NEW YORK, July 13, 2004 (PRIMEZONE) -- Buy It Cheap.com, Inc. (OTCBB:BYCC) today announced that the name of the corporation has been changed to "Advanced Battery Technologies, Inc." Commencing on July 13, 2004, the common stock of the Company will be listed for trading on the OTC Bulletin Board under the symbol "ABAT."
The Company also announced that, effective at the close of business on July 12, 2004, there has been a 1-for-10 reverse split of the common stock. Fractional shares resulting from the reverse split will be purchased by the Company at $3.50 per share.
As a result of the reverse stock split, there will be approximately 1,984,258 shares of common stock outstanding (the precise number will depend on the number of fractional shares that result from the reverse split). There will also be shares of Series D Preferred Stock outstanding, which are convertible into 8,061,130 shares of common stock. If the holders of the Series D Preferred Stock exercise their conversion right, the result would be a total of 10,045,388 common shares outstanding.
Advanced Battery Technologies, Inc. develops, manufactures and distributes rechargeable polymer lithium-ion (PLI) batteries. The Company's products include rechargeable PLI batteries for mine-use lamps, electric automobiles, motorcycles, cellular phones, notebook computers, walkie-talkies and other personal electronic devices. ABAT's batteries combine high-energy chemistry with state-of-the-art polymer technology and overcome many of the shortcomings associated with other types of rechargeable batteries. The Company is located in the Peoples Republic of China, was founded in August 2002 and had only nominal sales in 2003. Currently however, the Company has a backlog of orders for delivery in 2004 exceeding U.S. $4.5 million.