TechFaith | January 6, 2011 | Press Release
BEIJING, Jan. 6, 2011 /PRNewswire-Asia/ — China TechFaith Wireless Communication Technology Limited (Nasdaq: CNTF) (“TechFaith” or the “Company”) today announced that its Chairman and CEO, Mr. Defu Dong, purchased approximately 143,000 ADSs on the open market during the month of December 2010. Â As of December 31, 2010, Mr. Dong held ADS, ordinary shares and options exercisable to ordinary shares representing approximately 31.66% of the total outstanding ADS in China TechFaith Wireless.
Chairman and CEO, Mr. Dong, has indicated his intention to purchase additional ADSs through open market and privately negotiated transactions. Â The timing and amount of such purchase transactions will depend on market conditions and corporate and regulatory considerations.
Mr. Defu Dong, Chairman and CEO of TechFaith said, “I believe TechFaith is undervalued. Â I decided to increase my ownership based on my confidence in the Company’s market position and my belief in its continued growth prospects.”
About TechFaith (NASDAQ: CNTF)
TechFaith (NASDAQ: CNTF) is a China-based original developed product (“ODP”) provider focused on the original design and sales of mobile phone products. TechFaith aims to become a branded mobile phone specialist in differentiated market segments in the China market. TechFaith is also striving to build a leading PC and online gaming business through its wholly-owned subsidiary, 798 Entertainment Limited.
- TechFaith engages in the development and production of middle to high end handsets and tailor made handsets. Â TechFaith’s original developed products include: (1) multimedia phones and dual mode dual card handsets of multiple wireless technology combination such as GSM/GSM, GSM/CDMA, GSM/WCDMA, GSM/TD-SCDMA and UMTS/CDMA; (2) Windows-based smartphones and Pocket PC phones; and (3) handsets with interactive online gaming and professional game terminals with phone functionality.
- With the capability of developing Middleware Application MMI/UI software on 2G/2.5G(GSM/GPRS, CDMA1X), 3G(EV-DO, WCDMA/UMTS, TD-SCDMA) and 3.5G(HSDPA) communication technologies, TechFaith is able to provide Middleware Application MMI/UI software packages that fulfill the specifications of handset brand owners and carriers in the global market. For more information, please visit www.techfaithwireless.com.
- TechFaith is aiming to become a branded mobile phone specialist for differentiated market segments in the China market, such as under its wholly-owned subsidiary brand name QIGI for smartphone business which targets enterprise users and operator tailored market, under Glomate brand, selling other brand names for girls and teenagers, under the TechFace brand name to target the market of outdoor sports enthusiasts.
- TechFaith is targeting motion, the mobile and online PC gaming markets through its websites www.17wee.com, www.798uu.com and www.798game.com with gaming content developed internally, co-developed and licensed from third parties.
