NEW YORK and HARBIN, China, Aug. 11, 2008 (PRIME NEWSWIRE) -- Advanced Battery Technologies Inc. (Nasdaq:ABAT) today announced that it has granted to the institutional investors that funded its $12 million private placement on August 8, 2008 warrants to purchase identical securities for an additional $12 million. Each of the investors will be entitled to purchase shares and warrants equal in number to its original investment at the same purchase price of $4.25 per unit (i.e. one share and one warrant) through 6:00 P.M. on August 15, 2008. The five-year warrants to be issued upon exercise of this short-term unit purchase warrant will be identical to those issued on August 8, 2008, except that their exercise price will be the greater of $5.51 per share or the closing bid price of ABAT common stock on the Nasdaq Capital Market on the business day immediately prior to exercise.
Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq:RODM), served as the placement agent for the transaction.
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.
This press release contains forward-looking statements, including statements regarding a financing of the company and the potential conversion of warrants into common stock of the company for additional consideration. The financing, including the conversion of warrants, and the timing for any such conversion, is dependent on risks and uncertainties, including, among others, the satisfaction of certain closing conditions in respect of the financing; the valuation of the company's common stock; the development and commercialization of the company's products, including, without limitation, the potential expansion of assembly lines; and the factors described under the Risk Factors Section of our Annual Report on Form 10-KSB filed with the Securities and Exchange Commission for the period ended December 31, 2007. Advanced Battery Technologies cautions investors not to place considerable reliance on the forward-looking statements contained in this press release. These statements speak only as of the date of this document, and Advanced Battery Technologies undertakes no obligation to update or revise the statements. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. Advanced Battery Technologies' business is subject to substantial risks and uncertainties, including those identified above.