Tech Pro Enters into MOU for the Proposed Acquisition of an
HONG KONG, Dec. 7 /PRNewswire-Asia/ -- A major manufacturer and distributor of aluminum electrolytic capacitors and electronic products in the PRC, Tech Pro Technology Development Limited ("Tech Pro Technology" or the "Group"; stock code: 3823), today announced that it has entered into a Memorandum of Understanding ("MOU") with an independent third party Golden Well Capital Limited for the acquisition of a 60% equity interest in Link Force Holdings Limited ("Link Force").
Link Force is a company which is mainly engaged in the toll manufacturing, installation and maintenance of energy saving and environmentally friendly LED street lights in the PRC. Pursuant to the MOU, the consideration of the acquisition will be satisfied by cash payment, issue of shares, convertible bonds or promissory notes, or a combination of any of the above.
Mr. Yan Qixu, Chairman and Executive Director of Tech Pro Technology said, "LED street light uses less electricity than incandescent light bulb and fluorescent lamp, so that using LED street light can save energy effectively. Saving energy has become a major concern in the PRC, this encourages the development of the LED street light business. Through the proposed acquisition, the Group aims to expand and diversify our businesses to high growth areas. We are optimistic of the outlook of China's LED market as well as the prospects of Link Force's environmentally friendly LED lighting business. We believe that the conclusion of the proposed acquisition will effectively expand our revenue streams and thereby enhance shareholders' value."
About Tech Pro Technology Development LimiteAAAAAAA> Tech Pro Technology, which was successfully listed on the Stock Exchange of Hong Kong Limited on 6 September 2007, is principally engaged in the manufacture and sale of aluminum electrolytic capacitors. Under its "Chang" brand, Tech Pro Technology produces a range of aluminum electrolytic capacitor products and diversified combinations. In order to meet the needs of customer, the Group has a total of 56 models of aluminum electrolytic capacitor products, comprising lead wire type capacitors, lug type capacitors and screw type capacitors. The Group's main customers include many reputable corporations, and itAAAAtensive sales network includes reliable domestic clients as well as customers from overseas markets such as Taiwan, Hong Kong, Turkey, Korea, Italy, and Russia.
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