Advanced Battery Technologies Enters US Electric Vehicles Market
NEW YORK, June 8, 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 electric vehicles valued at approximately $1.1 million to US-based All-Power America. The first batch of electric motorcycles was shipped to All-Power America on June 6, 2010. This is the first entry into the US market for ABAT's electric vehicles since the Company acquired ownership of Wuxi ZQ in May 2009. The Company signed the sales contract with All-Power America in May and plans to deliver approximately 2,000 scooters by the end of June. All-Power America specializes in manufacturing power tools and power equipment, with operations in Shanghai, China and California, USA. The order from All-Power America demonstrates the Company's continuing efforts to expand its international customer portfolio, in this case to include the North America market. Mr. Zhiguo Fu, CEO of ABAT, stated, "This new order is an example of management's significant progress in expanding and servicing overseas customers. Entering the US market is a very important milestone for us and the renewal of orders from our current customer base in Europe, the Middle East and South East Asia only adds to the recognition our eco-friendly electric vehicles are receiving all around the world." 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. CONTACT: Advanced Battery Technologies, Inc. Dan Chang, SVP Finance (212) 391-2752 email@example.com Rubenstein Investor Relations Tim Clemensen (212) 843-9337 TClemensen@RubensteinIR.com
DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.