NEW YORK, June 26, 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 at the Company's annual meeting of shareholders held on Thursday, June 25th In New York, NY, shareholders voted to elect 11 nominees to the Board of Directors.
In addition, shareholders voted to approve the Company's proposal to amend the Certificate of Incorporation to increase the number of authorized shares of common stock to 150 million from 60 million and approve the Advanced Battery Technologies, Inc. 2009 Equity Incentive Plan.
Approximately 82.2% of outstanding shares entitled to vote were represented at the meeting. All 11 nominees have been duly elected, each director's total shares voted rounding to 47 million. The amendment of the Certificate of Incorporation to increase the authorized shares of common stock has been approved by a vote of approximately 44 million in favor. The 2009 Equity Incentive Plan has been approved by a vote of approximately 17.6 million in favor.
Following today's meeting, Mr. Zhiguo Fu, Chairman and CEO of Advanced Battery Technologies, stated, "We are pleased with the results of our meeting and thank our shareholders for their continued support. We believe these new measures better align management's goals with those of our shareholders and allow us to continue to pursue our business strategies."
Participating in today's meeting was Ms. Guohua Wan, Chief Financial Officer, and Dr. Luke Huang, Chief Technology Officer, who provided brief updates on recent financial results and ongoing technological innovations. In addition, the Company's auditor BJ&L and investor relations firm ICR joined the meeting.
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. 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
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.