Tuesday, April 12, 2011

Advanced Battery Technologies signs multiple sales contracts

NEW YORK, USA: Advanced Battery Technologies Inc., 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 Co. and Shenzhen Shengda Ruike Communication Tech Co. Ltd, which totaled approximately 32.44 million RMB (approximately $4.99 million).

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."

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