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China BAK Announces Executing of High Power Battery Supply Contract

2009-12-22 18:07 1933

SHENZHEN, China, Dec. 22 /PRNewswire-Asia/ -- China BAK Battery, Inc. ("China BAK", the "Company" or "we") (Nasdaq: CBAK), one of the largest lithium-ion battery cell manufacturers in the world, as measured by production output, today announced its Tianjin Facility has begun to execute a contract with Jilin Hi-tech Electric Vehicle Co., Ltd, an affiliated company of First Automobile Group Co., Ltd, one of the largest automobile manufacturers in China, for providing high-power batteries used in its Electric Bus Project. The contract, amounting to approximately one million dollars, aims to provide battery packs and battery management systems for 20 electric buses.

"We are glad to see our Tianjin facility begin to execute its contract with Jilin Hi-tech Electric Vehicle Co., Ltd. This is our first order for batteries for electric buses. It represents customers' confidence in our products, and is a new and significant stage in China BAK's product development," commented Mr. Xiangqian Li, CEO of China BAK, "With significant government subsidies, we believe electric buses have the biggest potential in the foreseeable electric vehicle industry in China, and we are well prepared to grasp that opportunity."

About China BAK Battery Inc.

China BAK Battery, Inc. is one of the largest manufacturers of lithium-based battery cells in the world, as measured by production output. It produces battery cells that are the principal component of rechargeable batteries commonly used in cellular phones, notebook computers and portable consumer electronics, such as digital media devices, portable media players, portable audio players, portable gaming devices, and PDAs. China BAK Battery, Inc.'s 3.0-million-square-foot facilities are located in Shenzhen and Tianjin, PRC, and have been recently expanded to produce new products.

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 Reports on Form 10-K for the fiscal years ended September 30, 2009 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.
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