DFCT D F China Technology (MM)

DF China Technology Announces to Seek Equity Support from DICHAIN Holdings SAN FRANCISCO, March 29 /PRNewswire-FirstCall/ -- The Board of Directors of DF China Technology, Inc. (the 'Company') announced that on March 29, 2004, the board of directors of the Company resolved to seek equity support from its major shareholder - DICHAIN Holdings, by allowing the Company to issue additional 5,224,142 new shares to acquire a total of 12.69% equity interest in DiChain Software Systems (Shenzhen) Ltd fromDiChain Systems Limited. The number of additional new shares issued for acquisition accounts for a total of 20% of the outstanding shares of DFCT, at an issue price of US$0.402 per share which is 23 times of the net asset value per share of the companyof US$0.0174 prior to the acquisition, for the total value of US$2,100,000.00. The Board of Directors asks DICHAIN Holdings to fully support the proposal. After the acquisition, the net asset value of DFCT will increase from US$454,797.38 to US$2,554,797.38, which meets the US$2,500,000.00 stockholders' equity requirements of NASDAQ for continuous listing. After the acquisition, the total outstanding shares of DFCT will be increased from 26,120,712 to 31,344,854 shares and the new shares will represent 16.67% of the enlarged total outstanding shares of the company. DICHAIN Holdings informed the Board of Directors that it is considering the proposal and will act in a timely manner. CONTACT: Aaron Zhu Executive Director and Chief Financial Officer DF China Technology Inc. Tel: +852-2255-0688 DATASOURCE: DF China Technology Inc. CONTACT: Aaron Zhu, Executive Director and Chief Financial Officer of DF China Technology Inc., +852-2255-0688

Copyright