NEW YORK and HARBIN, China, April 2, 2009 (GLOBE NEWSWIRE) -- Advanced Battery Technologies, Inc. (Nasdaq:ABAT), a leading developer, manufacturer and distributor of rechargeable Polymer Lithium-Ion (PLI) batteries, today provided a business update and financial guidance for the first quarter and full year 2009.
Business Update
ABAT is currently working to close the acquisition of Wuxi Angell Autocycle Co. Ltd. ("Wuxi Angell"), a developer and manufacturer of various types of electric vehicles, including electric bikes, agricultural transport vehicle and electric sports utility vehicles. The Company expects to close the acquisition in the 2nd quarter of 2009.
The Company also expects expanded assembly line capacity in Harbin to be operational in the late second quarter of 2009 and believes the facility has the ability to generate approximately $22 million in 2009. By the end of 2009 ABAT expects new production facilities with $44 million of annual revenue potential to be fully operational.
The effects of the global economic crisis have led to a slowdown in almost all areas of business and industry. While ABAT is not immune to the weakness in global manufacturing, the Company sees opportunities to expand production, increase product availability and position the business for the long term.
Guidance
For the first quarter of 2009 the Company expects revenue of $10.7 million and net income of $4.65 million. This compares to $10.0 million and $3.8 million in revenues and net income achieved in the first quarter of 2008.
Revenue for full year 2009 is expected to be $66 million and net income is expected to be $27.5 million.
The Company's financial guidance does not factor any revenue contribution from the Wuxi Angell acquisition.
Mr. Zhiguo Fu, Chairman and CEO of Advanced Battery Technologies, stated, "We are very pleased to be able to discuss such exciting business opportunities for 2009. We have almost completed the Wuxi Angell acquisition that we believe will be a mutually beneficial business and financial relationship. Also, as we work to increase our production capacity, we will have completed two additional assembly lines with tremendous revenue potential going forward by the end of 2009.
"We have a strong balance sheet and US$32.7 million cash available as of the end of 2008 that we will continue to utilize for production increases and technology related acquisitions when we see opportunities to that will increase long term shareholder value."
About Advanced Battery Technologies, Inc.
Advanced Battery Technologies, Inc., founded in September 2002, develops, manufactures and distributes rechargeable Polymer Lithium-Ion (PLI) batteries. The Company's products include rechargeable PLI batteries for electric automobiles, motorcycles, mine-use lamps, notebook computers, walkie-talkies and other electronic devices. ABAT's batteries combine high-energy chemistry with state-of-the-art polymer technology to overcome many of the shortcomings associated with other types of rechargeable batteries. The Company has a New York office, with its executive offices and manufacturing facilities in China. For more information about Advanced Battery Technologies, Inc. (ABAT), please visit: http://www.abat.com.cn.
Safe Harbor Statement
Certain statements in this release and other written or oral statements made by or on behalf of the Company are "forward looking statements" within the meaning of the federal securities laws. Statements regarding future events and developments and our future performance, as well as management's expectations, beliefs, plans, estimates or projections relating to the future are forward-looking statements within the meaning of these laws. The forward looking statements are subject to a number of risks and uncertainties including market acceptance of the Company's services and projects and the Company's continued access to capital and other risks and uncertainties. The actual results the Company achieves may differ materially from those contemplated by any forward-looking statements due to such risks and uncertainties. These statements are based on our current expectations and speak only as of the date of such statements.