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news: China Sun Group High-Tech Co. Signs LOI

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IPO$ Member Level  Tuesday, 10/27/09 04:30:46 PM
Re: nkdroth post# 897
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news: China Sun Group High-Tech Co. Signs LOI to Jointly Produce Finished Li-Ion Batteries for Electric Vehicle

LIAONING PROVINCE, China, Oct. 27 /PRNewswire-FirstCall/ -- China Sun Group High-Tech Co. (OTC Bulletin Board: CSGH), which through its wholly-owned subsidiary Dalian Xinyang High-Tech Development Co. Ltd. ("DLX") has the second largest cobalt series production capacity in the People's Republic of China ("PRC"), announced today that on September 27, 2009, DLX signed a Letter of Intent (LOI) with Beijing Zhongxinlian Shuangsheng Sci-Tech Co., Ltd. to jointly produce finished lithium ion (li-ion) batteries under the registered brand name "ShenKun." The 100An serial power ShenKun batteries are made with DLX's lithium iron phosphate product, an alternative, environmentally-friendly energy component.

Since DLX began production of its new li-ion product in May 2009, two of China's leading battery producers, Shandong Shengong KP-Power Co., Ltd. and Beijing Zhongxinlian Shuangsheng Sci-Tech Co., Ltd., have successfully completed testing of li-ion batteries using DLX components. The companies are now demonstrating a prototype battery to electric vehicle manufacturers to facilitate sales of finished li-ion products. In addition, China Sun Group has 21 customers undergoing technical testing of its new li-ion product.

Bin Wang, CEO of China Sun Group, said, "The goal of our strategic agreement with Beijing Zhongxinlian is to accelerate the commercialization of our green, li-ion battery product to the global electric vehicle manufacturing market. With the production of finished li-ion batteries, China Sun Group looks forward to expanding its business worldwide as a complete, end-to-end battery product manufacturer."

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