NEW YORK and HARBIN, China, March 3, 2009 (GLOBE NEWSWIRE) -- Advanced Battery Technologies, Inc. (Nasdaq:ABAT) ("the Company"), a leading developer, manufacturer and distributor of rechargeable Polymer Lithium-Ion (PLI) batteries, today announced that Taylor Zhang, the Company's Chief Financial Officer, is leaving the company for personal reasons. Mr. Zhang will continue to serve as a consultant on a part-time basis.
Guohua Wan, General Manager of ZQ Power-Tech, the Company's principal operating subsidiary, will assume the position of Chief Financial Officer of the Company, effective immediately. Ms. Wan has been General Manager of ZQ Power-Tech since 2003 and also served as Chief Financial Officer of Advanced Battery Technologies from 2005 to 2007.
Mr. Zhiguo Fu, Chairman and CEO of Advanced Battery Technologies, Inc. stated, "We regret to announce that Mr. Zhang has decided to resign due to personal reasons. We truly appreciate Mr. Zhang's commitment during his tenure with our Company and we look forward to his input as a consultant going forward."
Mr. Fu continued, "Meanwhile, we are pleased to have Ms. Wan assume the role as Chief Financial Officer. We believe Ms. Wan's in-depth understanding of our business and her past experiences are critical to our future success. We look forward to her continued contributions."
About Advanced Battery Technologies, Inc
Advanced Battery Technologies, Inc., founded in September 2002, develops, manufactures and distributes rechargeable Polymer Lithium-Ion (PLI) batteries. The Company's products include rechargeable PLI batteries for electric automobiles, motorcycles, mine-use lamps, notebook computers, walkie-talkies and other electronic devices. ABAT's batteries combine high-energy chemistry with state-of-the-art polymer technology to overcome many of the shortcomings associated with other types of rechargeable batteries. The Company has a New York office, with its executive offices and manufacturing facilities in China. For more information about Advanced Battery Technologies, Inc. (ABAT), please visit: http://www.abat.com.cn.
Safe Harbor Statement
Certain statements in this release and other written or oral statements made by or on behalf of the Company are "forward-looking statements" within the meaning of the federal securities laws. Statements regarding future events and developments and our future performance, as well as management's expectations, beliefs, plans, estimates or projections relating to the future are forward-looking statements within the meaning of these laws. The forward-looking statements are subject to a number of risks and uncertainties including market acceptance of the Company's services and projects and the Company's continued access to capital and other risks and uncertainties. The actual results the Company achieves may differ materially from those contemplated by any forward-looking statements due to such risks and uncertainties. These statements are based on our current expectations and speak only as of the date of such statements.