu*ChinaTechGlobal.com, or Investors*ChinaTechGlobal.com http://www.prnewswire.com
Copyright (C) 2006 PR Newswire. All rights reserved.
-------------------- *I'm not a financial expert or advisor, everything stated is my opinion* Posts: 1680 | From: NC | Registered: Jan 2006
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