NEW YORK, May 11, 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 guidance for 2010.
Management is providing revenue guidance of $100 to $110 million and net income guidance of $32 to $36 million for 2010. Growth is expected to be driven by enhanced distribution of its electric vehicles, battery capacity expansion and increased orders from domestic and international customers. This guidance excludes any impact from future acquisitions and fair value change of outstanding warrants.
Mr. Zhiguo Fu, CEO of ABAT, stated, "Advanced Battery is acutely aware of the current global economic conditions and we have cautiously moved forward with our business plan. However, the momentum from electric vehicle business that has moved us ahead with double digit increases in revenue over the past several quarters gives us the confidence to become more aggressive and state our guidance for fiscal 2010. We are excited about our plans for continued capacity expansion as well as obtaining a greater global reach for the distribution of our electric vehicles."
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.
Safe Harbor Statement
Certain statements in this release and other written or oral statements made by or on behalf of the Company are "forward-looking statements" within the meaning of the federal securities laws. Statements regarding future events and developments and our future performance, as well as management's expectations, beliefs, plans, estimates or projections relating to the future are forward-looking statements within the meaning of these laws. The forward-looking statements are subject to a number of risks and uncertainties including market acceptance of the Company's services and projects and the Company's continued access to capital and other risks and uncertainties. The actual results the Company achieves may differ materially from those contemplated by any forward-looking statements due to such risks and uncertainties. These statements are based on our current expectations and speak only as of the date of such statements.