SHENZHEN, China and NEW YORK, Jan. 26 /PRNewswire-Asia-FirstCall/ -- New Energy Systems Group (OTC Bulletin Board: NEWN), a vertically integrated original design manufacturer and distributor of lithium ion batteries and backup power systems, today announced that it has entered into a distribution agreement with A-Solar, a European developer and distributor of solar powered products for charging mobile electronics. Under the initial one year agreement, A-Solar will be the exclusive selling agent for New Energy's solar mobile chargers for a series of iPhone and iPod models in the United Kingdom, Germany, Belgium, Netherlands, and Luxembourg. Sales under this agreement are expected exceed $3 million during 2010.
Mr. Fushun Li, Chief Executive Officer, commented, "Our debut into the U.K., Germany, Scandinavia and key European countries marks an important step in our evolution as a global company and we are excited to have teamed up with A-Solar. A-Solar's multi-channel sales include online as well as retail distribution, and we view this alliance as a significant milestone for our access to markets beyond China. While we still have significant growth opportunities within China, we are also aggressively pursuing business outside of China, which is something we have not historically done. We believe A- Solar's decision to partner with us further validates the strength and breadth of our product line. This is the first agreement we have signed with A-Solar and we look forward to expanding our relationship with them in the future."
About New Energy Systems Group
New Energy Systems Group is a vertically integrated original design manufacturer and distributor of lithium ion batteries and backup power systems for mobile phones, laptops, digital cameras, MP3s and a variety of other portable electronics. The company's end-user consumer products are sold under the Anytone brand in China, and the company has begun expanding its international sales efforts. The fast pace of new mobile device introductions in China combined with a growing middle class make it fertile ground for New Energy's end-user consumer products, as well as its high powered, light weight lithium ion batteries. In addition to historically strong organic growth, New Energy is expected to benefit from economies of scale, broader distribution, greater production capacity and higher profit margins in 2010. 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 results. 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