SHENZHEN, China, May 26 /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 announces that the annual shareholder meeting (the "Meeting") was a complete success.
The Meeting of China BAK Battery, Inc., a Nevada corporation, was held on May 22, 2009 at 9:00 a.m. in BAK Industrial Park. Present at the Meeting were Xiangqian Li ("Mr. Li"), the Chairman of the Board, Chief Executive Officer, and President, Charlene Spoede Budd, Chunzhi Zhang, Richard B. Goodner, Huanyu Mao ("Dr. Mao"), other members of senior management, and some shareholders of the Company, which constituted a quorum for the Meeting.
Tony Shen ("Mr. Shen"), the Company's Chief Financial Officer, Treasurer, and Secretary, introduced two proposals to be decided by ballots on the meeting separately. There were no questions on the two proposals and these proposals were seconded by stockholders.
Mr. Li, Mr. Shen, Dr. Mao and other members of senior management replied all the questions raised by stockholders, especially on the Company's development, business strategy, and the status of high-power lithium-phosphate batteries in Tianjin facility. Dr. Mao presented an overview of recent progress and development on our Tianjin facility, and commented that BAK Tianjin is making progress as expected under "863 Program", and has signed letters of intent for cooperation with some automobile factories listed in "863 Program", and planed to submit samples to a Chinese electric vehicle manufacturer in the second half of FY09 based on a confidential contract entered into by and between BAK Tianjin and the said Chinese manufacturer. The stockholders were satisfied with the answers.
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.
