SHENZHEN, China, Nov. 29, 2012 /PRNewswire/ -- China BAK
Battery, Inc. ("China BAK" or the "Company") (NASDAQ: CBAK), a
leading global manufacturer of lithium-based battery cells, today
announced that the Company has received a letter from the NASDAQ
Listing Qualifications department, dated November 26, 2012, notifying the Company that it
has regained compliance with the independent director and audit
committee requirements for continued listing set forth in NASDAQ
Listing Rules 5605(b)(1) and 5605(c)(2), respectively, as Ms.
Martha Agee has been appointed as a member of the Company's Board
of Directors, a member of each of the Audit, Compensation and
Nominating and Corporate Governance Committees.
On October 11, 2012, the NASDAQ
Stock Market staff notified the Company that it did not comply with
the independent director and audit committee requirements for
continued listing on the NASDAQ Global Market because its majority
of the Board of Directors be not comprised of independent directors
and the Company's Audit Committee be not comprised of at least
three members.
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. These
factors include but are not limited to: the ability of the Company
to meet its contract obligations; the uncertain market for the
Company's high-power lithium and other battery cells; business,
macroeconomic, technological, regulatory, or other factors
affecting the profitability of battery cells designed for electric
vehicles; and risks related to China BAK's business and risks
related to operating in China.
Please refer to China BAK's Annual Report on Form 10-K for the
fiscal year ended September 30, 2011,
as well as other SEC reports 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.