New Energy Systems Group Completes Previously Announced Acquisition of Anytone International (H.K.) Co., Ltd.
December 07 2009 - 8:30AM
PR Newswire (US)
NEW YORK and SHENZHEN, China, Dec. 7 /PRNewswire-Asia-FirstCall/ --
New Energy Systems Group (OTC:NEWN) (BULLETIN BOARD: NEWN) , a
manufacturer and distributor of battery components in China, today
announced that it has completed the previously announced
acquisition of Anytone International (H.K.) Co., Ltd. and its
wholly owned subsidiary, Shenzhen Anytone Technology Co., Ltd.
(Anytone), a rapidly growing Shenzhen-based high tech, integrated
product research, manufacturing and marketing company for lithium
batteries. New Energy Systems Group paid $33.7 million for the
company consisting of $10.0 million in cash and the remaining $23.7
million by issuing approximately 3.6 million shares of common stock
based on an average stock price of $6.60 per share. Mr. Fushun Li,
Chief Executive Officer, commented, "We are pleased to have
successfully completed the acquisition of Anytone, a rapidly
growing manufacturer of lithium ion batteries, at an attractive
purchase price of 5.0x 2010 projected net income. Anytone brings an
impressive track record, having achieved annual revenue growth in
excess of 100% over the past four years. This acquisition broadens
our product offering and expands our distribution channels.
Moreover, we expect to benefit from meaningful operating leverage
and economies of scale. We believe this acquisition demonstrates
our ability to successfully identify and complete attractive
acquisitions. We continue to have a very healthy balance sheet and
will opportunistically consider other acquisitions that we believe
will create additional shareholder value." About Anytone
International (H.K.) Co., Ltd. Anytone manufactures and sells
mobile power resources based on lithium ion batteries for a full
spectrum of products, including mobile phones, notebook computers,
digital cameras, MP4s, PMPs, PDAs, solar and digital applications.
Many of Anytone's products generate 4-7 times more power than the
original OEM battery's capacity. The company's power sources
support some of the best known products in the world. Anytone had 7
practical patents and 23 appearance design patents by the State
Intellectual Property Office of the People's Republic of China
(SIPO). The company is also awaiting approval for its new
innovation patent by SIPO. The company has also obtained CE, FCC,
3C, ROHS, UL and other certifications. For more details, please
visit: http://www.anytone.com.cn/ About New Energy Systems Group
New Energy Systems Group is a leading manufacturer and distributor
of lithium ion batteries. The company assembles and distributes
finished batteries through its sales network and channel partners.
The company also sells high-quality lithium-ion battery shell and
cap products to major lithium-ion battery cell manufacturers in
China. The company's products are used to power mobile phones, MP3
players, laptops, digital cameras, PDAs, camera recorders and other
consumer electronic digital devices. Additional information about
the company is available at http://www.newenergysystemsgroup.com/ .
Forward Looking Statements Except for the historical information,
the matters discussed in this news release may contain
forward-looking statements, including, but not limited to, factors
relating to future sales. These forward-looking statements may
involve a number of risks and uncertainties. Actual results may
differ materially based on a number of factors, including, but not
limited to, uncertainties in product demand, risks related to doing
business in China, the impact of competitive products and pricing,
changing economic conditions around the world, release and sales of
new products and other risk factors detailed in the Company's most
recent annual report and other filings with the Securities and
Exchange Commission For more information, please contact: Crescendo
Communications, LLC David Waldman or Klea Theoharis Tel:
+1-212-671-1020 Email: DATASOURCE: New Energy Systems Group
CONTACT: Crescendo Communications, LLC - David Waldman or Klea
Theoharis, +1-212-671-1020, or Web Site:
http://www.newenergysystemsgroup.com/ http://www.anytone.com.cn/
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