SOURCE: Advanced Battery Technologies

November 20, 2007 09:22 ET

Advanced Battery Technologies Announces Termination of U.S. Financing Exploration

NEW YORK, NY and HARBIN, CHINA--(Marketwire - November 20, 2007) - Advanced Battery Technologies, Inc. (AMEX: GBT) today announced a change in its efforts to increase its capital resources. Advanced Battery had recently been exploring the possibility of a private equity offering in the United States. Management has terminated those explorations, however.

Mr. Zhiguo Fu, Advanced Battery's Chairman and CEO, stated, "GBT is continuing its strong march towards our goal of a worldwide presence in the battery industry. To speed us toward that goal, we have explored opportunities for equity financing in the U.S. We have determined that the time is not right for such an offering, and may revisit such opportunities sometime next year."

About Advanced Battery Technologies, Inc.

Founded in September 2002, Advanced Battery Technologies develops, manufactures, and distributes rechargeable PLI battery cells using lithium cobalt oxide anodes to overcome many of the shortcomings associated with other types of rechargeable batteries. GBT develops PLI battery cells for use in electric vehicles, mine lamps, walkie-talkies, and consumer electronics, including cellular telephones, laptop computers, and digital cameras. GBT maintains research and development, and manufacturing facilities in Harbin, China, and administrative offices in New York, New York. Additional information about Advanced Battery Technologies is available at

Certain statements in this news release may constitute "forward-looking" statements within the meaning of section21E of the Securities and Exchange Act of 1934. The Company believes that its expectations, as expressed in these statements are based on reasonable assumptions regarding the risks and uncertainties inherent in achieving those expectations. These statements are not, however, guarantees of future performance and actual results may differ materially. Risk factors are listed in the most recent Annual Report on Form 10-KSB, Quarterly Report on Form 10-QSB filed with the Securities and Exchange Commission. Such forward-looking statements involve risks and uncertainties, which may cause the actual results, performance, or achievement expressed or implied to differ.

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