CTDC ACQUIRES SHARES OF CHINA TECHNOLOGY SOLAR POWER HOLDINGS LIMITED IN CONNECTION WITH TERMINATION AGREEMENT DATED OCTOBER 11, 2010China Technology Development Group Corp • September 9th, 2011 • Services-prepackaged software
As reported previously, as of October 11, 2010, China Technology Development Group Corporation (the “Company”) entered into an agreement terminating the Stock Purchase Agreement (the “Termination Agreement”) with China Technology Solar Power Holdings Limited (the “Target Company”) and its direct and indirect stockholders (the “Stockholders”). Pursuant to the Termination Agreement, among other things, (i) the Target Company and/or the Stockholders agreed to repay in full a US$3 million cash advance made by the Company (the “Cash Advance”); (ii) the Company has a right of conversion/exchange in the event that the Target Company undertakes an offering of its equity securities or sells, converts or exchanges its equity securities for equity securities of another company; and (iii) Mr. Chiu Tung Ping, one of the Stockholders, personally guaranteed all obligations of the Target Company and the Stockholders under the Termination Agreement.
