NEW YORK, Aug. 26, 2010 (GLOBE NEWSWIRE) -- Advanced Battery Technologies, Inc. (Nasdaq:ABAT), a leading developer, manufacturer and distributor of rechargeable Polymer Lithium-Ion (PLI) batteries, today announced that on August 24, 2010 it signed a polymer lithium-ion phosphate battery supply contract with Hengmin Opto-electrical Tech Co., which is based in DongGuan City, Guangdong Province. Hengmin is primarily engaged in lithium-battery pack assembly and power management systems production and sales.
The contract amount is valued at approximately $5.7 million and shipment will begin within 30 days. ABAT will deliver lithium-ion phosphate battery packs, which provide the power source for LED lights, walkie-talkies and street lamps. The street lamp product will use the large lithium-ion phosphate battery with 50AH capacity per single battery cell.
Mr. Zhiguo Fu, Chairman and CEO of Advanced Battery Technologies, Inc., stated, "We are pleased about this new battery order. Hengmin has researched the market and compared our batteries with competitors and their order is a further validation of the quality and value of our Company's polymer lithium-ion batteries. We view this contract as a confirmation of our commitment to research and development and we will continue our efforts of providing the most updated and advanced technology for our customers."
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 business, 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.
CONTACT: Advanced Battery Technologies, Inc. Dan Chang, SVP Finance (212) 391-2752 shuyuan.chang@gmail.com Rubenstein Investor Relations Tim Clemensen (212) 843-9337 TClemensen@RubensteinIR.com