Advanced Battery Technologies Provides Additional Commentary On Wuxi Angell


NEW YORK, May 18, 2009 (GLOBE NEWSWIRE) -- Advanced Battery Technologies, Inc. (Nasdaq:ABAT), a leading developer, manufacturer and distributor of rechargeable Polymer Lithium-Ion (PLI) batteries, today provided additional commentary regarding Wuxi Angell Autocycle Co. Ltd. ("Wuxi Angell"), which it recently acquired. Following the closing of the acquisition, the subsidiary's name has been changed to Wuxi Zhongqiang Autocycle Co. Ltd. ("Wuxi Zhongqiang").

Located in the Wuxi City Economic and Technological Development Zone, Wuxi Zhongqiang was founded in 2002. It develops and manufactures electric vehicles, including electric bikes, agricultural transport vehicles and sport utility e-vehicles. Ancillary products include electronic controls and instrumentation, and assorted plastic products. Wuxi Zhongqiang's electric vehicles use ABAT's high-performance lithium iron phosphate batteries.

Currently, Wuxi Zhongqiang has 4 production lines within its manufacturing facility, with the capability to expand in response to demand. Wuxi Zhongqiang's production lines manufacture approximately 20 types of vehicles, and each production line has the capability of manufacturing 100 vehicles per day. The area of Wuxi Zhongqiang's manufacturing facility totals 47,837 square meters, of which the R&D division occupies 3,000 square meters. The prices of Wuxi Zhongqiang vehicles range from $427 to $3471 with an average selling price of $957.

Mr. Zhiguo Fu, Chairman and CEO of Advanced Battery Technologies, stated, "Now that our acquisition is complete, we are focused on realizing operational synergies with Wuxi Zhongqiang. We are working on solidifying new contracts, improving the cost structure and increasing the profitability of the vehicle business. Wuxi Zhongqiang's ability to produce the major components for electric bikes -- i.e. motor systems, controllers, plastic injection molding and painting -- is one reason we believe that, with ABAT's supply of battery packs and power systems, Wuxi Zhongqiang can achieve greater efficiency and higher gross margins than our competitors. The new management team, headed by the general manager with many years of proven experience in the electric vehicle sector and distinguished technology knowledge, has superior R&D capability (approximately 30 people employed in our R&D center) and marketing experience. We believe that, over time, the new management team can materially improve Wuxi Zhongqiang's profitability and achieve the leadership position in China."

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.

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.

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.



            

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