DALLAS, April 30, 2010 (GLOBE NEWSWIRE) -- MicroStockProfit.com announces an investment report featuring Advanced Battery Technologies Inc. (Nasdaq:ABAT). The report includes financial, comparative and investment analyses, and industry information you need to know to make an educated investment decision.
The full report is available at: www.microstockprofit.com/ads/ABAT
Advanced Battery Technologies Inc. (ABAT) is a holding company with one subsidiary, Cashtech Investment Ltd. (Cashtech). Cashtech is also a holding company with only one subsidiary, Heilongjiang ZhongQiang Power-Tech Co. Ltd. (ZQ Power-Tech). ABAT also owns a 49% interest in Beyond E-Tech Inc., a Company that distributes cellular telephones in the United States. In April 2009, Advanced Battery Technologies Inc. completed the acquisition of Wuxi Angell Autocycle Co. Ltd.
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In the report, the analyst notes:
"The Company had total revenues of $63,561,925 for 2009, an increase of $18,389,814 or 40.7%, compared to $45,172,111 for 2008. The increase in revenues was primarily due to the contribution of sales from the electric vehicle business, which the Company acquired on May 4, 2009. Sales of electric vehicles after May 4, 2009 totaled $20,329,895. At the same time, the acquisition of Wuxi ZQ resulted in flat year-to-year results in battery sales, since Wuxi Angell had been a major customer of the Company's battery business. Sales of batteries to Wuxi ZQ are included in the Company's 2008 financial results and excluded from the 2009 financial results, since the Company acquired ownership of Wuxi ZQ in May 2009. If sales to Wuxi ZQ are excluded from 2008 results, revenue from battery sales increased by around $4.7 million in 2009, compared to 2008.
"ABAT, a leading developer, manufacturer and distributor of rechargeable Polymer Lithium-Ion (PLI) batteries as well as a manufacturer of electric vehicles, recently announced that it obtained approximately $1.6 million in new orders of electric vehicles during its product promotion conference held in Wuxi City, Jiangsu Province, China."
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