SHENZHEN, China, July 21 /PRNewswire-Asia-FirstCall/ -- 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 orders for lead acid batteries from 28 electric vehicle manufacturers / battery distributors including Shenzhen Greenwheel Electric Vehicle Co. Ltd., Wonder Auto Technology, Inc., Shenzhen Aoxiang Industrial Development Co. Ltd., Shenzhen Ziyouda Electric Vehicle Co. Ltd., Advanced Transportation Energy Center (ATEC), Maurer Elektromaschinen, Ajanta Group, ITP Infotech Pvt Ltd., Ultra Motor India Pvt. Ltd., Tube Investments Of India Limited, Boston Golf Pty Ltd, and Alco Battery Sales.
"Demand for environmentally friendly electric vehicles is increasing as consumers and governments worldwide are moving to reduce their dependence on oil-based transportation and battery technology increasingly delivers more efficient and better performance," commented Mr. Jiada Hu, China Ritar’s Chairman and CEO. "We believe we are well positioned to benefit from the growth in the electric vehicle industry with our lead acid batteries that have the capability to power an electric vehicle up to 90 miles without needing to be recharged and are priced at approximately 50% less than international manufacturers. More specifically, Shenzhen Greenwheel Electric Vehicle, one of the biggest EV manufacturers in China, is in the process of constructing a new industrial park in Wuxi, China, with capacity to manufacture up to 50,000 electric vehicles annually. Once Shenzhen Greenwheel Electric Vehicle begins manufacturing electric vehicles at the new industrial park, we expect to receive orders worth up to $15 million."
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.
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Leslie J. Richardson, Partner
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