NEW YORK, June 6, 2011 (GLOBE NEWSWIRE) -- Advanced Battery Technologies, Inc. (Nasdaq:ABAT), a leading developer, manufacturer and distributor of rechargeable polymer lithium-ion batteries as well as a manufacturer of electric vehicles, announced that on June 1, 2011 it had signed, through its subsidiary—Wuxi Zhongqiang Autocycle Co., Ltd., a sales contract with Wuxi Hao Jie Vehicle Co., Ltd. The sales contract is for 24,000 electric vehicles, which include E Bikes and scooters, for a total value of $14,730,000 USD (approximately 95,780,000 RMB). The contract will be fulfilled from June 1, 2011 through May 31, 2012.
The contract was placed after a trial order of electric vehicles purchased in April and May of this year by Wuxi Hao Jie Vehicle Co., Ltd.
The Chairman of ABAT, Mr. Zhiguo Fu, stated: "ABAT continues to utilize its capital resources to develop Wuxi Zhongqiang Autocycle Co., Ltd. by expanding marketing and R&D, implementing more efficient production techniques, and maintaining a solid management team. This contract makes evident the growing recognition of the high quality of ABAT's product lines and shows the continued demand for the advanced technology characteristic of our products."
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 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. Early in 2009, the Company acquired Wuxi Angell Autocycle Co. Ltd., an electric vehicle manufacturer, and renamed it Wuxi Zhongqiang Autocycle Co., Ltd.. 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.
CONTACT: Rubenstein Investor Relations Tim Clemensen 212-843-9337 TClemensen@RubensteinIR.com