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China Digital Communication Group Obtains US$6 Million Secured Credit Facility14 March 2006
China DigitalCommunication Group (OTC BB: CHID), one of the fastest growing batterycomponents manufacturers in China, announced today that it has obtained aUS$6 million bank line of credit from United Private Equity Ltd., aventure capital firm. The credit facility is for a term of three years andwill be used exclusively for merger and acquisition activities ofbusinesses in the 3G communications industry. The credit facility will bearinterest at a rate of 7.7% that will be paid annually beginning on December20, 2006. The credit facility will be secured by US$9 Million of stock ofcertain of the Company's major shareholders.
Changchun Zheng, China Digital's Chairman and Chief Executive Officer,stated, "This loan is an important catalyst to the Company's acquisitionexpansion plans. With this financing, we intend to expand our market shareby acquiring businesses that have been identified as having significantgrowth potential."
3G Communications refers to "Third Generation Communications Devices," thenext technological evolution in mobile telephone and consumer electronicstechnology. 3G technology, in addition to voice transmission, allows fordata transmission, e-mail, and instant messaging.
About China Digital Communication Group
China Digital Communication Group, through its wholly owned subsidiary,Shenzhen E'Jenie Science and Technology Co., Ltd. ("E'Jenie"), is one ofChina's leading manufacturers and developers of advanced telecommunicationsequipment. E'Jenie sells advanced high-quality lithium ion battery shelland cap products to all major lithium ion battery cell manufacturers inChina. E'Jenie's products are used to power mobile phones, MP3 players,laptops, digital cameras, PDAs, camera recorders and other consumerelectronic digital devices. China Digital is continuing its expansionacross East Asia, while also seeking distribution partners and acquisitionsin new global markets including the United States. For more information,visit http://www.chinadigitalgroup.com.
Forward-looking statement: Except for the historical information, thematters discussed in this news release may contain forward-lookingstatements, including, but not limited to, factors relating to futuresales. These forward-looking statements may involve a number of risks anduncertainties. Actual results may differ materially based on a number offactors, including, but not limited to, uncertainties in product demand,risks related to doing business in China, the impact of competitiveproducts and pricing, changing economic conditions around the world,release and sales of new products, and other risk factors detailed in thecompany's most recent annual report and other filings with the Securitiesand Exchange Commission.
For further information, contact:
At the Company:China Digital Communication GroupRoy Teng310-461-1322E-mail: Email Contacthttp://www.chinadigitalgroup.com
Investor Relations:OTC Financial NetworkPeter Clark781-444-6100, x629Email Contacthttp://www.otcfn.com/chid
SOURCE: China Digital Communication Group
Source: marketwire
All trademarks and copyrighted information contained herein are the property of their respective owners.
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