Advanced Battery Signs MOU of Distributor Agency for European Market With Lefeber Management

Advanced Battery Technologies, Inc. announced that it has signed a memorandum of understanding ("MOU") with Lefeber Management Ltd. ("LML"), a Dutch company, for LML to act as ABAT's agent to distribute ABAT's polymer lithium-ion battery ("PLI Battery"), and nanometer material battery in the region of Europe for a period of two (2) years.

The MOU provides that LML pay in advance for shipment of products ordered, and reach a minimum of $3 million of annual sales to maintain agency status, among other terms and provisions.

"We are very pleased to work with Lefeber Management, and hope the distributor agency relation will result in our battery products entering the European market," said Zhiguo Fu, Chairman and CEO of Advanced Battery Technologies, Inc.