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DF China Technology Signs Definitive Agreement to Acquire Promising Mobile Internet
22 December 2004DF China Technology Inc. (OTC Bulletin Board: DFCT - News; ''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: leonzhou@dichainasia.com
Alan Stone & Company, LLC
Alan Stone, Managing Director
Tel: +1-212-521-4102
Email: astone@alanstone.com
Rand Brenner, Associate
Tel: +1-310-444-3940
Email: randbrenner@earthlink.net
David Kaplan, Associate
Tel: +1-212-521-4102
Email: davidkaplan316@yahoo.com
--------------------------------------------------------------------------------
Source: DF China Technology Inc.
Source: PR Newswire
All trademarks and copyrighted information contained herein are the property of their respective owners.
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