SHENZHEN, China, Jan.16 /Xinhua-PRNewswire/ -- China BAK Battery, Inc. ("China BAK" or "BAK") (Nasdaq: CBAK), today announced plans to establish a new research and development ("R&D") center in Shenzhen.
Shenzhen BAK Battery Co., Ltd, a wholly-owned subsidiaryof China BAK, was granted land use rights to 65,000 square feet of land at a favorable price in Shenzhen High-tech Industrial Park ("SHIP"), one of five industrial parks granted government policy incentives by the State Council of the People's Republic of China. The government granted BAK these rights as part of its ongoing effort to facilitate the development of private industry. Located in downtown Shenzhen, SHIP has an advanced technology platform and companies in high-tech industries (particularly electronic communications), as well as major Chinese universities, government organizations and international scientific research organizations have locations in SHIP. China BAK plans to begin construction of the facility in the second half of 2007, and expects it to be operational in 2008.
"Shenzhen High-tech Industrial Park fosters innovation and entrepreneurship and we are honored by the local government's support of our business and industry," said XiangqianLi, thePresidentandChiefExecutiveOfficerofChinaBAK. "We are confident that our new operations will further strengthen our R&Dcapabilities and help us attract highly qualified talent."
About China BAK Battery Inc.
China BAK Battery, Inc. is one of the largest manufacturers of lithium-based battery cells in China and in the world. It produces battery cells that are the principal component of rechargeable batteries commonly used in cellular phones, notebook computers, cordless power tools and portable consumer electronics, such as digital media devices, portable media players, portable audio players, portable gaming devices and personal digital assistants, or PDAs. China BAK Battery, Inc.'s 1.9 million square feet of facilities are located in Shenzhen, China, and have been recently expanded to produce new products. China BAK Battery, Inc. is the largest manufacturer of lithium-ion battery cells for China's cellular phone replacement battery market.
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: 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, 2006, 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.
For more information, please contact:
Company Contact:
Jim Groh
Tel: +1-843-342-7809
Email: jim@BAKbattery.com
Or
Investor Relations Contacts:
Crocker Coulson
Tel: +1-646-213-1915
Email: crocker.coulson@ccgir.com
Elaine Ketchmere
Tel: +1-310-231-8600 ext. 119
Email: elaine.Ketchmere@ccgir.com
