NEW YORK and HARBIN, China, April 30, 2009 (GLOBE NEWSWIRE) -- In a release issued earlier today by Advanced Battery Technologies, Inc.(Nasdaq:ABAT), please note that this release replaces the previously issued release with the headline "Advanced Battery Technologies Completes Acquisition of Wuxi Angell." The corrected release follows:
Advanced Battery Technologies, Inc. ("the Company"), a leading developer, manufacturer and distributor of rechargeable Polymer Lithium-Ion (PLI) batteries, today announced that it has signed a definitive acquisition agreement with Wuxi Angell Autocycle Co. Ltd. ("Wuxi Angell"). The Company will acquire a 100% interest in Wuxi Angell in exchange for a cash payment of RMB 70 million, US$3.64 million and 3.0 million shares of ABAT's common stock.
Initially announced on December 11, 2008, the definitive agreement was signed after satisfaction of the results of due diligence and delivery of financial statements by Wuxi Angell. As previously disclosed, Wuxi Angell is a leading developer and manufacturer of various types of electric vehicles, including electric bikes, agricultural transport vehicles and electric sports utility vehicles. It was a major customer of ABAT, with annual sales of $7.1 million in 2008, which represented 15.8% of the total sales of the Company for the year ended December 31, 2008.
Mr. Zhiguo Fu, Chairman and CEO of Advanced Battery Technologies, stated, "We look forward to welcoming Wuxi Angell into our company. Our foray into the electric bike market comes as the Chinese government and governments around the world encourage their auto industries to shift to electric vehicles and other new-energy cars. In light of the rapid growth of the market for battery-powered vehicles, the acquisition of Wuxi Angell represents our commitment and elevated efforts into this promising market. We believe this acquisition will enable us to supplement our growth through new customers, making us better positioned to capitalize on the new business opportunities in the years ahead. Enhancing our relationship with Wuxi Angell will also help us further reinforce our leading position in the electric bike market in the E.U., U.S. and Asia-Pacific, and maintain sustainable growth amid the economic slowdown."
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.