DALIAN, China, July 19 /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 raw
materials for rechargeable Lithium-ion (Li-ion) batteries in
China, announced today that it has
received a government subsidy for its cutting edge Lithium Iron
Phosphate (LIP) development project for use in the new energy
automobile industry.
The subsidy is approximately $44,000, paid by the Dalian Economic and
Information Technology Committee to encourage China Sun Group's
product research and development of LIP, the main raw material used
in lithium power batteries.
China Sun Group was one of only nine companies to receive this
government subsidy. This is the first time that the Dalian government has offered this subsidy to
companies that have the greatest potential of developing technology
for use in the new energy automobile industry. The government's
overall aim is to accelerate re-construction of Dalian's traditional industries, as well as to
promote the development of new key technologies by companies based
in Dalian.
"China Sun Group is committed to being a leading anode material
supplier for Li-ion batteries used in the new energy automobile
industry, and we continuously strive to provide our clients with
high quality products," said Mr. Bin Wang, Chairman and CEO of
China Sun Group. "I am delighted to receive this honor, which will
help China Sun Group contribute to the development of the new
energy automobile industry in China and Dalian by increasing our research and
development investment and expanding our marketing channels."
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 has recently
diversified into the manufacture of LIP and plans to forward
integrate to manufacture of power Li-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 Company's ability to become a leading
anode material supplier for Li-ion batteries used in the new energy
automobile industry 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 .
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
Website: 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
Website: http://www.ccgirasia.com
SOURCE China Sun Group High-Tech Co., Ltd.