NEW YORK, Oct. 27, 2011 (GLOBE NEWSWIRE) -- Advanced Battery Technologies, Inc. (Nasdaq:ABAT), a leading developer, manufacturer and distributor of rechargeable Polymer Lithium-Ion (PLI) batteries as well as a manufacturer of electric vehicles, today announced that the Company's subsidiary, Wuxi ZhongQiang Autocycle Co., Ltd. ("Wuxi ZQ") received a $6.3 million line of credit.
On September 14, 2011 the Bank of JiangSu approved a credit line for Advanced Battery Technologies, Inc. subsidiary, Wuxi ZQ. The credit line authorized Wuxi ZQ to borrow up to 40 million Renminbi ($6.3 million). Each loan will have a term of one year and bear interest at 110% of the Bank's basic loan rate. The loans will be secured by a pledge of the land and facilities used by Wuxi ZQ.
On October 21, 2011, Wuxi ZQ borrowed 20 million RMB ($3.1 million) pursuant to the credit line. The initial interest rate is 7.216%, which will be adjusted monthly to remain 10% above the Bank's basic rate. The principal amount of the loan will be payable on October 21, 2012.
The chairman of the Board, Mr. Fu, stated, "We are pleased to announce this transaction. This line of credit exemplifies the credibility and strength of our organization within the banking community. We plan to use these funds to continue to improve the productivity and efficiencies of our motorized vehicle facilities."
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 vehicles, 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
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