DALIAN, China, April 29 /PRNewswire-Asia-FirstCall/ -- China Sun
Group High-Tech Co., Ltd. (OTC Bulletin Board: CSGH) ("China Sun
Group" or the "Company"), a vertically integrated supplier of
cobalt-based raw materials for rechargeable Lithium-ion (Li)
batteries in China announced today
that it has been honored by the government of Liaoning province as a leading contributor to
its electronic information industry.
Dalian Economic and Information Technology Committee (the
Committee) recently announced that it has selected 15 key projects
from among 11 companies within Liaoning province in order to improve and
upgrade Dalian's industry and
information technology, and promote stable and rapid industrial
growth within the province.
One of the key projects selected is the industrialization of
lithium iron phosphate (LIP) used as an anode material for Li
batteries manufactured by Dalian Xinyang High-Tech Development Co.,
Ltd. ("DLX") a 100% owned subsidiary of China Sun Group. This
project will benefit from the support of the Committee and the
Dalian government through the
award of subsidies which will help insure a successful and timely
ramp up of LIP production.
DLX forecasts that during the period from 2009 to 2012, it will
have invested a total of $17.6
million (120 million RMB) in
the R&D and industrialization of LIP. DLX invested $6.6 million (45 million
RMB) in 2009 and expects to invest an additional
$2.5 million (17 million RMB) during 2010. By the end of 2012,
DLX expects to achieve a manufacturing capacity of 2,000 tons. This
requires investment in 12 production lines in addition to state of
the art equipment. Currently DLX is capable of producing up to 50
tons of LIP per month used in 100Ah's automobile power batteries,
which have been certified by the National Automobile New Product
Quality Supervision and Test Center.
"We are honored to be recognized by the government of
Liaoning province as a leading
contributor to its electronic information industry," commented Bin
Wang, Chairman and CEO of China Sun Group. "China Sun Group is
encouraged by the government's support to continue to advance our
technologies and capabilities, and strengthen the breadth and depth
of our portfolio of lithium iron phosphate products."
About China Sun Group High-Tech Co., Ltd.
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 .
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For more information, please contact:
Company Contact:
Mr. Guosheng Fu, Vice President
China Sun Group High-Tech Co., Ltd
Tel: +86-411-8288-9800/8289-2736 (China)
Email: ir@china-sun.cn
Web: http://www.china-sun.cn
Investor Relations Contact:
Mr. Pierre Maccagno, Account Manager
Email: pierre.maccagno@ccgir.com
Tel: +1-646-833-3422
Mr. Crocker Coulson, President
Email: crocker.coulson@ccgir.com
Tel: +1-646-213-1915
CCG Investor Relations
Web: http://www.ccgirasia.com
SOURCE China Sun Group High-Tech Co., Ltd.