advanced battery technologie (ABAT) Key Developments
Advanced Battery Technologies Signs Strategic Agreement with Chengdu Xundi Electric Vehicle Manufacturing Co., Limited
Dec 9 14
Advanced Battery Technologies, Inc. announced that the company has signed a strategic agreement with Chengdu Xundi Electric Vehicle Manufacturing Co. Ltd. (Chengdu Xundi). ABAT and Chengdu Xundi signed a strategic agreement to jointly develop a fast charging battery, which enables a one-time charge to supply a driving range above 400 kilometers (equivalent to 248.5 miles) for electric cars. The three-year agreement signed on December 5, 2014, strategically positions ABAT to develop and supply the fast charging batteries to Chengdu Xundi. Chengdu Xundi will use ABAT's batteries and leverage its advanced vehicle technology to produce electric vehicles to meet the new energy automotive sector standards.
Advanced Battery Technologies, Inc. Announce Multi-Year Distribution Contracts from New Product Launch
Nov 11 14
Advanced Battery Technologies, Inc. announced that Wuxi Angel Automatic Vehicle Company, its wholly owned subsidiary, 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. Based on the market changes and product demand, Wuxi Angel has developed a new series of innovative eco-friendly vehicles. These new electric vehicles fall into three categories. Eco-friendly Cleaning Vehicles; Street Sweepers - this series of electrical powered light vehicles are mainly used in cleaning roads and sweeping courtyards; Floor Washers - this series is mainly used for indoor floor washing and cleaning; Refuse Vehicles - this series of eco-friendly light refuse vehicles are used for the transportation of waste collection; Senior Scooters - this series of senior scooters are used for leisure travel of senior and elderly citizens; and Leisure Vehicles - this series of leisure vehicles include two-wheel electric scooter for leisure and fitness.
Advanced Battery Technologies, Inc. Appoints Paritz & Company, P. A. by Replacing EFP Rotenberg, LLP as Independent Registered Public Accounting Firm
Oct 21 14
On October 20, 2014 Advanced Battery Technologies, Inc. dismissed EFP Rotenberg LLP from its position as the company’s independent registered public accounting firm. The Audit Committee of the company’s Board of Directors approved the dismissal. On October 20, 2014 the company retained the firm of Paritz & Company, P.A. to audit the company’s financial statements for the years ended December 31, 2011, 2012, 2013 and 2014.
Pomerantz Grossman Hufford Dahlstrom & Gross LLP Announces Pendency and Proposed Settlement of Class Action Against Advanced Battery Technologies, Inc. and Settlement Hearing
Dec 19 13
Lead Counsel for Plaintiffs has announced, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Southern District of New York, that a hearing in Advanced Battery Technologies, Inc. Securities Litigation, Consolidated Civil Action No. 11 Civ. 2279(CM) will be held on February 21, 2014, at 9:30 a.m., before the Honorable Colleen McMahon, United States District Judge, at the courthouse for the United States District Court, Southern District of New York, Courtroom 14C, Daniel Patrick Moynihan United States Courthouse, 500 Pearl St., New York, New York 10007, for the purpose of determining, among other things: whether the proposed Settlement of the settlement class's claims against the ABAT Defendants for $275,000.00 should be approved as fair, reasonable and adequate; whether the Plan of Allocation is fair and reasonable and should be approved; whether the application by lead counsel for an award reimbursing them for a portion of their expenses should be approved; whether the lead plaintiff should be granted a compensatory award; and whether the Litigation should be dismissed with prejudice against the ABAT defendants as in the settlement stipulation filed with the court. The proposed settlement class will consist of all persons and entities that purchased or otherwise acquired ABAT common stock between May 15, 2007, and March 29, 2011, inclusive. excluded from the settlement class are the ABAT defendants and auditor defendants, all current and former directors and officers of ABAT during the settlement class period, and any family member, trust, company, entity or affiliate controlled or owned by any of the excluded persons or entities referenced above.