NEW YORK, May 2, 2011 (GLOBE NEWSWIRE) -- Advanced Battery Technologies, Inc. (Nasdaq:ABAT), a leading developer, manufacturer and distributor of rechargeable polymer lithium-ion batteries, as well as a manufacturer of electric vehicles, announced that according to the contract, ABAT had completed the transfer of assets relating to the purchased land and plant in Dongguan City, Guangdong Province and has now entered a phase of construction according to the company's overall strategic business development plan.
Current activity at the Dongguan Industrial Park includes:
Construction Content:
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Industrial park overall layout;
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Industrial plants required by the battery production process transformation and renovation;
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Process equipment layout and equipment selection;
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Establish R & D center and Doctor Workstation;
- Improvement and remolding of the living area for employees;
The scale of construction products:
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To build half million battery per day production line;
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To build 70 thousand Ah hour power battery production line;
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To build 20 thousand cylindrical cell production line for electric tools;
- To build the battery assembly cell production line.
The total project investment is approximately $83 million. The project investment has been approved by the Foreign Trade and Economic Council of Dongguan City, which was (2011) No.6 documents.
The economic benefit of the project is estimated to reach approximately $151 million in revenue annually with net income approximating $30 million. The project is expected to be fully operational by October 2011.
Currently, the company attaches great importance to implementation of the project development and management plan. Chairman of the Board and CEO, Mr. Fu Zhiguo, conducts daily on-site inspections to monitor the progress of the project and insure that the construction schedule is maintained.
The battery industrial park in Dongguan City is the third plant for ABAT and is designed to meet the Company's ongoing development strategy to improve product distribution to meet increased market demand and to expand the range of the Company's products.
Chairman of the Board and CEO, Mr. Fu Zhiguo, states: "We continue to expand our business with the construction of this project, as well as efficiently updating our production facilities to produce excellent quality products. These combined efforts are designed to provide economic benefits to our employees and our valued investors. Additionally we sincerely welcome investors to our facilities at Haribn ZQ, Wuxi Angell and Dongguan Industrial Park."
About Advanced Battery Technologies, Inc.
Advanced Battery Technologies, Inc. (Nasdaq:ABAT), 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. Early in 2009, the Company acquired Wuxi Angell Autocycle Co. Ltd., an electric vehicle manufacturer, and renamed it Wuxi Zhongqiang Autocycle Co., Ltd. ("Wuxi ZQ"). The Company has a New York office, with its executive offices and manufacturing facilities in China.
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, 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.