BEIJING, Oct. 18, 2016 /PRNewswire/ -- China TechFaith Wireless Communication Technology Limited (NASDAQ: CNTF) ("TechFaith" or the "Company") today announced that it has received occupancy certificates for 7 additional buildings. The latest buildings are located in the Company's Beijing (Xi Hongmen District) High Tech Park. The buildings have a total of 31,000 square meters, which are, available for lease, with another 41,405 square meters complete and awaiting permitting, and another 28,739 square meters under construction in this park.
Mr. Deyou Dong, Chief Executive Officer of TechFaith, said, "This is a major development for TechFaith and adds to our critical mass of permitted office space available for lease. We have been meticulous in trying to ensure high-quality construction levels to meet the required stringent approval standards. This is consistent with our brand, which is recognized for excellence in the market. Based on our track record with other properties and current real estate demand levels, we are optimistic we will see steady lease uptake levels for our latest buildings. We are encouraged with the continued growth in our real estate portfolio, as this remains a major driver to the Company's bottom line and a key value creator for all shareholders."
TechFaith (NASDAQ: CNTF) is a China-based mobile solutions provider for the global mobile handsets market, with a focus on the original design and development of specialized mobile handsets for consumers and enterprises under both our customers' and our own brands, as well as on the sale of finished products to local and international customers. Starting in 2008, we began investing in the construction of buildings and facilities to expand our real estate portfolio in China as part of our growth and diversification strategy. For more information, please visit www.techfaithwireless.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident," "outlook" and similar statements. TechFaith may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on Forms 20-F and 6-K, among others, and in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about TechFaith's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, those risks outlined in TechFaith's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. TechFaith does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
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SOURCE China TechFaith Wireless Technology Limited
In China: Jay Ji, China TechFaith Wireless Communication Technology Limited, Tel: 86-10-5822-8866, firstname.lastname@example.org; In the U.S.: David Pasquale, Global IR Partners, Tel: +1 914-337-8801, email@example.com