NEW YORK, May 27, 2009 (GLOBE NEWSWIRE) -- Advanced Battery Technologies, Inc. (Nasdaq:ABAT), a leading developer, manufacturer and distributor of rechargeable Polymer Lithium-Ion (PLI) batteries, today provided 3 year projections for the recently acquired Wuxi ZhongQiang Autocycle CO., Ltd. ("Wuxi ZhongQiang").
Wuxi ZhongQiang currently has 4 production lines in operation with production capability of 100 vehicles per day per line. The facility currently operates at lower than 20% of total capacity and expects to achieve its projections by increasing orders and maximizing production efficiency.
For the period of May through December of 2009, the Company believes Wuxi ZhongQiang will contribute revenue of $35.0 million - $37.5 million and gross profit of $9.2 million to $9.7 million.
For 2010, the company believes that growth in domestic and international demand for its products will continue and Wuxi production will reach approximately 2/3 of current capacity, or contribute $55.0 million to $65.0 million revenue, by the end of next year. For 2011, the company expects to utilize at least 80-85% of current capacity.
Mr. Zhiguo Fu, Chairman and CEO of Advanced Battery Technologies, stated, "We are very excited about the growth potential we see at Wuxi ZhongQiang. Wuxi ZhongQiang has world class production facilities that can handle the growing demands for electric and hybrid electric vehicles. Demand is strong in both domestic and international markets as individuals and industries shift to electric and hybrid vehicles and new-energy cars. Whereas most companies focus either on battery manufacturing or electric vehicle manufacturing, ABAT is now uniquely positioned as it has manufacturing capability in both the battery and electric vehicle market. Wuxi's and ABAT's combined manufacturing capabilities including the ability to produce vehicles, batteries and many key vehicle parts means Wuxi can produce high quality vehicles with margins that are superior to its competition."
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. Wuxi Zhongqiang Autocycle Co., Ltd, founded in 2002, develops and manufactures various types of electric vehicles. Wuxi Zhongqiang owns three types of products listed in the E-Bike directory, with 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 vehicles. Wuxi Zhongqiang products are exported to countries and regions in Europe, the United States and Asia. 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.