NEW YORK, Aug. 31, 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 it has completed the upgrade of the Company's "A" and "B" battery production lines.
In July 2009, the Company's two new production lines, "C" and "D", became operational with automated equipment. In August 2009, the Company elected to upgrade the capacity of its "A" and "B" lines with an additional investment in automated equipment to further meet the demand for its battery products. The newly upgraded "A" and "B" lines will match the production capabilities of the previously completed "C" and "D" lines, and will provide an additional 17% in battery manufacturing capacity.
The upgraded "A" and "B" lines will have the capability of manufacturing the full range of the company's rechargeable Polymer Lithium-Ion (PLI) batteries. Because the "A" and "B" lines were inoperable during the past twelve months, while being upgraded, the reopening of those lines will provide the Company twice the manufacturing capacity that it had available during the past year. The new capacity will assist the Company in addressing the continuing orders from its battery clients, including the polymer lithium-ion phosphate battery supply contract that the Company signed with Hengmin Opto-electrical Tech Co. last week.
Mr. Zhiguo Fu, CEO of ABAT, stated, "We are pleased with the completion of this production upgrade, which we began almost a year ago. This expansion, along with the recently announced $5.7 million contract with Hengmin Opto-electrical Tech Co., further exemplifies our dedication to meet the demands of our clients. "
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 firstname.lastname@example.org Rubenstein Investor Relations Tim Clemensen (212) 843-9337 TClemensen@RubensteinIR.com