Advanced Battery Technologies (ABAT) Publishes Guidance For 2010

Advanced Battery Technologies has released guidance for 2010.  The company expects revenue of $100 to $110 million and net income of $32 to $36 million this year, excluding any unforeseen impact from future acquisitions or fair value change of outstanding warrants.

In a press release, Mr. Zhiguo Fu, CEO of ABAT, commented on the news:

“Advanced Battery is acutely aware of the current global economic conditions and we have cautiously moved forward with our business plan. However, the momentum from electric vehicle business that has moved us ahead with double digit increases in revenue over the past several quarters gives us the confidence to become more aggressive and state our guidance for fiscal 2010. We are excited about our plans for continued capacity expansion as well as obtaining a greater global reach for the distribution of our electric vehicles.”

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