Advanced Battery Technologies (ABAT) needs some good news. The stock has been punished in recent months on accounting concerns. Today it got some when the company announced intraday that it received a $14.7 million order on June 1st for 24,000 electric bikes and scooters from Wuxi Hao Jie Vehicle. The vehicles will be delivered over the course of the next year. The contract represents about half of a quarters revenue, so significant but not a huge contract. The stock popped intraday, but by end of the day all of the gains evaporated and then some as the stock remains technically challenged.
The Chairman of ABAT, Mr. Zhiguo Fu, stated: "ABAT continues to utilize its capital resources to develop Wuxi Zhongqiang Autocycle Co., Ltd. by expanding marketing and R&D, implementing more efficient production techniques, and maintaining a solid management team. This contract makes evident the growing recognition of the high quality of ABAT’s product lines and shows the continued demand for the advanced technology characteristic of our products."