China Teletech Holding, Inc. (OTCBB: CNCT) (the “Company”, “CNCT”) announced today that it has signed an agreement to acquire 100% of China Teletech Limited (“CTL”), an established mobile phone calling card and service provider in Guangzhou and Shenzhen, China. The total consideration is to be settled by the issuance of 40,000,000 restricted common shares of CNCT, constituting approximately 68.34% of the Company. CNCT also announced, upon the completion of the acquisition, the appointment of Mr. Dong Liu (who shall serve as Chairman), Mr. Yuan Zhao, Mr. Yau Kwong Li and Mr. Kwok Ming Wai Andrew to its Board of Directors, the appointment of Mr. Kwok Ming Wai Andrew as Chief Financial Officer and Secretary, and Ms. Yankuan Li shall remain as President, Chief Executive Officer and a member of the Board of Directors. From this acquisition, CNCT will be able to expand its telecommunications business in Guangzhou and Shenzhen, the two most populated cities in southern China.

About China Teletech Holding, Inc.

The primary business of China Teletech, formerly GuangZhou Global Telecom, is the sale of international pre-paid calling cards and the distribution of mobile handheld-devices in certain cities of the People's Republic of China. The Company, while being committed to mobile communications services, is also involved in other sectors such as the mobile telecommunications business cards marketing, research and development of electronic technology, computer technology, environmental protection and software technology, telecommunications projects and investment planning. Major partners of the Company include China Mobile, China Telecom and China Unicom.

Safe Harbor Statement

Statements made in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. The economic, competitive, governmental, technological and other factors identified in the Company's filings with the Securities and Exchange Commission, may cause actual results or events to differ materially from those described in the forward looking statements in this press release. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise.

China Teletech (PK) (USOTC:CNCT)
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