NEW YORK, April 11, 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, attended the 77th China Electronics Fair in Shen Zhen Exhibition Center. China Electronics Fair (CEF) is the first exhibition fair in which the Battery played a significant role. The 2011 CEF Power Supply Show is the spotlight of the fair. CEF is a national "A" fair, organized by both Ministry of Industry and Information Technology of the People's Republic China and department of commerce, which enjoy the fame of "China Electronic First Exhibition."
CEF started in 1964 and is an historic and influential fair. During the session, the subsidiaries of ABAT, Harbin ZhongQiang Power-Tech Co., Ltd (Harbin ZQPT) and ShenZhen ZhongQiang New Energy and Technology Co. Ltd (Shenzhen ZQ) have signed sale contracts (power cells) with two Hong Kong companies and five customers separately, totaling approximately $8.33 million.
On April 8th, 2011, Harbin ZQPT signed a sales contract (power cells) with HK Jade world Co. Ltd, valued at $1.725 million; additionally, a sales contract (power cells) was signed with Weite communication Tech Co. Ltd, valued at $1.615 million.
Shenzhen ZQ has signed power cell sales contracts with Shenzhen Chihang Tech Co., Ltd, Shenzhen Hurli Battery Co., Ltd and Shenzhen Kepudi tech. Co., Ltd, Shenzhen Haoneng Digital company and Shenzhen Shengda Ruike communication tech Co., Ltd, which totaled approximately 32.44 million RMB (approximately $4.99 million USD) .
Mr. Zhiguo Fu, Chairman of ABAT, stated: "Recently, we suffered the impact of short sellers and offensive articles. However, the operation of our company has not been negatively affected, and the company business is continuing to grow at a significant rate. These sales contracts are an example to our investors and shareholders, as well as the short sellers, that ABAT is continuing to maintain its strong position in our market place. Facts are more eloquent than words."
Note: The names of our customer's companies were translated by transliterating. Their English names may differ with above shown.
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. ("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: Rubenstein Investor Relations Tim Clemensen (212) 843-9337 TClemensen@RubensteinIR.com