NEW YORK and HARBIN, China, Dec. 3, 2008 (GLOBE NEWSWIRE) -- Advanced Battery Technologies, Inc. (Nasdaq:ABAT), a leading developer, manufacturer and distributor of rechargeable Polymer Lithium-Ion (PLI) batteries, today announced that the Deluxe model of electric bike produced by Wuxi Angell Autocycle Co. Ltd. ("Wuxi Angell") has passed performance tests conducted by the China North Vehicle Research Institute ("CNVRI"). Advanced Battery Technologies is the sole supplier of the 48V, 15 amp hour lithium-ion battery pack adopted by Wuxi Angell for the Deluxe model.
China North Vehicle Research Institute is a large integrated state-owned research and development institution that specializes in developing technology and conducting performance tests of special-purpose vehicles. CNVRI is the most highly recognized electric vehicle testing center in China.
The Company received considerable acclaim among the CNVRI Test Center experts for the newly developed power management system in its 48V, 15 amp hour lithium-ion battery pack. The battery improves the mileage per charge to 69 kilometers, a 44% improvement over the 48 kilometers per charge previously achieved. The Company's battery also resolves some problems common in traditional batteries, such as charge equalization.
Mr. Zhiguo Fu, Chairman and CEO of Advanced Battery Technologies, Inc. stated, "We are very excited to share this announcement with Wuxi Angell, which demonstrates our commitment and ability to innovate products of the highest standard. By passing the highest industry standard, we are confident that the Deluxe model will quickly gain popularity in the U.S. and European market. Furthermore, we will continue to leverage the solid track record of 48V, 15 amp hour polymer lithium-ion batteries to achieve wider applications."
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 Wuxi Angell Autocycle Co. Ltd.
Wuxi Angell Autocycle Co. Ltd., founded in 2002, develops and manufactures various types of electric vehicles, including electric bikes, agricultural transport vehicles and electric sports utility vehicles. With annual production of approximately 300,000 vehicles, Wuxi Angell's products are exported to 47 countries in Europe, United States and Asia. It has sold 50,000 and 70,000 electric bikes in 2006 and 2007, respectively. One of its most renowned products, hybrid two-wheelers, has obtained 13 national patents.
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 products 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.