SHENZHEN, China, March 10, 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 the results of its Annual Meeting of Stockholders (the "Annual Meeting") held on March 9, 2011 in Shenzhen.
At the Annual Meeting, stockholders re-elected each of the following nominees to the board of directors of the Company to serve until the next annual meeting of stockholders of the Company or until such person shall resign, be removed or otherwise leave office: Xiangqian Li, Huanyu Mao, Richard B. Goodner, Charlene Spoede Budd, and Chunzhi Zhang. China BAK's shareholders also ratified the appointment of PKF as the Company's independent registered public accounting firm for the fiscal year ending September 30, 2011 and approved the Company's executive compensation for the next three fiscal years.
Present at the Annual Meeting were Mr. Xiangqian Li, Chief Executive Officer, president and chairman, Mr. Ke Marcus Cui, Interim Chief Financial Officer, treasurer and secretary, Mr. Kenneth Broom, Chief Operating Officer, Mr. Chunzhi Zhang, independent director, other senior management team members, and shareholders of the Company. The Company's management team responded to questions from shareholders on the Company's business strategy, technical strength, financial situation, and Li-ion battery industry's growth trend. Mr. Cui analyzed China BAK's financial situation and highlighted management team's commitment to continue to execute its turnaround plan in the next few quarters.
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, notebook computers and portable consumer electronics such as digital media devices, portable media players, portable audio players, portable gaming devices, and PDAs. China BAK Battery, Inc.'s production facilities, located in Shenzhen and Tianjin, PRC, cover over three million square feet and have been recently expanded to support the production of larger batteries for various types of vehicles. 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.
For more information, please contact:
Mr. Ke Marcus Cui
China BAK Battery, Inc.
Interim Chief Financial Officer
Ms. Tracy Li
China BAK Battery, Inc.
Investor Relations Officer
Mr. Roger Ellis
CCG Investor Relations
Partner & SVP for Market Intelligence
SOURCE China BAK Battery, Inc.