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HONG KONG, May 31, 2010 - (ACN Newswire) - Shareholders of Cardlink Technology Group Limited ("Cardlink" or together with its subsidiaries the "Group"; stock code: 8066), a world-leading one-stop smart card solutions provider and a first mover in recycling imported used automobile resources within China, today approved change of Cardlink's name to "Pheonitron Holdings Limited" in English and in Chinese at an Extraordinary General Meeting.
Ms. Lily Wu, Chairman of Cardlink, said, 'We are pleased that the Group has approved the new Company name 'Pheonitron Holdings Limited'. It is a dynamic refreshing of the Group's corporate image and identity and represents a new chapter for the Group's business development. Our strategy is to further diversify our business in the future, with an aggressive thrust in recycling used automobile resources to meet the rising demand for recyclable metal from automobiles in China. The Chinese Government has also reinforced its commitment to recycling in April this year through the 'Notice Concerning Opinions on Investment and Financing Policies and Measures for Supporting the Development of a Circular Economy.' The notice outlined concrete measures such as planning, investment, industry and credit, etc., to foster a circular economy. Industries to be benefited by these measures include used automobiles and other used materials recycling. Backed by supportive Government policies, we have even greater confidence in the prospect of the used automobile resources recycling business."
The Group, through its associated company Hota (USA) Holding Corporation, has become the only foreign enterprise to set up a factory in Zhangjiagang, China for disassembling imported used automobiles and selling the metal and other resources derived from these automobiles. The factory is to commence mass production in the second half of 2010. The Group has signed letters of intent with used automobile suppliers in Japan, the US and Europe as well as metal recycling enterprises in the PRC to secure the stable supply and demand for the business.
By using scrap steel for steel manufacturing in place of iron ore the steel industry can play an important role in achieving energy and emission reduction, saving 60% on energy and 40% on water and reducing water and air pollutants and mining waste by over 75%. This is in line with a Chinese government proposal to reduce CO2 emission by 40-45% in 2010 from the level in 2005 to curb the global climate change issue.
Ms. Wu concluded, "We will continue to develop the smart card business steadily, while develop the resources recycling industry in full strength. We believe this new arm will become an important driving force for the Group in the years ahead, thus generating better returns to our shareholders."
Contact:
Strategic Financial Relations Limited
Heidi So, +852 2864 4826, heidi.so@sprg.com.hk
Jover Wong, +852 2114 4955, jover.wong@sprg.com.hk
Eric Liu, +852 2114 4901, eric.liu@sprg.com.hk
Selina Lam, +852 2864 4847, selina.lam@sprg.com.hk
Topic: Press release summary
Source: Phoenitron Holdings Limited
Sectors: Daily Finance, Automotive
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From the Asia Corporate News Network
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