China Sun Group High-Tech Co.'s Latest Energy Innovation Receives Positive Feedback from Government & Automotive Industry
March 26 2009 - 8:30AM
PR Newswire (US)
LIAONING PROVINCE, China, March 26 /PRNewswire-FirstCall/ -- China
Sun Group High-Tech Co. (OTC Bulletin Board: CSGH, "China Sun
Group"), which through its wholly-owned subsidiary Dalian Xinyang
High-Tech Development Co. Ltd ("DLX") has the second largest cobalt
series production capacity in the People's Republic of China
("PRC"), announced today that following the successful completion
of testing on its battery anode material, lithium iron phosphate,
the Company is receiving rave reviews from the Chinese government
and the alternative energy sector. A 'green' power source, lithium
iron phosphate is designed to be used in batteries that power
hybrid and electric automobiles. DLX' new lithium iron phosphate
product has been declared "The 2009 Innovation Project," and was
named a key national project by the Chinese government. In February
2009, the Chinese government issued a "Revitalization of the
Chinese Automobile Industry," which stipulated that all Chinese
domestic automobile manufacturers must have the certified
automobile products of new energy and energy alternatives. From
2009 to 2011, the Chinese government plans to invest 10 Billion
Yuan, or approximately US$1.46 Billion, to support the development
of new energy automobiles, technological innovations and the
research of special parts. Sale volumes of new energy automobiles
are estimated to account for 5 to 10% of the Chinese automobile
industry by 2012. "As the government provides incentives to
consumers and the automotive industry to adopt energy saving and
eco-friendly products, we anticipate to see accelerated demand for
our lithium iron phosphate product," said Bin Wang, CEO of China
Sun Group. "We look forward to commencing full scale production of
our product in early April 2009." On March 16, 2009, the Chinese
Enterprise Newspaper published an article on DLX which highlighted
its role as an innovator in the new energy market. The article
titled, "Xinyang Emerging in new energy field," can be found at
http://www.china-sun.cn/eShowNews.asp?news_id=209. About China Sun
Group China Sun Group High-Tech Co., ("China Sun Group") produces
anode materials used in lithium ion batteries. Through its
wholly-owned operating subsidiary, Dalian Xinyang High-Tech
Development Co. Ltd ("DLX"), the Company primarily produces
cobaltosic oxide and lithium cobalt oxide. According to the China
Battery Industry Association, DLX has the second largest cobalt
series production capacity in the People's Republic of China.
Through its research and development division, DLX owns a
proprietary series of nanometer technologies that supply
state-of-the-art components for advanced lithium ion batteries.
Leveraging its state-of-the-art technology, high-quality product
line and scalable production capacity, the Company plans to create
a fully integrated supply chain from the primary manufacturing of
cobalt ore to finished products, including lithium ion batteries.
For more information, visit http://www.china-sun.cn/. Safe Harbor
Statement The statements contained herein that are not historical
facts are considered "forward-looking statements." Such
forward-looking statements may be identified by, among other
things, the use of forward-looking terminology such as "believes,"
"expects," "may," "will," "should," or "anticipates" or the
negative thereof or other variations thereon or comparable
terminology, or by discussions of strategy that involve risks and
uncertainties. In particular, statements regarding the potential
growth of the markets are examples of such forward-looking
statements. The forward-looking statements include risks and
uncertainties, including, but not limited to, the effect of
political, economic, and market conditions and geopolitical events;
legislative and regulatory changes that affect our business; the
availability of funds and working capital; the actions and
initiatives of current and potential competitors; investor
sentiment; and our reputation. We do not undertake any
responsibility to publicly release any revisions to these
forward-looking statements to take into account events or
circumstances that occur after the date of this report.
Additionally, we do not undertake any responsibility to update you
on the occurrence of any unanticipated events, which may cause
actual results to differ from those expressed or implied by any
forward-looking statements. The factors discussed herein are
expressed from time to time in our filings with the Securities and
Exchange Commission available at http://www.sec.gov/. Contact:
China Sun Group Thomas Yang Assistant to the President Tel:
917-432-9350 (U.S.) or 86 411 8288-9800 (China) Fax: 86 411
8289-2739 e-mail: DATASOURCE: China Sun Group High-Tech Co.
CONTACT: Thomas Yang of China Sun Group, Assistant to the
President, +1-917-432-9350 (U.S.), +86-411-8288-9800 (China), Fax:
+86-411-8289-2739, Web Site: http://www.china-sun.cn/
http://www.china-sun.cn/eShowNews.asp?news_id=209
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