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China BAK Renews Credit Facilities, Increases Maximum Amount

整理: K8时间: 2018-10-11



SHENZHEN, China, June 26 /Xinhua-PRNewswire/ -- China BAK Battery, Inc. ("China BAK" or "BAK") (Nasdaq: CBAK), today announced that it has renewed and increased its comprehensive credit facilities with Shenzhen Eastern Branch, Agricultural Bank of China ("Agricultural Bank") and Shenzhen Shuibei Branch, Shenzhen Commercial Bank ("Commercial Bank"), bringing BAK's total credit facilities to RMB 2.1 billion (U.S. $281.5 million based on June 25, 2007 exchange rates, hereinafter the same exchange rate is useAAAAAAAAAA> On June 8, 2007, BAK renewed its comprehensive credit facility agreement with Agricultural Bank to provide a maximum loan amount of RMB 800 million (U.S. $105.0 million), an increase of RMB 200 million (U.S. $26.2 million) as compared with the original credit facility agreement. The loan may be drawn beginning June 8, 2007 through May 23, 2008, with the term of loan subject to each loan agreement/contract signed under this credit facility agreement. The credit facility agreement is guaranteed by BAK International Limited and Mr. Li Xiangqian, BAK's Chief Executive Officer.

On May 15, 2007, BAK renewed its comprehensive credit facility agreement with Commercial Bank to provide a maximum loan amount of RMB 200 million ($26.2 million), an increase of 100 million ($13.1 million) as compared to the original credit facility agreement. The loan may be drawn at any time over the one-year period beginning May 15, 2007. The credit facility agreement is guaranteed by BAK International Limited and Mr. Li Xiangqian.

China BAK intends to use the loans drawn under these credit agreements for the purchase of machinery and equipment and for further business development activities.

"Our increased credit facilities provide us with greater flexibility in managing our capital expenditures and working capital requirements. We believe that our existing available short-term and long-term bank credit facilities are sufficient to support our current business development and future businesAAAApansion," commented Xiangqian Li, China BAK's Chief Executive Officer.

About China BAK Battery Inc.

China BAK Battery, Inc. is one of the largest manufacturers of lithium-based battery cells in China and in the world, as measured by production output. It produces battery cells that are the principal component of rechargeable batteries commonly used in cellular phones, notebook computers, cordless power tools and portable consumer electronics, such as digital media devices, portable media players, portable audio players, portable gaming devices and personal digital assistants (or PDAs). China BAK's 1.9 million square feet facilities are located in Shenzhen, PRC, and have been recently expanded to produce new products. China BAK is the largest manufacturer of lithium-ion battery cells for China's cellular phone replacement battery market.

Safe Harbor Statement

This press release contains forward-looking statements, which are subject to change. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All "forward-looking statements" relating to the business of China BAK Battery, Inc. and its subsidiary companies, which can be identified by the use of forward-looking terminology such as "believeAAAAAAApects" or similar expressions, involve known and unknown risks and uncertainties which could cause actual results to differ. These factors include but are not limited to: risks related to China BAK's business and risks related to operating in China. Please refer to China BAK's Annual Report on Form 10-K for the fiscal year ended September 30, 2006, as well as its Quarterly Reports on Form 10-Q for the first two quarters of fiscal 2007, which are filed with the U.S. Securities and Exchange Commission, for specific details on risk factors. Given these risks and uncertainties, you are cautioned not to place undue reliance on forward-looking statements. China BAK's actual results could differ materially from those contained in the forward-looking statements. China BAK undertakes no obligation to revise or update its forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.

For more information, please contact:

Company Contact:

Jim Groh

Tel: +1-843-277-0024

Email: jim@BAKbattery.com

Investor Relations Contact:

Crocker Coulson

Tel: +1-646-213-1915

Email: crocker.coulson@ccgir.com

Elaine Ketchmere

Tel: +1-310-477-9800 x119

Email: elaine.ketchmere@ccgir.com

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