NEW YORK, Feb. 3, 2010 (GLOBE NEWSWIRE) -- Advanced Battery Technologies, Inc. (Nasdaq:ABAT), a leading developer, manufacturer and distributor of rechargeable Polymer Lithium-Ion (PLI) batteries as well as a manufacturer of electric vehicles, today provided a business update on the Company’s newly developed scooter and autocycle export business.
Early in 2009, the Company acquired Wuxi Angell Autocycle Co. Ltd., an electric vehicle manufacturer, and renamed it Wuxi Zhongqiang Autocycle Co., Ltd. (“Wuxi ZQ”), a wholly owned subsidiary of the Company. Wuxi ZQ is now expanding its distribution network of electric scooters to select countries around the world.
Initial distributors include MOTORAN Company (www.motoran.com.tr) in Turkey. MOTORAN is Turkey's third largest two-wheeler importer, and has thousands of local dealers throughout Turkey with sales of approximately 500,000 motorcycles annually. In February Wuxi ZQ shipped 1,300 scooters to MORTAN with an additional 700 units to be delivered before the end of the month. The Company expects to deliver more than 1,500 scooters every month if MOTORAN is satisfied with the sales condition.
Additionally, the Company received commitments from Netherlands-based FLORETTI (www.sikombi.nl) for 120 motorcycles powered by lithium-ion batteries and from India-based AMPERE (www.ampvl.com) for 200 electric vehicles, all for delivery in February 2010. FLORETTI focuses on high-end lithium battery-powered two-wheelers in Europe. The Company expects to deliver 5,000 ABAT manufactured motorcycles in 2010 each to these two companies if they are satisfied with the sales condition.
About Advanced Battery Technologies, Inc.
Advanced Battery Technologies, Inc. (Nasdaq:ABAT), founded in September 2002, develops, manufactures and distributes rechargeable Polymer Lithium-Ion (PLI) batteries. The Company's products include rechargeable PLI batteries for electric automobiles, motorcycles, mine-use lamps, notebook computers, walkie-talkies and other electronic devices. ABAT'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. Early in 2009, the Company acquired Wuxi Angell Autocycle Co. Ltd., an electric vehicle business, and renamed it Wuxi Zhongqiang Autocycle Co., Ltd. (“Wuxi ZQ”). The Company has a New York office, with its executive offices and manufacturing facilities in China.
Rubenstein Investor Relations Tim Clemensen (212) 843-9337