China BAK Clarifies Investment Plan on Tianjin Facility
Inc. (“China BAK”) (Nasdaq: CBAK), one of the largest lithium-ion battery cell
manufacturers in the world, as measured by production output, today clarifies
its investment plan on its Tianjin Facility.
Recently, certain Chinese language media published inaccurate information
on the investment plan of China BAK on BAK International (
Tianjin”).
As of the first quarter of fiscal year 2009, China BAK has contributed,
through a wholly owned subsidiary, approximately
Tianjin. China BAK has no investment plan to invest up to
Tianjin, as the said media source stated.
China BAK will continue to exercise prudent and disciplined management on
our capital expenditures, especially in the current financial environment. We
will also follow Regulation Fair Disclosure rigidly in disclosing our
corporate activities on all aspects.
About China BAK Battery, Inc.
China BAK Battery, Inc. is one of the largest manufacturers of lithium-
based battery cells in the world, as measured by production output. It
produces battery cells that are the principal component of rechargeable
batteries commonly used in cellular phones, notebook computers and portable
consumer electronics, such as digital media devices, portable media players,
portable audio players, portable gaming devices, and PDAs. China BAK Battery,
Inc.’s 3.0 million square foot facilities are located in
PRC, and have been recently expanded to produce new products.
Safe Harbor Statement
This press release contains forward-looking statements, which are subject
to change. The forward-looking statements are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995.
All “forward-looking statements” relating to the business of China BAK Battery,
Inc. and its subsidiary companies, which can be identified by the use of
forward-looking terminology such as “believes,” “expects” or similar
expressions, involve known and unknown risks and uncertainties which could
cause actual results to differ. These factors include but are not limited to:
risks related to China BAK’s business and risks related to operating in
Please refer to China BAK’s Annual Reports on Form 10-K for the fiscal years
ended
risks and uncertainties, you are cautioned not to place undue reliance on
forward-looking statements. China BAK’s actual results could differ
materially from those contained in the forward-looking statements. China BAK
undertakes no obligation to revise or update its forward-looking statements in
order to reflect events or circumstances that may arise after the date of this
release.
SOURCE China BAK Battery, Inc.