Press Release
2014-10-28 09:01
Since being attacked in 2011, the senior management of Advanced Battery Technologies Inc. (ABAT) did not focus on responding to or fighting with the attacking short institutions. Rather, ABAT senior management has been dedicated to leading the company to continue developing based on ABAT’s business objectives.
I. Developments in the Past Few Years
1、In December 2011,ABAT finished building Dongguan Qiangqiang in only 8 months. Dongguan Qiangqiang started full production in 2012. It manufactures a variety of products, including Aluminum shell battery core, cylindrical battery, and soft package battery core. Its products achieved the designed capacity and have been sold to various downstream sectors such as cellphone, digital products, and portable power products. 2、 Development of Product quality and functionality. Harbin Zhongqiang has successfully developed Nano titanium acid lithium battery that can be quickly charged. The product was developed jointly by Dr. Biying Huang of China Longneng Co. and ABAT, combining Longneng’s battery manufacturing material Li4Ti5O12 and ABAT’s production process. The product has seven characteristics: first, it can be quickly charged, the maximum charge current is around 7C and shortest charge time is roughly 10mins. Second, it can endure larger discharge current. When discharge current is lower than 7C,discharge capacity can reach above 90% of the battery capacity. Third, the product has extremely long normal circulation service life, roughly 8000 to 10000. In addition, the product also has stable discharge platform, low raw material cost, safest battery performance, and a wide working temperature range. Currently, this newly developed product is still in trial phase and we will soon realize industrialized production.
3、 Diversified product development and application. Wuxi Angel has developed a new generation of products based on changes in the market. Based on the more than 100 types of existing bicycles and tricycles, Wuxi Angel developed a series of eco-friendly waste-collecting electric vehicles, including floor cleaning series, floor washing series, and waste collection series. The number of product type has reached more than 20 and products have a wide range of applicability. Floor cleaning series include large, medium, and small size vehicles, and are primarily used to clean roads and courtyard. Floor washing series are primarily used to clean indoor floors. Eco-friendly waste-collecting series primarily use internally manufactured battery. Since its introduction into the market, users speak highly of the eco-friendly waste-collecting vehicles. In addition, the company also developed unicycle products and two-wheel standing products, which have entered into domestic and international markets. The above-mentioned products have real environment-friendly and energy-saving effects.
II. Vision on Future Development
1、Based in the new energy industry, the company aims to provide products with efficiency and high quality, expand the scope of applicability, and transit into environment-friendly and energy-saving high-end products.
2、In the next two years, the company aims to increase research and development, develop a new generation of products to satisfy the demands of market, and increase the company’s vitality and viability.
3、 The company plans to increase the intensity of product market management to make sure its products satisfy customers’ needs and also expand to and establish in new product markets by providing products with superior quality and realize economic benefits.
4、The company expects to go back to the NASDAQ market in the next two years.
III. Auditing
1、The company terminated its contract with independent auditor EFP Rotenberg in September 2011. As a result, the company did not file any financial statements with the Securities and Exchange Commission in the past few years. After careful consideration and discussions, ABAT Board of Directors has engaged a new independent auditor Paritz & Company to audit its financials in the past few years. The company expects to provide complete financial reports in the first quarter of 2015. We hope our shareholders will review the company financial reports by then. The board apologizes for not being able to provide financial reports in the past few years. ABAT Board of Directors
October 18, 2014
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