BEIJING, April 7, 2011 /PRNewswire-Asia/ -- It was announced today that China TechFaith Wireless Technology Limited (NASDAQ: CNTF) ("TechFaith" or the "Company") has received approval from the Beijing Daxing Government for the acquisition of approximately 140,000 square meters (approximately 34.5 acres) of land in XiHong Men, Daxing County for industrial purpose. The total value of the contract is value at approximately RMB 54 million (approximately US$8.25 million).
Mr. Defu Dong, Chairman and CEO of TechFaith, said, "Securing this additional tract of land gives us the flexibility needed to add to our state-of-the-art research and development capabilities, along with new trial production lines, and a sales and marketing center. These expanded capabilities will help support the continued growth in our business as we continue to build TechFaith into a much larger company both domestically and internationally."
TechFaith (NASDAQ: CNTF) has three primary businesses. Under the TechFaith umbrella, the Company is a leading global ODP (Original Developed Product) mobile handset provider. Under its TecFace brand, the Company is a leading developer of specialized mobile phones for differentiated market segments, including the rapidly growing Smartphone market targeting Enterprise users and Operators through its QIGI brand; Outdoor and Sports enthusiasts through its Jungle brand; and the Teen market through licensed brands. Under the Company's 17Vee brand, the Company has built a leading, intellectual property based motion gaming business ranging from Bluetooth enabled motion gaming controllers and software to a recently launched proprietary set-top motion game box. For more information, please visit www.techfaithwireless.com, www.17vee.com and www.798game.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident," "outlook" and similar statements. Among other things, the business outlook and strategic and operational plans of TechFaith and management quotations contain forward-looking statements. TechFaith may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on Forms 20-F and 6-K, etc., in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about TechFaith's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, those risks outlined in TechFaith's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. TechFaith does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
SOURCE China TechFaith Wireless Communication Technology Limited