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$pooky

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Tuesday, 01/05/2010 8:59:19 AM

Tuesday, January 05, 2010 8:59:19 AM

Post# of 94785
CNTF pre-market UP on NEWS

China Techfaith Wireless Comm. Tech. Ltd. Completes Acquisition Of QiGi Future Technology Co., Ltd.
7:00am EST

China Techfaith Wireless Comm. Tech. Ltd. announced the completion of its acquisition of 100% of QiGi Future Technology Co., Ltd. (Beijing) (QiGi) in an all-stock deal valued at $12.0 million based on the closing price of the Company's ADSs on NASDAQ on July 28, 2009, which was $2.40 per ADS. The Company has also agreed to provide a $500,000 working capital line. Under terms of the agreement, the number of ordinary shares issued will be adjusted if QiGi does not achieve a net income of over $8.0 million for the fiscal year of 2010, and over $10.0 million for the fiscal year of 2011.

Gruss
$pooky

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