NEW YORK and SHENZHEN, China , Jan. 6 /PRNewswire-Asia-FirstCall/ -- New Energy Systems Group (OTC Bulletin Board: NEWN), a manufacturer and distributor of battery components in China , today provided 2010 net income guidance of at least $15.4 million , excluding non-cash charges related to the recently announced acquisitions, or $1.23 per share based on a projected 12.6 million fully diluted shares. The company expects 2010 revenue to be at least $88 million .
Mr. Fushun Li , Chief Executive Officer, commented, "2009 was a transformational year as we announced two strategically important acquisitions, Anytone and NewPower. Both of these significant acquisitions will immediately contribute to our overall profitability and can be easily integrated into our existing operations. We are pleased to have successfully completed the acquisition of Anytone, and look forward to completing the acquisition of NewPower later this month. In 2010, Anytone and NewPower combined are projected to contribute over $63 million in revenue and at least $9.2 million of net income."
Mr. Li continued, "As a result of continued organic growth in our existing business and the contribution of Anytone and NewPower, our net income (excluding non-cash charges related to recently announced acquisitions) should increase over 155% in 2010 compared to our projected 2009 net income of $5.3 to $6.0 million . Based on our current stock price as of the close of market on January 4, 2010 , our stock is trading at less than 6.0x 2010 projected EPS of $1.23 . Furthermore we have a very healthy balance sheet. Our company is not widely known among the investment community and we look forward to increasing our investor relations efforts in 2010."
About New Energy Systems Group
New Energy Systems Group is a leading manufacturer and distributor of lithium ion batteries. The company assembles and distributes finished batteries through its sales network and channel partners. The company also sells high-quality lithium-ion battery shell and cap products to major lithium-ion battery cell manufacturers in China . The company's products are used to power mobile phones, MP3 players, laptops, digital cameras, PDAs, camera recorders and other consumer electronic digital devices. Additional information about the company is available at http://www.newenergysystemsgroup.com .
Forward Looking Statements
Except for the historical information, the matters discussed in this news release may contain forward-looking statements, including, but not limited to, factors relating to future sales. These forward-looking statements may involve a number of risks and uncertainties. Actual results may differ materially based on a number of factors, including, but not limited to, uncertainties in product demand, risks related to doing business in China , the impact of competitive products and pricing, changing economic conditions around the world, release and sales of new products and other risk factors detailed in the Company's most recent annual report and other filings with the Securities and Exchange Commission.
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SOURCE New Energy Systems Group