DALIAN, China,
March 16, 2016
/PRNewswire/ --China BAK Battery, Inc. (NASDAQ: CBAK)
("China BAK", or the "Company"), the world's leading lithium
battery manufacturer and electric energy solution provider,
announced today that it has reached a purchase contract with
Sysgration (Zhenjiang) Co., Ltd. ("Sysgration"), a leading
manufacturer of automotive electronics products and smart
home devices. Under the contract, Sysgration undertakes to
purchase from China BAK for no less than 6 million units of 26650
high power lithium batteries in calendar year 2016, for use in
Sysgration's battery packs supplied to electric vehicles
manufacturers. China BAK will supply the batteries through its
wholly-owned operating subsidiary, Dalian BAK Power Battery Co.,
Ltd., a specialized high power battery provider in Dalian.
The 26650 high power lithium battery is one of China BAK's
most popular self-developed products. It has outstanding
performance, such as high capacity, stability and safety, which has
been used in various kinds of electric vehicles and gets good
reputations from electric vehicle customers. China BAK has been
dedicated to the research and development and commercial use of
high power lithium batteries for many years. Apart from the 26650
lithium battery, China BAK has also developed several other lithium
batteries, such as 26700HC, 26700HE, 26650HC and 26650HE,
etc.
"We are glad to enter into the large-quantity purchase
contract with Sysgration, which reflects the market recognition of
our high power battery products for use in electric vehicles. It
encourages us to continue investment on the R&D of high power
lithium batteries and expansion of high power lithium battery
production lines. It is a good beginning for year 2016, and with
the surging electric vehicle markets, we believe we will enter into
more lithium battery agreements with customers," commented Mr. Yunfei Li, the CEO of China BAK.
About Sysgration (Zhenjiang) Co.,
Ltd
Sysgration (Zhenjiang) Co., Ltd., established in 2013, is
one of the China mainland
subsidiaries of Sysgration Ltd, which was founded in Taiwan in 1977 as a supplier of automotive
electronics products, peripheral, and power solution. In 1996,
Sysgration Ltd. is listed in the Taiwan Stock Exchange (TWSE) under
the symbol of 5309. In its first 20 years, Sysgration has supported
global partners as their trusted commitment OEM development and
manufacturing. Sysgration has built its reputation by supporting
advanced OEM peripheral for branded company. In the recent decade,
Sysgration has positioned as manufacturer of IoV(Internet of
Vehicle) automotive electronics products and IoT(Internet of
Things) smart home devices.
About China BAK Battery, Inc.
China BAK Battery, Inc. (NASDAQ: CBAK) is a global leading
high-tech enterprise engaged in the R&D, manufacture, and sales
of high power lithium batteries. The application of its products
and solutions covers such areas as electric vehicles, light
electric vehicles, electric tools, transportation and energy
storage. As the first lithium battery company in China to get listed in the U.S. in
January 2005, CBAK possesses
China's first production base
specially engaged in power battery, and has its wholly-owned
subsidiary – Dalian BAK Power Battery Co., Ltd., and a large-scale
R&D and production base in Dalian. For more information, please visit
www.cbak.com.cn.
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: the ability of the Company
to meet its contract obligations; the uncertain market for the
Company's high-power lithium and other battery cells; business,
macroeconomic, technological, regulatory, or other factors
affecting the profitability of battery cells designed for electric
vehicles; and risks related to China BAK's business and risks
related to operating in China.
Please refer to China BAK's Annual Report on Form 10-K for the
fiscal year ended September 30, 2015,
as well as other SEC reports that have been filed since the date of
such annual report, 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.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/china-bak-signs-purchase-contract-with-sysgration-300237035.html
SOURCE China BAK Battery, Inc.