SHENZHEN, China, June 7 /PRNewswire-Asia-FirstCall/ -- China BAK Battery, Inc. ("China BAK", the "Company", or "we") (Nasdaq: CBAK), a leading global manufacturer of lithium-based battery cells, today announced a three-year Preferred Vendor Agreement with Beaverton, Oregon based Micro Power Electronics (MPE), for lithium-ion cells to be built into sophisticated packs by Micro Power.
Commenting on the agreement, Steven Ruth, Vice President, North American Business of China BAK said, "China BAK is honored to partner with Micro Power, a global leader in portable power systems. We look forward to becoming an integral part of Micro Power's supply chain."
"Our collaboration with China BAK is the result of a multi-disciplinary company initiative within Micro Power to accelerate program responsiveness and simplify the adoption of new innovative battery technology. We carefully evaluated China BAK's products, manufacturing facilities, quality engineering capabilities and key personnel capabilities. Based on our evaluation, we rank China BAK as a tier-one supplier and are excited to make this initiative a reality," said Jerry MacDonald, Micro Power's Global Supply Chain Director said.
The scope of the agreement extends beyond cell product technologies into cooperative logistic improvements and exchange of information technology resources to integrate supply chain functions.
About Micro Power Electronics
As a pioneer in the development of Lithium battery systems, smart battery packs, chargers, power supplies and docking stations, Micro Power has more than 20 years of experience developing battery and power solutions. With a proven track record of technical excellence, quality solutions and award-winning service, Micro Power has become the fastest growing supplier of custom power systems in North America. Micro Power is ISO 13485 and 9001:2000 certified, as well as ITAR and FDA registered. Micro Power supplies custom battery systems to the portable medical, handheld Automatic Identification and commercial military markets. The company is headquartered in Beaverton, OR and operates two manufacturing and design facilities, one in Beaverton and another in Redmond, WA. Micro Power is wholly owned by Weston Presidio Capital, a $3.3 billion equity fund with offices in San Francisco, Menlo Park, Calif., and Boston that bought the company in 2006 for an undisclosed sum.
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, 2009 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. Jun Zou China BAK Battery, Inc. Chief Financial Officer Tel: +86-755-8423-9821 Email: email@example.com Tracy Li China BAK Battery, Inc. Investor Relations Manager Tel: +86-755-8977-0093 Email: firstname.lastname@example.org Ms. Elaine Ketchmere, CCG Investor Relations VP of Financial Writing Tel: +1-310-954-1345 Email: email@example.com
SOURCE China BAK Battery, Inc.