The revenue for year-end 2009 is anticipated to be $66 million and net income is anticipated to be $27.5 million.
Advanced Battery’s financial guidance does not factor any revenue contribution from the Wuxi Angell acquisition.
Zhiguo Fu, chairman and vjief executive officer of Advanced Battery, said, We are very pleased to be able to discuss such exciting business opportunities for 2009. We have almost completed the Wuxi Angell acquisition that we believe will be a mutually beneficial business and financial relationship. Also, as we work to increase our production capacity, we will have completed two additional assembly lines with tremendous revenue potential going forward by the end of 2009.”
We have a strong balance sheet and US$32.7 million cash available as of the end of 2008 that we will continue to utilize for production increases and technology related acquisitions when we see opportunities to that will increase long term shareholder value.
