Advanced Battery Technologies, Inc. Signs Contract to Supply PLI Battery Cells for Electric Sanitation Trucks for 2008 Olympics
HARBIN, CHINA -- (MARKET WIRE) -- March 01, 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 forward-looking statements.
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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 forward-looking statements.
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