All kinds of news out today, large new order for cells for use in cars, and analyst upgrade from hold to buy today. I just bought enough shares today to double my position. Last rally was just a few months ago, to over $1/share. Book value, stock holder's equity is still close to $2/share, with stock price 1/4th of that.
China BAK Strikes Deal to Supply 0.5 Million Units of Cylindrical Battery Cells BY Midnight Trader — 6:38 AM ET 07/18/2012
06:38 AM EDT, 07/18/2012 (MidnightTrader) -- China BAK Battery, Inc. , manufacturer of lithium-based battery cells, has entered into a new contract to supply cylindrical battery cells to AC Propulsion, a producer of electric vehicle technology.
Under the contract, China BAK will deliver 540,000 units of cylindrical battery cells to AC Propulsion by the end of 2012, which will be used to power 100 electric cars.
CBAK fell 2% to $0.432 yesterday in moving closer to year lows.
SHENZHEN, China, July 18, 2012 /PRNewswire-Asia/ -- China BAK Battery, Inc. , a leading global manufacturer of lithium-based battery cells, today announced that the Company has entered into a new contract to supply 0.5 million units of cylindrical battery cells to AC Propulsion, a producer of electric vehicle technology based in Shanghai and California. For more information regarding AC Propulsion, please visit http://www.acpropulsion.com/.
As per the contract, China BAK will deliver 540,000 units of cylindrical battery cells to AC Propulsion by the end of 2012, which will be used to power 100 electric cars. AC Propulsion previously purchased a sample order of the Company's cylindrical battery cells for trial and testing purposes and provided positive feedback on product quality and performance of the battery cells.
"We are encouraged by the positive feedback from AC Propulsion and are pleased to expand our cooperation with them," commented Mr. Xiangqian Li, CEO of China BAK. "We expect to receive additional orders for our cylindrical battery cells used to power electric cars. We believe revenue growth from this segment will be driven by our high quality products, technical capability and growing market recognition," added Mr. Li.
About China BAK Battery, Inc.
China BAK Battery, Inc. (CBAK) is a leading global manufacturer of lithium-based battery cells. The Company produces battery cells that are the principal component of rechargeable batteries commonly used in cellular phones, smartphones, notebook computers, e-bikes, electric vehicles, power tools, uninterruptible power supplies, and portable consumer electronics such as portable media players, portable gaming devices, personal digital assistants, or PDAs, camcorders, digital cameras, and Bluetooth headsets. China BAK Battery, Inc. (CBAK Loading... Loading... )'s production facilities, located in Shenzhen and Tianjin, PRC, cover over three million square feet. For more information regarding China BAK Battery, Inc. , please visit http://www.bak.com.cn.
Safe Harbor Statement
Ambition with out knowledge is like ship in dry dock. Going nowhere fast!
