Advanced Battery Contracts to Deliver 24,000 Electric Vehicles

Advanced Battery Technologies ABAT announced that on June 1, 2011 it had signed, through its subsidiary—Wuxi Zhongqiang Autocycle Co., Ltd., a sales contract with Wuxi Hao Jie Vehicle Co., Ltd. The sales contract is for 24,000 electric vehicles, which include E Bikes and scooters, for a total value of $14,730,000 USD (approximately 95,780,000 RMB). The contract will be fulfilled from June 1, 2011 through May 31, 2012. The contract was placed after a trial order of electric vehicles purchased in April and May of this year by Wuxi Hao Jie Vehicle Co., Ltd. The Chairman of ABAT, Mr. Zhiguo Fu, stated: "ABAT continues to utilize its capital resources to develop Wuxi Zhongqiang Autocycle Co., Ltd. by expanding marketing and R&D, implementing more efficient production techniques, and maintaining a solid management team. This contract makes evident the growing recognition of the high quality of ABAT's product lines and shows the continued demand for the advanced technology characteristic of our products."