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Last updated on April 17, 2014 at 10:38 EDT

Dutton Associates Announces Investment Opinion

September 17, 2008

Dutton Associates initiates coverage of China Technology Development (Nasdaq: CTDC) with a Strong Speculative Buy rating and a $6.80 price target. The 19-page report by Dutton senior analyst Paul J. Resnik, CFA is available at www.jmdutton.com as well as from First Call, Bloomberg, Capital IQ, FactSet, Knobias, and other leading financial portals.

The increasingly strong economic and environmental rationale for photovoltaic solar power has been reflected in the rapid growth of investment in this sector. So much so that despite the impressive expansion of demand it is now widely expected that within the next few years there will be solar panel production overcapacity. We believe, however, that the solar industry is in a dynamic state in which advancing technologies will support applications that will alter the demand outlook. In this context, we believe that China Technology Development has the opportunity to participate in evolving technologies that will broaden the market for solar power. We further believe that China Technology’s acquisition of the rights to proprietary technology will put the Company in a strong competitive position which will be particularly important during any periods of industry overcapacity. At this time, China Technology is just starting up its first production line for the manufacture of base plates for solar panels. However, we expect rapid additions to production capacity as 2009 progresses will enable the Company to turn profitable as early as 2009 2Q. As this potential for growth becomes increasingly apparent and as investors become more aware of the benefits accruing to the Company from its relationship with China Merchants Group, a massive stat-owned enterprise that owns 32% of China Technology, we believe the shares have the potential for appreciation in coming quarters.

About Dutton Associates

Dutton Associates is one of the largest independent investment research firms in the U.S. Its 30 senior analysts are primarily CFAs, and have expertise in many industries. Dutton Associates provides continuing analyst coverage of over 140 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors.

The cost of enrollment in our one-year continuing research program is US $35,000 prepaid for 4 Research Reports, typically published quarterly, and requisite Research Notes. Dutton Associates received $32,000 from the Company for 5 Research Reports with coverage commencing on 9/17/2008. We do not accept payment of our fees in company stock. Our principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst’s personal views about the subject securities or issuer. Neither the analyst’s compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures and analyst background at www.jmdutton.com before investing.