China Technology Development Group Corp. (CTDC), a China-based clean energy group, has entered into a stock purchase agreement with Linsun Renewable Energy Corp. Ltd. (LSR) and its stockholders, Goldpoly Co. Ltd. and Liao Lin-Hsiang, to acquire 100% equity interest in LSR and its wholly owned subsidiary, Linsun Power Technology (Quanzhou) Corp. Ltd. (LSP).
The consideration is $3.2 million, payable in shares of CTDC's common stock at a price of $3.01 per share. Upon completion, LSP will become a wholly owned subsidiary of CTDC. LSP is a crystalline photovoltaic module manufacturer with annual production capacity of approximately 65 MW at the Jinjiang Economic Development Zone in the Fujian province of China.
SOURCE: China Technology Development Corp.
