DALIAN, China, Jan. 13, 2017 /PRNewswire/ -- China BAK
Battery, Inc. (NASDAQ: CBAK) (the "Company"), a company engaged in
the business of developing, manufacturing and selling new energy
high power lithium batteries in China, today announced that it will change its
company name to CBAK Energy Technology, Inc., effective
January 16, 2017.
On January 10, 2017, the Company
filed the Articles of Merger with the Secretary of State of Nevada to effect a merger in which
its newly formed, wholly owned subsidiary, CBAK Merger Sub, Inc.
will merge with and into the Company with the Company being the
surviving entity (the "Merger"). As permitted by Chapter
92A.180 of Nevada Revised Statutes, the sole purpose of the Merger
was to effect the change of the Company's name.
The trading symbol of the Company's common stock will remain as
"CBAK". The Company anticipates that its common stock will
begin trading on the Nasdaq Global Market under the Company's new
name when the market opens on January 17,
2017.
The Company's CEO, Yunfei Li,
commented: "This name change is one important step in the evolution
of our business. We believe that the new company name more
accurately reflects the Company's core value of leveraging
proprietary technologies to provide state-of-the-art new energy
products to our clients."
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 areas including electric vehicles, light
electric vehicles, electric tools, transportation and energy
storage. As the first China-based
lithium battery company listed in the U.S. in January 2005, the Company manufactures its power
battery products through its wholly-owned subsidiary, Dalian BAK
Power Battery Co., Ltd., located in Dalian, China, where the Company has a
large-scale R&D and production base. For more
information, please visit www.cbak.com.cn.
Forward-Looking Statements
This press release may contain certain "forward-looking
statements" relating to the business of China BAK Battery, Inc. and
its subsidiaries. All statements, other than statements of
historical fact included herein, are "forward-looking statements"
in nature within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements, often
identified by the use of forward-looking terminologies such as
"believes", "expects" or similar expressions, involve known and
unknown risks and uncertainties. Although the Company believes that
the expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. Investors should
not place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including those discussed in the Company's periodic
reports that are filed with the Securities and Exchange Commission
and available on its website (http://www.sec.gov). All
forward-looking statements attributable to the Company and its
subsidiaries or persons acting on their behalf are expressly
qualified in their entirety by these factors. Other than as
required under the securities laws, the Company does not assume a
duty to update these forward-looking statements.
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SOURCE China BAK Battery, Inc.