Advanced Battery Begins Construction of Third Battery Production Facility
Advanced Battery Technologies, Inc. (ABAT) announced that it has completed the transfer of assets relating to the purchased land and plant in Dongguan City, Guangdong Province and has now entered a phase of construction according to the company’s overall strategic business development plan.
The total project investment is approximately $83 million. The project investment has been approved by the Foreign Trade and Economic Council of Dongguan City, which was (2011) No.6 documents.
The economic benefit of the project is estimated to reach approximately $151 million in revenue annually with net income approximating $30 million. The project is expected to be fully operational by October 2011.
Currently, the company attaches great importance to implementation of the project development and management plan. Chairman of the Board and CEO, Mr. Fu Zhiguo, conducts daily on-site inspections to monitor the progress of the project and insure that the construction schedule is maintained.
The battery industrial park in Dongguan City is the third plant for ABAT and is designed to meet the company’s ongoing development strategy to improve product distribution to meet increased market demand and to expand the range of the company’s products.
Chairman of the Board and CEO, Mr. Fu Zhiguo, states: "We continue to expand our business with the construction of this project, as well as efficiently updating our production facilities to produce excellent quality products. These combined efforts are designed to provide economic benefits to our employees and our valued investors. Additionally we sincerely welcome investors to our facilities at Haribn ZQ, Wuxi Angell and Dongguan Industrial Park."
