omniture

New Energy Systems Group Reaffirms 2010 Guidance and Comments on Favorable Outlook for 2011

2010-09-23 15:55 1241

NEW YORK and SHENZHEN, China, Sept. 23 /PRNewswire-Asia/ -- New Energy Systems Group (NYSE AMEX: NEWN) ("New Energy" or the "Company"), a vertically integrated original design manufacturer and distributor of lithium ion batteries and backup power systems, today reaffirmed revenue guidance of at least $88 million and adjusted net income guidance of at least $15.6 million, or $1.23 per share, for 2010.  Adjusted net income excludes acquisition related amortization and non-cash stock compensation expense. The company believes adjusted net income is an important measure of its current and future operating performance.

Mr. Nian Chen, New Energy's Chief Executive Officer, commented, "We continue to generate very strong organic growth within all four of our businesses, including Anytone, NewPower, our battery distribution business, and our battery shells and caps segment.  In particular, our Anytone business is rapidly gaining market share within China due to strong demand for our back-up battery chargers.  As a result, we are extremely confident in achieving or exceeding our previously issued guidance for 2010, and anticipate very strong top and bottom-line growth in 2011."

"We are particularly excited about our foray into the U.S. market scheduled for later this year through the launch of our new MeePower(TM) brand of advanced battery backup systems and accessories.  We anticipate that MeePower's sales in the U.S. market will have higher gross margins than similar product sales in China."

About New Energy Systems Group

New Energy Systems Group is a vertically integrated original design manufacturer and distributor of lithium ion batteries and backup power systems for mobile phones, laptops, digital cameras, MP3s and a variety of other portable electronics. The company's end-user consumer products are sold under the Anytone brand in China, and the company has begun expanding its international sales efforts. The fast pace of new mobile device introductions in China combined with a growing middle class make it fertile ground for New Energy's end-user consumer products, as well as its high powered, light weight lithium ion batteries. In addition to historically strong organic growth, New Energy is expected to benefit from economies of scale, broader distribution, greater production capacity and higher profit margins in 2010. Additional information about the company is available at: http://www.newenergysystemsgroup.com .  

Forward Looking Statements

This release contains certain "forward-looking statements" relating to the business of the Company and its subsidiary and affiliated companies. These forward looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Investors 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 (www.sec.gov). All forward-looking statements attributable to the Company or to 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:                                          

Crescendo Communications, LLC                                        
David Waldman or Klea Theoharis                                      
Tel:   +1-212-671-1020                                                  
Email: newn@crescendo-ir.com    

                                

Source: New Energy Systems Group  
Related Stocks:
AMEX:NEWN
collection