Elec-Tech announced on June 6 that its wholly owned subsidiary Wuhu Elec-Tech Optoelectronic Technology Co.,Ltd has received a notice from Finance Bureau of Wuhu Economic & Technological Development Area, which indicates that the economic development area administration commission will assign 2012 financial subsidy of 48.4 million yuan to Wuhu Elec-Tech Optoelectronic Technology.
 
Elec-Tech says that this incentive is considered as earnings- related government subsidy, which will be calculated into current profits and losses upon receipt. Therefore, it will have a substantial positive effect on the company’s 2012 proceed.
 
This incentive is granted in light of Elec-Tech‘s major projects of LED epitaxy, chip, packaging and application in Wuhu and designed to support the company’s technology development and pilot experiment.