Tag Archives: electric bike

Advanced Battery Tech (ABAT) Beats On Strong Electric Bike Sales

Advanced Battery Tech (ABAT) beat estimates after the bell today posting an EPS .04 cents better than analyst estimates at .11/share . Revenue for the quarter was $19.5 million, which compares to the estimate of $18.82 million.  That’s nearly a doubling of revenues over the year ago quarter, but about in line with what they reported last quarter ($21.5 in revs).  All in all, a nice a quarter from ABAT.  It appears their electric bike Read the rest

Advanced Battery (ABAT) Providing Financial Guidance for Wuxi Autocycle

Advanced Battery Technologies (ABAT), which recently acquired Wuxi Autocycle to break into the electric bike biz is providing some financial guidance for Wuxi with 3 year projections. ..

Wuxi currently has 4 production lines in operation with production capability of 100 vehicles per day per line but is currently operating at lower than 20% of total capacity.

For the period of May through December of 2009, the company believes Wuxi will contribute revenue of $35.0 … Read the rest

Advanced Battery (ABAT) Announces Intent To Acquire EV Manufacturer Wuxi Angell

Last week, Advanced Battery Tech (ABAT) announced it has entered into a letter of intent to acquire 55% of Wuxi Angell, which it has been working closely with to develop and electric bike.  ABAT will issue 2 million shares of common stock and pay out approximately 3.65 million in cash to acquire a majority portion of Wuxi Angell and the deal is expected to close in the first quarter of 2009. 

Wuxi Angell makes … Read the rest

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

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 … Read the rest