NEW YORK and HARBIN, China, June 24, 2008 (PRIME NEWSWIRE) -- Advanced Battery Technologies, Inc. (Nasdaq:ABAT) today announced the signing of a contract with Quanzhou Hongtian Science & Technology Development Co., Ltd. (QHSTD). The contract is valued at $5 million. Advanced Battery Technologies, Inc. develops, manufactures, and distributes rechargeable polymer lithium-ion (PLI) battery cells for use in electric vehicles, mining equipment, and a variety of other consumer electronics. QHSTD is a manufacturer of a variety of LED lamp models.
The PLI cells being sold to QHSTD will be utilized to power a new generation of high-power and long life handheld searchlights. These searchlights combine the latest in lighting and battery technologies. This collaboration will result in a brighter and lighter searchlight. These searchlights have a range of lighting up to 1,000 meters, or approximately 3,300 feet, and over 10 hours of continuous discharging time.
Mr. Dingguo Xu, CEO of QHSTD, stated, "Our two-year relationship with ABAT has been mutually beneficial. The quality of ABAT's product was demonstrated by the contract we signed. Their batteries came as advertised: light, long lasting, durable and fire proof."
Mr. Zhiguo Fu, CEO and chairman of Advanced Battery Technologies, commented, "This contract with Quanzhou Hongtian Science & Technology Development demonstrates our commitment to quality and innovation. We will continue to provide our customers with cutting-edge PLI battery cells."
"This contract of $5 million is our third major contract of 2008. In combination with the $23.4 million contract announced in January, the year 2008 is positioned to be another year of exceptional growth for our company." concluded Mr. Fu.
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.
About Quanzhou Hongtian Technology Development Ltd Co
Quanzhou Hongtian Technology Development Ltd, Co. is a leading manufacturer of LED lighting devices for mining, construction and other fields in China. It has extended sales network throughout China in over eight provinces and regions both in PRC China and overseas.
Safe Harbor Statement:
This news release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, may involve risks, uncertainties and other factors that may cause the company's actual results to be materially different from any future results or performance suggested by the forward-looking statements in this release. These risks and uncertainties include, without limitation, risks that the results of future performance will not be consistent with the forward-looking statements, risks that the backlog will not be fulfilled due to reasons of either the Company or the customer, and the risks that the batteries of competitors receive better market acceptance than those of the Company's PLI batteries. We undertake no obligation to revise or update publicly any forward-looking statements.