D F China (NASDAQ:DFCT)
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DF China Technology Signs Definitive Agreement to Acquire
Promising Mobile Internet Applications Provider
HONG KONG, Dec. 22 /Xinhua-PRNewswire-FirstCall/ -- DF China Technology Inc.
(OTC:DFCT) (BULLETIN BOARD: DFCT) ( 'the Company'), a leading provider of
information technology solutions for the logistics and supply chain management
industry in China and Hong Kong, announced the signing of a definitive
agreement to acquire DiChain Sky Digital Co. Ltd ("DSDC") from the Company's
parent firm, China Merchants DiChain Group, in a combination of cash and common
stock in exchange for 100% of the common stock of DSDC.
DSDC, founded by China Merchants DiChain Group, is primarily engaged in
designing, developing, operating and marketing mobile network games and
mobile-internet service applications based on its proprietary mobile (K-Java)
application platform. DSDC is one of the pioneer mobile-internet (MoNet)
developers in China. DSDC has developed over 30 mobile gaming products and is
now beginning to market its portfolio. DSDC has partnerships with China
Mobile, SINA, SOHU, and TENCENT in co-marketing its products and services. In
addition to mobile gaming development, the Company plans to develop more
commercial applications of mobile-internet services into several vertical
industries, including travel, logistics and mobile-banking services, all
rapidly growing sectors in China.
Dr. Frank Fan, Chairman and Chief Executive Officer of DF China Technology Inc.
commented: "The mobile-internet applications may prove to become one of the
fastest growing IT businesses in China, integrating wireless, internet and
telecommunication technologies. MoNet has tremendous market potential compared
with the traditional internet business sector. There are currently about 200
million mobile users in comparison with about 25 million internet users in
China. It is obvious that the market for wireless applications is much larger
than the conventional internet business. The acquisition of DSDC will add
cutting edge technology to our platforms and provide rapid growth opportunities
for DF China Technology. While the acquisition will not be accretive to
earnings in the current year, it will substantially strengthen our technology
infrastructure and broaden our intellectual property, at the same time
positioning us for faster potential revenue growth in the future.'
About DF China Technology Inc.
DF China Technology Inc. ( http://www.dichainchinatech.com/ ) designs,
manufactures and sells customizable software and hardware systems, which
integrate GIS (Geographic Information System), GPS (Global Positioning System),
as well as Wireless and Web technologies into a proprietary application
platform. The Company's subsidiary, DiChain Software, was recognized as one of
the leading IT solution providers in logistics and supply chain management in
China in 2002 and 2003 by International Data Corporation, a world leading IT
consulting firm, and named the 'Best Value Added Reseller' by its strategic
industry partner IBM Corp. in 2003. DiChain Software has strategic alliances
with some of the world's largest companies, including IBM, GE, Oracle, Hewlett
Packard, ILOG, DELL, Motorola, and China Mobile.
The Company's leading industry position is further leveraged by its
relationship to China Merchants DiChain Holdings Ltd, the Company's major
shareholder who is a reputable member of China Merchants Group, one of the top
50 national enterprises in the PRC with over US$30 billion assets under its
management.
In the future, the Company aims to become one of the leading Chinese technology
companies by investing its resources into computer, wireless and internet
related information technologies. The Company recently announced it is
changing its name soon to 'China Technology Global Corporation.'
Forward-Looking Statement Disclosure
This news release contains forward-looking statements as defined by the Private
Securities Litigation Reform Act of 1995. Forward-looking statements include
statements concerning plans, objectives, goals, strategies, future events or
performance, and underlying assumptions and other statements that are other
than statements of historical facts. These statements are subject to
uncertainties and risks including, but not limited to, product and service
demand and acceptance, changes in technology, economic conditions, the impact
of competition and pricing, government regulation, and other risks defined in
this document and in statements filed from time to time with the Securities and
Exchange Commission. The Company's actual results could differ from such
forward-looking statements. All such forward-looking statements, whether
written or oral, and whether made by or on behalf of the Company, are expressly
qualified by the cautionary statements and any other cautionary statements
which may accompany the forward-looking statements. In addition, the Company
disclaims any obligation to update any forward-looking statements to reflect
events or circumstances after the date hereof.
Contact:
DF China Technology, Inc.
Leon Zhou, CFO, EVP
Tel: +852-2255-0632
Email:
Alan Stone & Company, LLC
Alan Stone, Managing Director
Tel: +1-212-521-4102
Email:
Rand Brenner, Associate
Tel: +1-310-444-3940
Email:
David Kaplan, Associate
Tel: +1-212-521-4102
Email:
DATASOURCE: DF China Technology Inc.
CONTACT: Leon Zhou of DF China Technology, Inc., +852-2255-0632 or