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