NEW YORK and SHENZHEN, March
31 /PRNewswire-Asia-FirstCall/ -- New Energy Systems Group
(OTC Bulletin Board: NEWN), a vertically integrated original design
manufacturer and distributor of lithium ion batteries and backup
power systems, today announced that it will file a 15-day extension
notification with the SEC relating to the Company's Annual Report
on Form 10-K for the fiscal year ended December 31, 2009. New Energy Systems Group filed
for the extension to allow additional time to finalize its 2009
financial statements.
Mr. Fushun Li, Chief Executive
Officer, commented, "In addition to operating a rapidly growing
business, our management has been busy completing the audits and
integration of two recent and sizeable acquisitions over the past
several months. As a result of these factors, it has taken us
longer than we had originally anticipated completing our 2009
audit. While we regret this delay, we wanted to assure investors
that we expect our 2009 results to be in-line with our previous
guidance range for net income between $5.3
and $6.0 million. We also remain confident in our prior
guidance for 2010 projected net income of at least $15.6 million, or $1.23 per share, excluding acquisition related
expenses."
About New Energy Systems Group
New Energy Systems Group is a vertically integrated original
design manufacturer and distributor of lithium ion batteries and
backup power systems for mobile phones, laptops, digital cameras,
MP3s and a variety of other portable electronics. The company's
end-user consumer products are sold under the Anytone brand in
China, and the company has begun
expanding its international sales efforts. The fast pace of new
mobile device introductions in China combined with a growing middle class
make it fertile ground for New Energy's end-user consumer products,
as well as its high powered, light weight lithium ion batteries. In
addition to historically strong organic growth, New Energy is
expected to benefit from economies of scale, broader distribution,
greater production capacity and higher profit margins in 2010.
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 results.
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: newn@crescendo-ir.com
SOURCE New Energy Systems Group