NEW YORK and HARBIN, China, Nov. 24, 2008 (GLOBE NEWSWIRE) -- Advanced Battery Technologies, Inc. (Nasdaq:ABAT) today commented on its capacity expansion program, scheduled to substantially increase production by 2010 in order to meet the Company's robust sales pipeline.
As of today, the Company has completed the modernization of Assembly Lines A and B, as well as ordered new production equipment, scheduled for December arrival, for Buildings C and D. Trial production is expected to occur between March and April 2009 in order to fill new and existing orders by June and July 2009. Initially, the assembly lines will run at 40-50% of capacity, and ramp up production over the course of the subsequent twelve months. Together, the modifications are expected to result in an increase of 165% in production capacity by 2010.
Advanced Battery Technologies closed the third quarter 2008 with $40.6 million in cash and cash equivalents. Management is confident that the Company is well-prepared to support its ongoing expansion program and other corporate initiatives with existing capital.
Mr. Zhiguo Fu, Chairman and CEO of Advanced Battery Technologies, stated, "We are pleased that our solid financial health and balance sheet allow us to invest, as planned, in new equipment and in our ability to meet new and existing orders. We do not need to approach the capital markets to achieve our near-term growth plans and we look forward to updating shareholders about our enhanced production capacity in the future."
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.