DALIAN, China, July 19 /PRNewswire-Asia-FirstCall/ -- China Sun Group High-Tech Co., Ltd. (OTC Bulletin Board: CSGH) ("China Sun Group" or the "Company"), a vertically integrated supplier of raw materials for rechargeable Lithium-ion (Li-ion) batteries in China, announced today that it has received a government subsidy for its cutting edge Lithium Iron Phosphate (LIP) development project for use in the new energy automobile industry.
The subsidy is approximately $44,000, paid by the Dalian Economic and Information Technology Committee to encourage China Sun Group's product research and development of LIP, the main raw material used in lithium power batteries.
China Sun Group was one of only nine companies to receive this government subsidy. This is the first time that the Dalian government has offered this subsidy to companies that have the greatest potential of developing technology for use in the new energy automobile industry. The government's overall aim is to accelerate re-construction of Dalian's traditional industries, as well as to promote the development of new key technologies by companies based in Dalian.
"China Sun Group is committed to being a leading anode material supplier for Li-ion batteries used in the new energy automobile industry, and we continuously strive to provide our clients with high quality products," said Mr. Bin Wang, Chairman and CEO of China Sun Group. "I am delighted to receive this honor, which will help China Sun Group contribute to the development of the new energy automobile industry in China and Dalian by increasing our research and development investment and expanding our marketing channels."
About China Sun Group High-Tech Co., Ltd.
China Sun Group High-Tech Co. ("China Sun Group") produces anode materials used in lithium ion batteries. Through its wholly-owned operating subsidiary, Dalian Xinyang High-Tech Development Co. Ltd ("DLX"), the Company primarily produces cobaltosic oxide and lithium cobalt oxide. According to the China Battery Industry Association, DLX has the second largest cobalt series production capacity in the People's Republic of China. Through its research and development division, DLX owns a proprietary series of nanometer technologies that supply state-of-the-art components for advanced lithium ion batteries. Leveraging its state-of-the-art technology, high-quality product line and scalable production capacity, the Company has recently diversified into the manufacture of LIP and plans to forward integrate to manufacture of power Li-ion batteries. For more information, visit http://www.china-sun.cn .
Safe Harbor Statement
The statements contained herein that are not historical facts are considered "forward-looking statements." Such forward-looking statements may be identified by, among other things, the use of forward-looking terminology such as "believes," "expects," "may," "will," "should," or "anticipates" or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. In particular, statements regarding the Company's ability to become a leading anode material supplier for Li-ion batteries used in the new energy automobile industry are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including, but not limited to, the effect of political, economic, and market conditions and geopolitical events; legislative and regulatory changes that affect our business; the availability of funds and working capital; the actions and initiatives of current and potential competitors; investor sentiment; and our reputation. We do not undertake any responsibility to publicly release any revisions to these forward-looking statements to take into account events or circumstances that occur after the date of this report. Additionally, we do not undertake any responsibility to update you on the occurrence of any unanticipated events, which may cause actual results to differ from those expressed or implied by any forward-looking statements. The factors discussed herein are expressed from time to time in our filings with the Securities and Exchange Commission available at http://www.sec.gov .
For more information, please contact:
Company Contact:
Mr. Guosheng Fu, Vice President
China Sun Group High-Tech Co., Ltd
Tel: +86-411-8288-9800/8289-2736 (China)
Email: ir@china-sun.cn
Website: http://www.china-sun.cn
Investor Relations Contact:
Mr. Pierre Maccagno, Account Manager
Email: pierre.maccagno@ccgir.com
Tel: +1-646-833-3422
Mr. Crocker Coulson, President
Email: crocker.coulson@ccgir.com
Tel: +1-646-213-1915
CCG Investor Relations
Website: http://www.ccgirasia.com
