DALIAN, China, Sept. 21 /PRNewswire-Asia-FirstCall/-- China Sun
Group High-Tech Co. (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, today announced that it has
signed an agreement to supply Huanyu Power Source Co., Ltd.
("Huanyu") with a minimum of 40 tons of Lithium Iron Phosphate
(LIP) by the end of calendar year 2010.
China Sun Group's management believes that the total amount of
LIP sold to Huanyu by the end of the current year will be
approximately 60 tons.
Prior to signing the contract, Huanyu spent three months testing
China Sun Group's LIP material and an additional three and half
months testing the Li-battery applications for the LIP material.
Both tests successfully met Huanyu's production standards. China
Sun Group and Huanyu have agreed to hold a meeting at the end of
December to discuss Huanyu's LIP requirements for calendar year
2011.
Huanyu Power Source Co., Ltd. began its main business of
R&D, manufacture and distribution of replacement batteries in
1982. Huanyu has established a hi-tech industrial park engaged in
the production of Nickel Cadmium, Nickel Hydrogen, Lithium ion and
Lead Acid batteries, in more than 100 models with a daily capacity
in excess of 2 million secondary batteries. Huanyu currently has
more than 10,000 employees with 400 dedicated to research.
"We are excited to announce our first agreement with Huanyu
Power Source Co. as Huanyu is the first company to manufacture
batteries at the China New Energy Automobile Production
Experimental Site," commented Mr. Guosheng
Fu, the recently appointed Chief Executive Officer of China
Sun Group High-tech Co. "The agreement is a great start as we seek
to expand our LIP market, and begin the industrialization of our
LIP production line."
About China Sun Group High-Tech Co.
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.
Tel: +86-411-8288-9800 / 8289-2736 (China)
Email: ir@china-sun.cn
Web: http://www.china-sun.cn
Investor Relations Contact:
Mr. Mark Collinson, Partner
CCG Investor Relations
Tel: +646-833-3422
Email: mark.collinson@ccgir.com
Web: http://www.ccgirasia.com
SOURCE China Sun Group High-Tech Co.
Copyright . 21 PR Newswire