Advanced Battery Technologies Receives $6.3 Million Credit Line
27 Octubre 2011 - 3:35PM
Advanced Battery Technologies, Inc. (Nasdaq:ABAT), a leading
developer, manufacturer and distributor of rechargeable Polymer
Lithium-Ion (PLI) batteries as well as a manufacturer of electric
vehicles, today announced that the Company's subsidiary, Wuxi
ZhongQiang Autocycle Co., Ltd. ("Wuxi ZQ") received a $6.3 million
line of credit.
On September 14, 2011 the Bank of JiangSu approved a credit line
for Advanced Battery Technologies, Inc. subsidiary, Wuxi ZQ. The
credit line authorized Wuxi ZQ to borrow up to 40 million Renminbi
($6.3 million). Each loan will have a term of one year and bear
interest at 110% of the Bank's basic loan rate. The loans will
be secured by a pledge of the land and facilities used by Wuxi
ZQ.
On October 21, 2011, Wuxi ZQ borrowed 20 million RMB ($3.1
million) pursuant to the credit line. The initial interest
rate is 7.216%, which will be adjusted monthly to remain 10% above
the Bank's basic rate. The principal amount of the loan will
be payable on October 21, 2012.
The chairman of the Board, Mr. Fu, stated, "We are pleased to
announce this transaction. This line of credit exemplifies the
credibility and strength of our organization within the banking
community. We plan to use these funds to continue to improve
the productivity and efficiencies of our motorized vehicle
facilities."
About Advanced Battery Technologies, Inc.
Advanced Battery Technologies, Inc. (Nasdaq:ABAT), founded in
September 2002, develops, manufactures and distributes rechargeable
Polymer Lithium-Ion (PLI) batteries. The Company's products include
rechargeable PLI batteries for electric vehicles, motorcycles,
mine-use lamps, notebook computers, walkie-talkies and other
electronic devices. ABAT's batteries combine high-energy chemistry
with state-of-the-art polymer technology to overcome many of the
shortcomings associated with other types of rechargeable batteries.
Early in 2009, the Company acquired Wuxi Angell Autocycle Co.
Ltd., an electric vehicle manufacturer, and renamed it Wuxi
Zhongqiang Autocycle Co., Ltd. ("Wuxi ZQ"). The Company has a
New York office, with its executive offices and manufacturing
facilities in China.
Safe Harbor Statement
Certain statements in this release and other written or oral
statements made by or on behalf of the Company are "forward-looking
statements" within the meaning of the federal securities laws.
Statements regarding future events and developments and our future
performance, as well as management's expectations, beliefs, plans,
estimates or projections relating to the future are forward-looking
statements within the meaning of these laws. The forward-looking
statements are subject to a number of risks and uncertainties
including market acceptance of the Company's services and projects
and the Company's continued access to capital and other risks and
uncertainties. The actual results the Company achieves may differ
materially from those contemplated by any forward-looking
statements due to such risks and uncertainties. These statements
are based on our current expectations and speak only as of the date
of such statements.
CONTACT: Rubenstein Investor Relations
Tim Clemensen
(212) 843-9337
TClemensen@RubensteinIR.com
American Battery Technol... (NASDAQ:ABAT)
Gráfica de Acción Histórica
De Sep 2024 a Oct 2024
American Battery Technol... (NASDAQ:ABAT)
Gráfica de Acción Histórica
De Oct 2023 a Oct 2024