SHENZHEN, China, March 26, 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 achieved progress in the domestic OEM market in March 2012.
On March 23, 2012, ZTE Corporation notified the Company by written notice that China BAK has passed its certification process to supply battery cells It is expected that the Company will begin to supply approximately one million polymer cells every month to ZTE in the third fiscal quarter.
Also in March 2012, the Company won a bid to supply battery cells to TCL Corporation, one of the largest consumer electronics enterprises in China with a global presence. The Company will supply 3 million prismatic cells from April through June to TCL. As the Company is a qualified battery supplier to Vodafone Group, TCL may also supply some of our battery cells to Vodafone.
"We are committed to transforming into a qualified battery supplier to the OEM market globally, and we are pleased to see the initial achievement we gained in China," commented Mr. Xiangqian Li, president and chief executive officer of China BAK. "We will continue to focus on producing qualified batteries used in different areas to the OEM market," 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. 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, 2011 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.
