SHENZHEN, China, March 16 /PRNewswire-Asia/ -- China BAK Battery, Inc. ("China BAK", the "Company", or "we") (Nasdaq: CBAK), one of the largest lithium-ion battery cell manufacturers in the world, as measured by production output, today announces that the annual shareholders meeting (the "Meeting") was a complete success.
The Meeting of China BAK Battery, Inc., a Nevada corporation, was held on March 16, 2010 at 9:00 a.m. local time in BAK Industrial Park. Present at the Meeting were Tony Shen ("Mr. Shen"), Chief Financial Officer, Treasurer and Secretary, Kenneth Broom ("Mr. Broom"), Chief Operation Officer, Huanyu Mao ("Dr. Mao"), General Manager in BAK Tianjin and Director, Chunzhi Zhang, Independent Director, other members of senior management, and some shareholders of the Company, which constituted a quorum for the Meeting.
Mr. Shen introduced two proposals to be decided by ballots at the meeting separately. There were no questions on the two proposals and these proposals were seconded by shareholders.
Mr. Broom, Mr. Shen, Dr. Mao and other members of senior management replied all the questions raised by shareholders, especially on the Company's corporate strategy, traditional business development, and the status of high-power lithium-phosphate batteries business in Tianjin facility. Dr. Mao provided an update that Tianjin facility has delivered batteries for electric buses as we disclosed before, and orders for electric bicycles, power tools and UPS (uninterruptible power supply) keep increasing. Mr. Broom expects the rebound in cylindrical battery cells business in the following two quarters. The shareholders were satisfied with the answers.
About China BAK Battery, Inc.
China BAK Battery, Inc. is one of the largest manufacturers of lithium-based battery cells in the world, as measured by production output. It produces battery cells that are the principal component of rechargeable batteries commonly used in cellular phones, notebook computers and portable consumer electronics, such as digital media devices, portable media players, portable audio players, portable gaming devices, and PDAs. China BAK Battery, Inc.'s 3.0-million-square-foot facilities are located in Shenzhen and Tianjin, PRC, and have been recently expanded to produce new products.
Safe Harbor Statement
This press release contains forward-looking statements, which are subject to change. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All "forward-looking statements" relating to the business of China BAK Battery, Inc. and its subsidiary companies, which can be identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties which could cause actual results to differ. These factors include but are not limited to: risks related to China BAK's business and risks related to operating in China. Please refer to China BAK's Annual Reports on Form 10-K for the fiscal years ended September 30, 2009, as well as China BAK's Quarterly Reports on Form 10-Q for FY2010, for specific details on risk factors. Given these risks and uncertainties, you are cautioned not to place undue reliance on forward-looking statements. China BAK's actual results could differ materially from those contained in the forward-looking statements. China BAK undertakes no obligation to revise or update its forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
