Chisen Electric Corporation Announces That Revenues in the Fiscal Year Ended March 31, 2009 Grew 67% and Net Income

ZHEJIANG, CHINA, Jun 29 (MARKET WIRE) --
Chisen Electric Corporation (OTCBB: CIEC) (the "Company"), a leading
lead-acid motive battery producer for the electric bicycle market in the
People's Republic of China, announced today financial results for its
fiscal year ended March 31, 2009.

In the fiscal year ended March 31, 2009, revenues rose approximately
US$43,633,000, from US$65,387,000 in the prior year, a 67% increase, while
net income increased 32.5% to US$8,880,000 compared with US$6,701,000 a
year earlier. Earnings per share grew to $0.18 in the fiscal year ended
March 31, 2009, up from $0.13 per share in the prior fiscal year. These
increases were mainly attributable to continuing strong sales of the
Company's battery products as a result of rapid growth in China's electric
bicycle market. This was reflected in increased demand from the Company's
existing customers as well as orders from new customers including a major
new customer in Tianjin.

Growing Sales of Electric Bicycles

Commenting on these results, Mr. Xu Kecheng, President, CEO and a Director
of Chisen Electric, stated, "We are very pleased to be able to report
another year of very strong growth in sales and net income. This is mainly
a consequence of the growing sales of electric bicycles in China, which
are seen as a very practical, non-polluting means of transportation for
many people. We also have shifted our product mix to high power battery
products with higher unit selling prices. Looking ahead, we remain
optimistic about continuing growth as we focus on increased sales of our
high quality products to current customers and further expansion of our
customer base."

The Company also reported that in the fiscal year ended March 31, 2009,
general and administrative expenses increased to US$4,007,000 from
US$1,650,000 a year earlier. The increase of US$2,357,000 was mainly due
to increases in employee compensation, research and development costs, as
well as leases and taxes associated with the Company's business expansion.
Also contributing to the increase were fees and expenses related to the
Company's reverse merger, which closed on November 12, 2008.

Increased Working Capital

Net cash provided by operations was approximately US$11,289,000 in the
fiscal year ended March 31, 2009, compared with US$10,513,000 in the prior
year. This increase was mainly attributable to the use of bank bills for
the settlement of accounts payable.

During the fiscal year ended March 31, 2009, working capital increased by
approximately US$8,230,000 to US$12,506,000, compared to approximately
US$4,726,000 in the prior year. This increase is primarily due to the
increase in the Company's cash and cash equivalents, restricted bank
balances, accounts receivable and inventories, totaling approximately
US$33,693,000, offset by the increase in its accounts and notes payable of
approximately US$28,449,000.

Description of Chisen Electric Corporation

Chisen Electric Corporation, incorporated in Nevada, USA, and
headquartered in Zhejiang Province, the People's Republic of China, is a
leading lead-acid motive battery producer for China's personal
transportation device market. The Company's battery products are sold
under its own brand names and are predominantly used in electric
bicycles. Among all types of batteries for electric bicycles, the
lead-acid motive battery is the preferred choice for electric bicycle
manufacturers in China because of its cost efficiency. In the fiscal year
ended March 31, 2009, the Company manufactured more than 7,740,000
batteries and had more than 2,000 employees.

"Safe Harbor" statement under the Private Securities Litigation Reform Act
of 1995:

This news release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on current expectations or beliefs,
including, statements concerning the Company's operations, financial
performance and condition. For this purpose, statements that are not
statements of historical fact may be deemed to be forward-looking
statements. The Company cautions that these statements by their nature
involve risks and uncertainties, and actual results my differ materially
depending on a variety important factors, including, but not limited to,
the impact of competitive conditions and effectiveness of marketing;
changes in laws and regulations; fluctuations in costs of production,
financing and other factors as discussed in the Company's reports filed
with the Securities and Exchange Commission from time to time, In
addition, the Company disclaims any obligation to update any
forward-looking statement to reflect events or circumstances after the
date hereof. No securities regulatory authority has either approved or
disapproved the contents of this new release. This release is not an offer
of securities for sale in the United States. Securities may not be offered
or sold in the United States absent registration or an exemption from
registration. Any public offering of securities to be made in the United
States will be made by means of a prospectus that may be obtained from the
issuer or selling security holder and that will contain detailed
information about the company and management, as well as financial
statements. The Company filings with the US Securities and Exchange
Commission, including the annual report for the fiscal year ended March
31, 2009 on Form 10-K, can be viewed on EDGAR Online or www.sec.gov.

Chisen Electric Corporation Consolidated Statements of Operations and Other
Comprehensive Income For the years ended March 31, 2009 and 2008

Years ended March 31,
------------------------
2009 2008
US$'000 US$'000
Operating revenues:
Net sales to third parties 109,020 65,387

Cost of sales (88,823) (51,964)
----------- -----------

Gross income 20,197 13,423

Operating expenses:
Sales, marketing and distribution (5,337) (4,878)
General and administrative (4,007) (1,650)
----------- -----------

Operating income 10,853 6,895

Other income, net 758 671
Interest income 362 62
Interest expense (1,232) (815)
----------- -----------

Income before income taxes 10,741 6,813

Income taxes expenses (1,861) (112)
----------- -----------

Net income 8,880 6,701

Other comprehensive income
Foreign currency translation adjustment 278 731
----------- -----------

Comprehensive income 9,158 7,432
=========== ===========

Shares Shares

Earnings per share
Weight average number of common stock outstanding
- basic and diluted 50,000,000 50,000,000
=========== ===========

US$ US$

Net income per share of common stock
- basic and diluted 0.18 0.13
=========== ===========

Contacts:
Michael He
US mobile: (1) 804-200-2770
Email: Michael He @chisenpower.com

Ken Donenfeld
DGI Investor Relations
donfgroup@aol.com
kdonenfeld@dgiir.com
Ph: (212) 425-5700
Fax: (646) 381-9727

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