SHENZHEN, China, July 6 /PRNewswire-Asia/ -- China Ritar Power Corp. (OTC Bulletin Board: CRTP) (the "Company" or "China Ritar"), a leading Chinese manufacturer of lead acid batteries, today announced that the Company has received new orders from China Mobile Ltd. (NYSE: CHL, "China Mobile"). China Mobile, the largest telecommunications operator in China, has announced that it will invest $8.6 billion dollars to build 60,000 base stations for its third generation (3G) mobile networks this year. Upon completion of the project, China Mobile will have 80,000 3G network base stations covering 70 percent of the cities under provincial level across the country.
At the end of June, China Ritar sold approximately $300,000 worth of batteries for China Mobile's telecommunication base stations. The batteries are to be used in base stations in Hunan and Xinjiang Provinces. The Company anticipates that it will sell to China Mobile an additional $15 million worth of batteries over the next six months and $35 million worth of batteries in 2010.
"China initiated its national roll out of 3G cellular services in January of this year when The Ministry of Industry and Information Technology issued 3G licenses to China's top three telecom carriers, China Mobile, China Telecom and China Unicom. As a result, spending on wireless infrastructure equipment in China is expected to rise to $6.2 billion in 2009 as the telecom companies are aggressively expanding their 3G networks in order to try to capture market share," commented Mr. Jiada Hu, China Ritar's Chairman and CEO. "We are excited to have this opportunity to participate in China's 3G network build out and to expand our domestic penetration over the next couple of years with our proprietary telecom lead acid batteries."
About China Mobile
China Mobile is the leading mobile telecommunication operator in China, providing mobile voice and data services as well as other related services in all 31 provinces, autonomous regions and directly-administered municipalities in mainland China. In addition, China Mobile is one of the major mobile telecommunication operators in Hong Kong. As of March 31, 2009, China Mobile's number of users reached approximately 477 million, ranking number one in the world.
About China Ritar
China Ritar designs, develops, manufactures and markets environmentally friendly lead acid batteries with a wide range of capacities and applications, including telecommunications, Uninterrupted Power Source (UPS) devices, Light Electrical Vehicles (LEV), and alternative energy production (solar and wind power). China Ritar sells, markets and services six series and 197 models of Ritar-branded, cadmium-free valve-regulated lead-acid (VRLA) batteries. Products are sold worldwide with sales in 81 countries including China, India, and numerous markets in Europe and the Americas. Additional information can be found at the Company's website http://www.ritarpower.com .
Safe Harbor Statement
This press release contains certain statements that may include "forward looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For more information, please contact:
Elite IR
John Marco, Partner
Tel: +1-310-819-2948
Email: John.marco@elite-ir.com
Elite IR
Leslie J. Richardson, Partner
Tel: +852-3183 0283
Email: Leslie.richardson@elite-ir.com
