DALIAN, China, Jan. 13, 2017 /PRNewswire/ -- China BAK Battery, Inc. (NASDAQ: CBAK) (the "Company"), a company engaged in the business of developing, manufacturing and selling new energy high power lithium batteries in China, today announced that it will change its company name to CBAK Energy Technology, Inc., effective January 16, 2017.
On January 10, 2017, the Company filed the Articles of Merger with the Secretary of State of Nevada to effect a merger in which its newly formed, wholly owned subsidiary, CBAK Merger Sub, Inc. will merge with and into the Company with the Company being the surviving entity (the "Merger"). As permitted by Chapter 92A.180 of Nevada Revised Statutes, the sole purpose of the Merger was to effect the change of the Company's name.
The trading symbol of the Company's common stock will remain as "CBAK". The Company anticipates that its common stock will begin trading on the Nasdaq Global Market under the Company's new name when the market opens on January 17, 2017.
The Company's CEO, Yunfei Li, commented: "This name change is one important step in the evolution of our business. We believe that the new company name more accurately reflects the Company's core value of leveraging proprietary technologies to provide state-of-the-art new energy products to our clients."
About China BAK Battery, Inc.
China BAK Battery, Inc. (NASDAQ: CBAK) is a global leading high-tech enterprise engaged in the R&D, manufacture, and sales of high power lithium batteries. The application of its products and solutions covers areas including electric vehicles, light electric vehicles, electric tools, transportation and energy storage. As the first China-based lithium battery company listed in the U.S. in January 2005, the Company manufactures its power battery products through its wholly-owned subsidiary, Dalian BAK Power Battery Co., Ltd., located in Dalian, China, where the Company has a large-scale R&D and production base. For more information, please visit www.cbak.com.cn.
This press release may contain certain "forward-looking statements" relating to the business of China BAK Battery, Inc. and its subsidiaries. All statements, other than statements of historical fact included herein, are "forward-looking statements" in nature within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, often identified by the use of forward-looking terminologies such as "believes", "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company and its subsidiaries or persons acting on their behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
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