China Digital Communication Group Obtains US$6 Million Secured Credit Facility
March 14 2006 - 8:00AM
PR Newswire (US)
LOS ANGELES and SHENZHEN, China, March 14 /PRNewswire-FirstCall/ --
China Digital Communication Group (OTC:CHID) (BULLETIN BOARD: CHID)
, one of the fastest growing battery components manufacturers in
China, announced today that it has obtained a US$6 million bank
line of credit from United Private Equity Ltd., a venture capital
firm. The credit facility is for a term of three years and will be
used exclusively for merger and acquisition activities of
businesses in the 3G communications industry. The credit facility
will bear interest at a rate of 7.7% that will be paid annually
beginning on December 20, 2006. The credit facility will be secured
by US$9 million of stock of certain 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 acquisition expansion plans. With this financing, we
intend to expand our market share by acquiring businesses that have
been identified as having significant growth potential." 3G
communications refers to "Third-Generation Communications Devices,"
the next technological evolution in mobile telephone and consumer
electronics technology. 3G technology, in addition to voice
transmission, allows for data 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 of
China's leading manufacturers and developers of advanced
telecommunications equipment. E'Jenie sells advanced high-quality
lithium ion battery shell and cap products to all major lithium ion
battery cell manufacturers in China. 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 is continuing its expansion across East Asia, while
also seeking distribution partners and acquisitions in new global
markets including the United States. For more information, visit
http://www.chinadigitalgroup.com/. 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. For further information, contact: At the Company: China
Digital Communication Group Roy Teng 310-461-1322 E-mail:
http://www.chinadigitalgroup.com/ Investor Relations: OTC Financial
Network Peter Clark 781-444-6100, x629 http://www.otcfn.com/chid
DATASOURCE: China Digital Communication Group CONTACT: Roy Teng of
China Digital Communication Group, +1-310-461-1322, ; or Peter
Clark of OTC Financial Network, +1-781-444-6100, ext. 629, Web
site: http://www.chinadigitalgroup.com/
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