SHENZHEN, China, Nov. 16, 2011 /PRNewswire-Asia/ -- China BAK Battery, Inc. ("China BAK" or the "Company") (NASDAQ: CBAK), a leading global manufacturer of lithium-based battery cells, today announced that the Company was recognized as a "National-certified Enterprise Technology Center" at the China Hi-Tech Fair 2011 being held November 16-21, 2011 in Shenzhen. The Company was previously recognized as a provincial-level Shenzhen Enterprise Technology Center in 2005.
A number of agencies of the national government of
the People's Republic of China, including the National Development and Reform Commission, the Ministry of Science and Technology, the National Ministry of Finance, the General Administration of Customs and the State Administration of Taxation, set forth criteria for the recipients of this honor, including technological innovation and industry leadership. The National Development and Reform Commission then presents a token of this recognition to selected companies.
In accordance with the tax policies of the National Ministry of Finance and the State Administration of Taxation with respect to a company recognized as a National-certified Enterprise Technology Center, China BAK will enjoy exemptions from import duty, VAT relating to importation, and consumption tax for scientific research and experiments. The Company will also have an opportunity to receive grants for research and development activities under the National-certified Enterprise Technology Center program and certain local government programs. The Company will be evaluated biennially to determine whether it may maintain such recognition.
"We believe it is a great honor for China BAK to be invited to the China Hi-Tech Fair 2011 as a representative of enterprises in Shenzhen and to receive one of the most prestigious technological awards in China. This award recognizes China BAK's strong R&D capabilities and technical strength in the lithium-ion battery industry. We believe that this recognition reflects well on China BAK's industry standing and potential," commented Mr. Xiangqian Li, CEO of China BAK.About China BAK Battery, Inc. China BAK Battery, Inc. (NASDAQ: 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, notebook computers and portable consumer electronics such as digital media devices, portable media players, portable audio players, portable gaming devices, and PDAs. China BAK Battery, Inc.'s production facilities, located in Shenzhen and Tianjin, PRC, cover over three million square feet and have been recently expanded to support the production of larger batteries for various types of vehicles. For more information regarding China BAK Battery, Inc., please visit http://www.bak.com.cn. 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 "believes," "expects" 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, 2010, as well as China BAK's Quarterly Reports on Form 10-Q that have been filed since the date of such annual report, 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.