SHENZHEN, China, June 24 /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 it has granted 500,000 shares of restricted stock and 1,928,200 options to purchase the same number of shares of the Company's stock to certain key employees, officers, and consultants.
The options were granted on June 22, 2009 with an exercise price of $2.81 per share. This exercise price is equal to the closing price per share of the Company's common stock as reported by the NASDAQ Stock Market on the date of grant. The 500,000 restricted shares were granted to our Chairman and Chief Executive Officer, Mr. Xiangqian Li. Vesting of the options and restricted shares is to occur quarterly over five years.
"This is a significant grant principally to retain and reward our key employees. Our enormous growth is the result of a huge effort by our employees; we would like them to have the opportunity to benefit from our longer-term success," commented Mr. Xiangqian Li.
"Historically, Mr. Li has received very modest compensation and only one option grant," said Charlie Zhang, Chairman of the Compensation Committee. "In these troubling times we want to make sure our leadership remains committed to the Company's future," he added.
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, 2008, as well as China BAK's Quarterly Reports on Form 10-Q for FY09, 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.
