Key Developments For Advanced Battery Technologies, Inc.
Advanced Battery Technologies, Inc. (ABAT.O) (Consolidated Issue listed on NASDAQ Capital Market)
Advanced Battery Technologies, Inc. Announces New Battery Order
Advanced Battery Technologies, Inc. announced that it has signed a polymer lithium-ion phosphate battery supply contract with Beijing-based U Long Run Sheng Technology Development Co., Ltd. ("U Long Run Sheng"). The contract amount is RMB60 million (approximately $8.7 million) and is deliverable over the next 12 months. ABAT will supply two kinds of polymer lithium-ion phosphate battery pack: 48V15Ah battery applied to electric motorcycles and 72V50Ah battery applied to other electric vehicles.
Advanced Battery Technologies, Inc. Issues Mixed Q1 2009 Guidance; Issues FY 2009 Guidance Above Analysts' Estimates
Advanced Battery Technologies, Inc. announced that for the first quarter of 2009, it expects revenue of $10.7 million and net income of $4.65 million. For fiscal 2009 it expects revenue to be $66 million and net income to be $27.5 million. The Company's financial guidance does not factor any revenue contribution from the Wuxi Angell acquisition. According to Reuters Estimates, analysts are expecting the Company to report revenue of $10.9 million and net income of $3.84 million for first quarter 2009; revenue of $56 million and net income of $20.0 million for fiscal 2009.
Advanced Battery Technologies, Inc. Announces Management Change
Advanced Battery Technologies, Inc. announced that Taylor Zhang, the Company's Chief Financial Officer, is leaving the Company for personal reasons. Mr. Zhang will continue to serve as a consultant on a part-time basis. Guohua Wan, will assume the position of Chief Financial Officer of the Company, effective immediately.
Advanced Battery Technologies, Inc. Announces Letter of Intent to Acquire Wuxi Angell
Advanced Battery Technologies, Inc. announced that developer, manufacturer and distributor of rechargeable Polymer Lithium-Ion (PLI) batteries, announced it has entered into a Letter of Intent to acquire 55% of Wuxi Angell Autocycle Co. Ltd. (Wuxi Angell). The Letter of Intent contemplates that Advanced Battery Technologies will issue 2 million shares of common stock and pay RMB25 million (approximately $3.64 million) in cash. The Company anticipates that the acquisition will close in the first quarter of 2009. However, completion of the acquisition is subject to execution of a definitive agreement, as well as satisfactory results of due diligence and to delivery of audited financial statements by Wuxi Angell.
Advanced Battery Technologies, Inc. Announces Stock Repurchase Program
Advanced Battery Technologies, Inc. announced that its Board of Directors has approved a stock repurchase program that authorizes the Company to repurchase up to 4 million shares of the Company's common stock over the course of the next 12 months.
