Advanced Battery Tech (ABAT) Electric Bike Passes Performance Test, Company Announces Share Repurchase Program

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10:36:16 am on December 9, 2008

Advanced Battery Tech (ABAT) announced a few days ago that the deluxe model of its electric bike produced by Wuxi Angell Autocycle of China has passed performance tests conducted by the China North Vehicle Research Institute which is the most highly recognized electric vehicle testing center in China.  ABAT is supplying the 48V, 15 amp lithium ion battery which improves the mileage per charge by 44% (69 km).

Mr. Zhiguo Fu, Chairman and CEO of Advanced Battery Technologies, Inc. stated, “We are very excited to share this announcement with Wuxi Angell, which demonstrates our commitment and ability to innovate products of the highest standard. By passing the highest industry standard, we are confident that the Deluxe model will quickly gain popularity in the U.S. and European market. Furthermore, we will continue to leverage the solid track record of 48V, 15 amp hour polymer lithium-ion batteries to achieve wider applications.”

In other news, the company announced yesterday a stock repurchase program that authorized the company to repurchase up to 4 million shares of the company’s common stock over the next year.  This should really help stabilize its stock price which has plummeted this year and recently traded close to a buck a share.

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