NEW YORK, Oct. 13, 2009 (GLOBE NEWSWIRE) -- Advanced Battery Technologies, Inc. (Nasdaq:ABAT), a leading developer, manufacturer and distributor of rechargeable Polymer Lithium-Ion (PLI) batteries, today announced that it has signed a polymer lithium-ion phosphate battery supply contract with Beijing-based U Long Run Sheng Technology Development Co., Ltd. ("U Long Run Sheng"). The contract amount is RMB60 million (approximately $8.7 million) and is deliverable over the next 12 months. ABAT will supply two kinds of polymer lithium-ion phosphate battery pack: 48V15Ah battery applied to electric motorcycles and 72V50Ah battery applied to other electric vehicles.
U Long Run Sheng is primarily engaged in lithium-battery pack assembly and power management system production and sales. Its products require the safety performance, superior discharge rate and longer cycle life (over 2,000 cycles) of ABAT's lithium-ion phosphate batteries.
Mr. Zhiguo Fu, Chairman and CEO of Advanced Battery Technologies, Inc., stated, "We are very excited about today's new battery order. We believe it speaks to the quality of our products and services. The management team at U Long Run Sheng compared similar products available in the market and determined that ABAT's polymer lithium-ion batteries provided the best performance and value. We view this as validation of our commitment to research and development, and will strive to create even better battery products and solutions."
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. Its subsidiary, 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
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