NEW YORK, Sept. 23, 2010 (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 that it received an order to sell aluminum magnesium alloy electric scooters valued at $0.35 million to Italy-based Menzaghi Motors. The company expects to ship these electric scooters in the fourth quarter 2010.
After conducting an in-depth market survey, the company developed the aluminum magnesium alloy electric scooter specifically designed to meet customers' request for lighter weight vehicles delivering greater mileage. Mr. Zhiguo Fu, CEO of ABAT, stated, "This initial order exemplifies management's significant progress in developing new products and services to meet the needs of our customers. As the orders for our aluminum magnesium alloy electric scooter increase in the European market and we will expand our product development and distribution efforts with additional new electric vehicles to meet a growing global demand."
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