NEW YORK, Oct. 4, 2011 (GLOBE NEWSWIRE) -- Advanced Battery Technologies, Inc. (Nasdaq:ABAT), a leading developer, manufacturer and distributor of rechargeable Polymer Lithium-Ion (PLI) batteries as well as a manufacturer of electric vehicles, today announced the status of the polymer lithium-ion battery production facility that it is developing in Dongguan City, Guangdong Province, P. R. of China.
On January 5, 2011 Cashtech Investment Limited, a wholly-owned subsidiary of the Company, purchased the land and buildings at 3 Middle, Qingxi Town, Dongguan City, Guangdong Province, China. The buildings consist of four industrial facilities with a total of 36,468 square meters of floor space, an office building with 5246 square meters, three dormitories with a total of 14,710 square meters, and a power supply facility, and the associated land use right. The purchase price was 176 million RMB (approximately $26 million). Those assets have been transferred to a wholly-owned subsidiary of the Company named "Dongguan QiangQiang New Energy Technology Co., Ltd." For the past several months, with the approval of the Dongguan government, the Company has been outfitting the premises to serve as a battery manufacturing facility.
This program is currently proceeding on schedule, due to the efforts of ABAT's staff. The program is now in the equipment-installation-and-testing phase, with the construction costs and time to completion well within range of the Company's original estimates. Battery production should commence by the end of November. As previously announced, the Company plans for this new facility to have a capacity to produce 500,000 mobile phone battery cells and 70,000 Ah medium/large batteries on a daily basis. If fully utilized, the facility would have the capacity to produce batteries yielding over $100 million in annual sales.
The chairman of the Board, Mr. Fu, stated, "The Dongguan New Facility Project will be a great asset to ABAT, as the company expands its penetration in the market place. We expect the expanded production offered by this facility to reflect positively in shareholder value."
About Advanced Battery Technologies, Inc.
Advanced Battery Technologies, Inc. (Nasdaq:ABAT), founded in September 2002, develops, manufactures and distributes rechargeable Polymer Lithium-Ion (PLI) batteries. The Company's products include rechargeable PLI batteries for electric vehicles, 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. Early in 2009, the Company acquired Wuxi Angell Autocycle Co. Ltd., an electric vehicle manufacturer, and renamed it Wuxi Zhongqiang Autocycle Co., Ltd. ("Wuxi ZQ"). The Company has a New York office, with its executive offices and manufacturing facilities in China.
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.