NEW YORK and HARBIN, China, May 6, 2009 (GLOBE NEWSWIRE) -- Advanced Battery Technologies, Inc. (Nasdaq:ABAT), a leading developer, manufacturer and distributor of rechargeable Polymer Lithium-Ion (PLI) batteries, announced its participation in the 19th China International Bicycle & Motor Fair and 2009 China International Motor & Parts Fair, which started on May 4th, 2009 in Shanghai, China. Manufacturers from over 50 countries and regions came to join this event.
Advanced Battery Technologies Inc took part in this exhibition because it has completed its acquisition of Wuxi Angell Autocycle Co., Ltd., a manufacturer of battery-powered vehicles. ABAT brought to the exhibition its 17 models of hybrid motorcycles, electric cars, as well as two models of a water dispenser, all of which use the lithium ion phosphate (LiFePO4) batteries produced by ABAT. This technology fully demonstrates the technical and the economic strength of ABAT's energy-saving and environment-protecting products.
ABAT also announced that it signed contracts to provide various types of electric vehicles and hybrid electric vehicles to Korea-based KG and Chile-based MANBN. The size of the orders is 15,000 and 20,000 units, respectively. The total aggregate contract amount is $24 million.
Commenting on ABAT's participation in the Shanghai exhibition, Mr. Zhiguo Fu, Chairman and CEO of ABAT, stated, "Taking part in this exhibition is a great platform for ABAT to highlight its battery and electric vehicle product lines and capabilities. It also demonstrates the market awareness and influence of ABAT's products. We are excited to announce the electric vehicle orders as it further demonstrates the international scope of our operations and validates the growing market for electric and hybrid electric vehicles worldwide."
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.
Wuxi Angell Autocycle Co., Ltd, founded in 2002, develops and manufactures various types of electric vehicles, with a production and sales volume of 300,000 vehicles.
Angell owns three types of products listed in the E-Bike directory of more than 20 varieties: electric bikes; agricultural transport vehicles for practical transportation; sport utility e-vehicles such as scooters, off-road vehicles, go-karts, snow scooters, sea scooters, as well as underwater Propeller. Angell products are exported to more than 30 countries and regions in Europe, the United States and Asia. Angell's autocycle export ranked first in China in 2004 and 2005.
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.