Diguang International Announces Acquisition of Land Rights i
SHENZHEN, China, July 31 /Xinhua-PRNewswire/ -- Diguang International Development Co., Ltd. (OTC Bulletin Board: DGNG) ("Diguang"), an emerging, China-based leader in the manufacture of CCFL and LED backlights for the LCD display industry, today announced that the Shenzhen government has approved an industrial land acquisition application made by Shenzhen Diguang Electronics Co., Ltd., a subsidiary of Diguang.
Diguang's subsidiary has obtained the rights to use 34,930.56 square meters of industrial land located in the Guangming Hi-Tech Park, National LED Industry Area, in the Baoan District of Shenzhen, for 50 years.
These rights were obtained from the land administration of the local government under a preferential price policy targeted to encourage high- technology projects in Shenzhen. Diguang's subsidiary has paid RMB 16,766,669, which Diguang management believes is substantially below the property's current market value. This land will be used for the future production of LED backlights for LCD televisions, computer monitors and other applications such as LED lamps, etc.
"Approval of this land use application represents welcome progress in our plans for our subsidiary to expand its production facilities. We are pleased to announce this milestone in the development of Diguang International," commented Song Yi, Diguang's Chief Executive Officer.
About Diguang International Development Co., LtAAAAAAAAA> Diguang, through its subsidiaries, specializes in the research, development, production, sale and distribution of backlights and backlight technologies. A backlight is the typical light source of a liquid crystal display (LCD). The Company is focused on providing LED and CCFL backlights for international producers of televisions, monitors, cellular phones, digital cameras, DVDs and other home appliances. Diguang currently develops an average of approximately 50 new products per month. Diguang is a Nevada corporation with its manufacturing subsidiary located in Shenzhen, PRC, and its sales and marketing subsidiary located in the British Virgin Islands.
Keith Hor, CFO
Diguang International Development, LtAAAAAAAA> 86-755-26611731
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