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HONG KONG, July 28, 2010 - (ACN Newswire) - 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, has changed its company name to "Phoenitron Holdings Limited". The shares are to be traded on the GEM Board of Hong Kong Stock Exchange under the new stock short names of "Phoenitron Hold" with effect from 9:30 am on 2 August 2010.
Ms Lily Wu, Chairman of Cardlink, said, "The Group has changed its name to Phoenitron Holdings in English and marking a historical step towards its future development. The new name is a combination of Phoenix and Technology. We are pleased with this name because the phoenix is symbolic of rebirth while the development direction of Phoenitron Holdings is to focus on business based on recycling used resources by capitalising on technology. The new name also symbolises the sustainable development course of the Group."
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 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. The factory is to commence mass production in the second half of 2010.
Ms Wu concluded, "Looking ahead, the Group will continue to adopt a diverse development approach. While maintaining steady development of our smart card business, we will also focus on the automobile resources recycling business. By benefitting from the national policies that support the recycling of parts and materials of scrapped automobiles and emission reduction, we believe the resources recycling business will turn into our major growth driver in the next few years and generate better returns for our shareholders."
Contact:
Strategic Financial Relations Limited
Heidi So
Tel: +852 2864 4826
Email: heidi.so@sprg.com.hk
Jover Wong
Tel: +852 2114 4955
Email: jover.wong@sprg.com.hk
Eric Liu
Tel: +852 2114 4901
Email: eric.liu@sprg.com.hk
Fax: +852 2804 2789
Topic: Press release summary
Source: Phoenitron Holdings Limited
Sectors: Electronics, Daily Finance, IT Individual
http://www.acnnewswire.com
From the Asia Corporate News Network
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