SHENZHEN, China, July 18, 2012 /PRNewswire-Asia/ -- China BAK
Battery, Inc. ("China BAK", the "Company", or "we") (Nasdaq: CBAK),
a leading global manufacturer of lithium-based battery cells, today
announced that the Company has entered into a new contract to
supply 0.5 million units of cylindrical battery cells to AC
Propulsion, a producer of electric vehicle technology based in
Shanghai and California. For more information regarding AC
Propulsion, please visit http://www.acpropulsion.com/.
As per the contract, China BAK will deliver 540,000 units of
cylindrical battery cells to AC Propulsion by the end of 2012,
which will be used to power 100 electric cars. AC Propulsion
previously purchased a sample order of the Company's cylindrical
battery cells for trial and testing purposes and provided positive
feedback on product quality and performance of the battery
cells.
"We are encouraged by the positive feedback from AC Propulsion
and are pleased to expand our cooperation with them," commented Mr.
Xiangqian Li, CEO of China BAK. "We
expect to receive additional orders for our cylindrical battery
cells used to power electric cars. We believe revenue growth from
this segment will be driven by our high quality products, technical
capability and growing market recognition," added Mr. Li.
About China BAK Battery, Inc.
China BAK Battery, Inc. (NASDAQ: CBAK) is a leading global
manufacturer of lithium-based battery cells. The Company produces
battery cells that are the principal component of rechargeable
batteries commonly used in cellular phones, smartphones, notebook
computers, e-bikes, electric vehicles, power tools, uninterruptible
power supplies, and portable consumer electronics such as portable
media players, portable gaming devices, personal digital
assistants, or PDAs, camcorders, digital cameras, and Bluetooth
headsets. China BAK Battery, Inc.'s production facilities, located
in Shenzhen and Tianjin, PRC, cover over three million square
feet. For more information regarding China BAK Battery, Inc.,
please visit http://www.bak.com.cn.
Safe Harbor Statement
This press release contains forward-looking statements, which
are subject to change. The forward-looking statements are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. All "forward-looking statements"
relating to the business of China BAK Battery, Inc. and its
subsidiary companies, which can be identified by the use of
forward-looking terminology such as "believes," "expects" or
similar expressions, involve known and unknown risks and
uncertainties which could cause actual results to differ. Please
refer to China BAK's Annual Report on Form 10-K for the fiscal year
ended September 30, 2011, as well as
China BAK's Quarterly Reports on Form 10-Q that have been filed
since the date of such annual report, for specific details on risk
factors. Given these risks and uncertainties, you are cautioned not
to place undue reliance on forward-looking statements. China BAK's
actual results could differ materially from those contained in the
forward-looking statements. China BAK undertakes no obligation to
revise or update its forward-looking statements in order to reflect
events or circumstances that may arise after the date of this
release.
SOURCE China BAK Battery, Inc.