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DFCT - DF China Technology Announces Sale of 5.2 Million Shares of Common Stock For US$2.1 Million Cash Subscription

/FROM PR NEWSWIRE NEW YORK 800-776-8090/
TO BUSINESS EDITOR:

DF China Technology Announces Sale of 5.2 Million Shares of Common Stock For
US$2.1 Million Cash Subscription

HONG KONG, April 7 /PRNewswire-FirstCall/ -- The board of directors of DF
China Technology, Inc. (Nasdaq: DFCT) announced that on April 5, 2004, the
company successfully negotiated a share subscription agreement with an
investment company, Squadram Limited. According to the agreement, Squadram
agreed to subscribe 5,200,000 shares (the "Subscription Shares") of common
stock of the company for cash of US$2,100,000.00. The Agreement was signed by
the company and Squadram on April 5, 2004. The transaction will close on April
21, 2004.
After the closing of the transaction, the shareholders' equity value of
DFCT will increase to US$2,554,797.38, which meets the US$2,500,000.00
stockholders' equity requirements of NASDAQ for continuous listing. Besides,
the board still plans ahead to acquire DiChain Software as approved at the
shareholders' meeting held on March 25, 2004.
Further to the company's announcement of March 29, 2004, the company has
submitted an appeal notice requesting for an oral hearing which is scheduled
to be held on April 22, 2004. The company presented future plans to Nasdaq
Panel for achieving and sustaining compliance with Marketplace Rule
4320(e)(2)(B).

CONTACT:
Aaron Zhu
Executive Director and Chief Financial Officer
DF China Technology Inc.
Tel: [phone]

SOURCE DF China Technology, Inc.

/CONTACT: Aaron Zhu, Executive Director and Chief Financial Officer of DF
China Technology Inc., [phone] /

Apr-07-2004 11:01 GMT
Symbols:
US;DFCT
Source PRN PR Newswire
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