SHENZHEN, China, March 9 /PRNewswire-Asia-FirstCall/ -- China BAK Battery, Inc. ("China BAK") (Nasdaq: CBAK), one of the largest lithium-ion battery cell manufacturers in the world, as measured by production output, today clarifies its investment plan on its Tianjin Facility.
Recently, certain Chinese language media published inaccurate information on the investment plan of China BAK on BAK International (Tianjin) Ltd. ("BAK Tianjin").
As of the first quarter of fiscal year 2009, China BAK has contributed, through a wholly owned subsidiary, approximately US$20 million capital to BAK Tianjin. China BAK has no investment plan to invest up to $300 million on BAK Tianjin, as the said media source stated.
China BAK will continue to exercise prudent and disciplined management on our capital expenditures, especially in the current financial environment. We will also follow Regulation Fair Disclosure rigidly in disclosing our corporate activities on all aspects.
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, 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.
