China BAK Enters into Strategic Cooperation with HAITEC
SHENZHEN, China, Sept. 1, 2011 /PRNewswire-Asia/ -- China BAK Battery, Inc. ("China BAK", the "Company", or "we") (Nasdaq: CBAK), a leading global manufacturer of lithium-based battery cells, today announced that the Company's Shenzhen-based subsidiary entered into a strategic cooperation program for electric vehicle ("EV") development with Hua-chuang Automobile Information Technical Center Co., Ltd. ("HAITEC"), a subsidiary of Yulon Group, Taiwan's largest automaker.
In June 2011, China BAK's Shenzhen facility supplied cylindrical battery cells to HAITEC to power Dongfeng-Yulon's pure electric vehicles, which were delivered to the public transportation authority of the city of Hangzhou, China. Under the new strategic cooperation program, the Company and HAITEC will focus on developing EV battery packs and high capacity battery products. The battery cells manufactured for HAITEC under this program, a result of two years' research and development by BAK Canada technical team, are cylindrical battery cells produced in the Company's Shenzhen facility. HAITEC will cooperate with China BAK's Shenzhen facility to benefit from the compatibility between its cylindrical cells' material system and battery design advantages. At the same time, the Company intends to continue to develop its high-power lithium batteries for other EV opportunities at its Tianjin facility.
"We are pleased to advance our cooperation with HAITEC by entering into a new strategic program, demonstrating the high-quality and stable performance of our products delivered last year. We believe our joint cooperation to develop advanced battery products used in electric vehicles will contribute to a mutually beneficial long-term relationship in the rapidly growing EV segment for both China BAK and HAITEC," commented Mr. Xiangqian Li, CEO of China BAK Battery, Inc.
About Hua-chuang Automobile Information Technical Center Co., Ltd.
Hua-chuang Automobile Information Technical Center Co., Ltd. ("HAITEC") was established with the support of the Ministry of Economic Affairs, and is committed to provide the platform for the promotion of the sustainable development of the automotive industry. HAITEC, as part of the Yulon Group, has advanced to the top tier in the Taiwan and Greater China automotive value chain. HAITEC is focused on innovating automotive integration and elevating electronic technologies and applications that are sustainable and of immense value. To be socially and ecologically responsible, via international collaborations, HAITEC has successfully developed a 180kW (240hp) electric drive system that can be adapted to vehicles ranging from 1.2 to 18 tons, including sedans, MPVs, SUVs, and even small to medium-sized buses. HAITEC is well positioned to play a major role in the next generation of the automotive market for its abilities to localize high-quality key petrol as well as electric powered vehicle components and to distribute those vehicles via the national sales company of the group's own brand. For more information regarding Hua-chuang Automobile Information Technical Center Co., Ltd., please visit http://www.haitec.com.tw/en/.
About China BAK Battery Inc.
China BAK Battery, Inc. (NASDAQ: CBAK) is a leading global manufacturer of lithium-based battery cells. The Company produces battery cells that are the principal component of rechargeable batteries commonly used in cellular phones, smartphones, notebook computers, e-bikes, electric vehicles, power tools, uninterruptible power supplies, and portable consumer electronics such as portable media players, portable gaming devices, personal digital assistants, or PDAs, camcorders, digital cameras, and Bluetooth headsets. China BAK Battery, Inc.'s production facilities, located in Shenzhen and Tianjin, PRC, cover over three million square feet. For more information regarding China BAK Battery, Inc., please visit http://www.bak.com.cn.
Safe Harbor Statement
This press release contains forward-looking statements, which are subject to change. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All "forward-looking statements" relating to the business of China BAK Battery, Inc. and its subsidiary companies, which can be identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties which could cause actual results to differ. These factors include but are not limited to: risks related to China BAK's business and risks related to operating in China. Please refer to China BAK's Annual Report on Form 10-K for the fiscal year ended September 30, 2010, as well as China BAK's Quarterly Reports on Form 10-Q that have been filed since the date of such annual report, for specific details on risk factors. Given these risks and uncertainties, you are cautioned not to place undue reliance on forward-looking statements. China BAK's actual results could differ materially from those contained in the forward-looking statements. China BAK undertakes no obligation to revise or update its forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
SOURCE China BAK Battery, Inc.