NEW YORK and HARBIN, China, Oct. 16, 2008 (GLOBE NEWSWIRE) -- Advanced Battery Technologies, Inc. (Nasdaq:ABAT) today announced it has signed a five-year sales contract with Veken USA Co. Ltd., a China-based multi-billion dollar corporation and one of the world's leading OEM manufacturers serving many famous power sports brands. During the first year of the contract, which will commence in December 2008, ABAT anticipates delivering 10,000 sets of battery modules per month to Veken USA, generating approximately $27.0 million in annual revenue.
As part of the contract, ABAT will deliver Lithium-ion Polymer 48V and 15AH battery packs, for use in Veken's hybrid scooters for distribution in Europe, the U.S. and in other countries and regions. Wuxi Angell, a China-based scooter, moped, motorcycle manufacturers, will be responsible for assembling the hybrid scooters under Veken's brands.
Mr. Zhiguo Fu, Chairman and CEO of ABAT, stated, "We are very pleased to win the multi-year supply contract with Veken. We believe the agreement with Veken will further expand and solidify ABAT's footprint outside of China and showcase ABAT's product offerings and services and the strength of our brand on a global scale. We remain very optimistic about the market for electric vehicles worldwide and today's contract win speaks to our conviction."
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 Veken USA, Co, Ltd.
Veken USA is a leader in Power Sports Technology. Veken is the OEM manufacturer behind many famous power sports brands in the world. In short, we are the factory that makes products for these famous brands. Veken USA is the marketing branch of the power sports division of Veken Group in China. Veken China is a multi-billion dollar company and a leader in many industries, such as textile, energy, power sports and real estate development. Veken China ranks within the top 500 companies in China. It is similar to being a Fortune 500 company in the USA. For more information about Veken USA, please visit: www.usaveken.com and www.veken.com
About Wuxi Angell
Wuxi Angell Autocycle Co., Ltd. manufactures motorized vehicles, including e-bikes, ATVs, scooters, pocket bikes, dirt bikes, go-karts, snow scooters, and sea scooters, for domestic and overseas markets. Advanced Battery Technologies, Inc. develops, manufactures and distributes rechargeable polymer lithium-ion (PLI) battery cells.