China Digital Communication Group Announces Strategic Repositioning
26 Aprile 2007 - 3:50PM
PR Newswire (US)
LOS ANGELES, and SHENZHEN, China, April 26 /PRNewswire-FirstCall/
-- China Digital Communication Group (OTC:CHID) (BULLETIN BOARD:
CHID) , a manufacturer of battery components in China, announced
today that it has initiated a strategic repositioning of the
company with the sale of its subsidiary Galaxy View, International.
The transaction was valued at US $3 million. China Digital said it
is working on other potential acquisitions that will restructure
the company. Xu Zhongnan, CEO of China Digital Communication Group,
said, "Shortly after our acquisition we experienced unfavorable
delays in the collection of Galaxy View's accounts receivable
because of the bargaining power of its largest customer, who holds
a great share of the market. Our vendors had to be paid
immediately, which put pressure on our working capital to continue
operations. As a result, we decided to sell the division." Zhongnan
said, "Our company is now actively looking for merger and
acquisition candidates in several attractive industries. We believe
the sale of Galaxy eases the pressure on our working capital and we
look forward to finding and acquiring other promising companies.
There are numerous opportunities in China today and we intend to
capitalize on them." About China Digital Communication Group China
Digital Communication Group owns Shenzhen E'Jenie Science and
Technology Development Co. Ltd. E'Jenie manufactures and sells
advanced high- quality lithium-ion battery shell and cap products
to all major lithium-ion battery cell manufacturers in China and
has recently begun manufacturing complete batteries. E'Jenie's
products are used to power mobile phones, MP3 players, laptops,
digital cameras, PDAs, camera recorders and other consumer
electronic digital devices. China Digital Communication Group is
continuing to seek acquisitions in new global markets, including
the United States. For more information, visit
http://www.chinadigitalgroup.com/ or contact Jacky Jiang of China
Digital Communication Group at (626) 432-5427, e-mail: . An
investment profile on China Digital Communication Group may be
found at http://www.hawkassociates.com/chidprofile.aspx. For
investor relations information regarding China Digital
Communication Group, contact Frank Hawkins or Ken AuYeung, Hawk
Associates, at (305) 451- 1888, e-mail: . An online investor kit
including press releases, current price quotes, stock charts and
other valuable information for investors may be found at
http://www.hawkassociates.com/ and
http://www.americanmicrocaps.com/. To receive free e-mail
notification of future press releases for this company, sign up at
http://www.hawkassociates.com/email.aspx. Forward-looking
statement: Except for the historical information, the matters
discussed in this news release may contain forward-looking
statements, including, but not limited to, factors relating to
future sales. These forward-looking statements may involve a number
of risks and uncertainties. Actual results may differ materially
based on a number of factors, including, but not limited to,
uncertainties in product demand, risks related to doing business in
China, the impact of competitive products and pricing, changing
economic conditions around the world, release and sales of new
products and other risk factors detailed in the company's most
recent annual report and other filings with the Securities and
Exchange Commission. DATASOURCE: China Digital Communication Group
CONTACT: Investor Relations, Frank Hawkins or Ken AuYeung of Hawk
Associates, Inc., +1-305-451-1888, or Web site:
http://www.chinadigitalgroup.com/
http://www.hawkassociates.com/chidprofile.aspx
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