SOURCE: Advanced Battery Technologies, Inc.
March 01, 2007 08:30 ET
Advanced Battery Technologies, Inc. Signs Contract to Supply PLI Battery Cells for Electric Sanitation Trucks for 2008 Olympics
HARBIN, CHINA -- (MARKET WIRE) -- March 1, 2007 -- Advanced Battery Technologies,
Inc. (OTCBB: ABAT), a developer and manufacturer of
rechargeable Polymer-Lithium-Ion ("PLI") batteries,
announced today that it has signed a sales contract with
Beijing Guoqiang Global Technology Development Co., Ltd.
("BGTDC") to supply a total of 3,000 sets of PLI battery
cell packs for use in 3,000 electric garbage trucks
specially designed for the 2008 Olympics Games. This
contract when fully executed is worth RMB 81,000,000 or
about $10,000,000. The first batch of 200 sets of PLI
battery cell packs shall be delivered no later than the 20th
workday in May 2007.The balance of the order shall be
delivered on 15 day increments upon notice by the buyer,
which will continue until the completion of this contract or
within one year from February 25, 2007.
According to BGTDC, these all-electric sanitation trucks will be
showcased for the 2008 Olympics Games by the Beijing Olympics
Committee and will feature a permanent magnetic brushless DC motor,
powered by the Company's proprietary PLI battery cells.
Mr. Zhiguo Fu, Chairman of Advance Battery Technologies, commented
that, "This contract is not only economically significant for our
Company, but also shall help create public awareness of this sector
of our proprietary battery technology and its applications within
the heavy vehicle market."
About Advanced Battery Technologies, Inc.
Advanced Battery Technologies, Inc., founded in September
2002, develops, manufactures, and distributes rechargeable
Polymer Lithium-Ion (PLI) batteries. The Company's products
include PLI batteries for electric vehicles, mine-use lamps,
cell phones, notebook computers, and other personal
electronic devices. The Company'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. The PLI battery
for use in all-electric vehicles is developed using the
Company's proprietary technologies. The Company's R&D and
manufacturing facilities are located in China and it
maintains an office in New York City.
For more information about Advanced Battery Technologies,
Inc. please visit www.abat.com.cn.
Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995
This news release contains forward-looking statements within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995, may involve risks,
uncertainties and other factors that may cause the company's
actual results to be materially different from any future
results or performance suggested by the forward-looking
statements in this release. These risks and uncertainties
include, without limitation, risks that our products as
manufactured are not accepted in a mass market. We
undertake no obligation to revise or update publicly any