Advanced Battery Technologies, Inc. (OTCMKTS:ABAT) has continued to drop farther recently on decelerating volume and little interest from Investors. The stock now trades just a hair over 52 lows of $0.20 a share, a far cry from the $0.70 plus share price it commanded in November.
The last press release from the Company came back on March 23 when they announced a strategic partnership agreement with Jiangsu Duke New Energy Automobile Co., Ltd to supply its fast charging lithium batteries for Jiangsu Duke’s 20,000 electronic sports cars in 2015.
Jiangsu Duke New Energy Automobile is a high tech company that specializes in research and development, design and manufacture of its Supercar branded electric sports cars. Jiangsu Duke New Energy Automobile’s new energy project is authorized by the China Development and Reform Commission. It expects to produce 20,000 electric sports cars in 2015 and Advanced Battery Technologies will provide the fast charging lithium batteries for all these vehicles.
ABAT has been around for years and was trading on the NASDAQ stock exchange until November 30, 2011 when the stock was delisted to the OTCBB. Investors love to trade ex NASDAQ while they are on the bb’s for their ability to make parabolic runs.
Advanced Battery Technologies, Inc. (OTCMKTS:ABAT) specializes in the development of rechargeable polymer lithium-ion (PLI) batteries and Light electric vehicles (LEV’s). ABAT has their executive office in Beijing, China and they have three manufacturing subsidiaries in Harbin, Wuxi and Dongguan, China.
ABAT has been putting out some really explosive press in November after months of silence; on November 3 they said they plan to become fully reporting. To this end they retained Paritz & Company, P.A. as its independent auditor to audit the Company’s financial statements for the years ended December 31, 2011, 2012, 2013 and 2014.
Obviously this is huge news and probably the most pressing issue for ABAT as the stock is currently trading under the dreaded skull & crossbones designation from OTCMarkets.com; something sure to scare away any prospective shareholders considering the stock.
2 days later ABAT announced the launch of a superior fast charging nano lithium titanate battery. ABAT and Long Power Systems (Suzhou) Co., Ltd co-developed the new battery technology. The fast charging lithium titanate battery is the first of its kind in the China market. It offers a wide range of usage, excellent performance and superior safety profile.
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Then on November 11 ABAT announced that its wholly owned subsidiary Wuxi Angel has signed two new multi-year distribution contracts to market and sell its newly launched pure lithium battery powered electrical vehicles. Wuxi Angel designed and developed three series of new products: eco-friendly cleaning vehicles, senior scooters and leisure vehicles. These vehicles, all powered by the Company’s new fast charging pure lithium batteries, have zero emission to the environment.
CEO of ABAT Mr. Zhiguo Fu said ”We have signed two agreements with regional distributors to help us market and sell these eco-friendly electric vehicles. These distributors, strategically selected by ABAT, will sell a combined minimum of 13,000 vehicles (in three categories of eco-friendly cleaning vehicles, senior scooters and leisure vehicles) in three years with estimated revenue of more than 150 million RMB. ($25 million us) ABAT is committed to the clean energy industry and will continue to bring new products to the market.”
On November 20, ABAT announced the company and Mr. Zhiguo Fu, Chairman and CEO plan to buy back up to 5 million ABAT common shares over the next 12 months. The common stock to be repurchased would represent 6.6% of the total shares outstanding, which will be purchased from time to time in the open market or in privately negotiated transactions. The planned share buyback requires board approval.
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Currently trading at a $13.5 million market valuation ABAT is seriously late on their filings and now has the dreaded skull and crossbones designation from OTCMarkets, another reason for Investors to stay away. We will be updating on ABAT on a daily basis so make sure you are subscribed to microcapdaily.com so you know what is going on with ABAT.
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Disclosure: we hold no position in ABAT either long or short and we have not been compensated for this article