China BAK Battery Announces 3-year Agreement - (NASDAQ: CBAK)

China BAK Battery Announces 3-year Agreement - (NASDAQ: CBAK)

China BAK Battery, a leading global manufacturer of lithium-based battery cells, today announced a three-year Preferred Vendor Agreement with Beaverton, Oregon based Micro Power Electronics (MPE), for lithium-ion cells to be built into sophisticated packs by Micro Power.

Commenting on the agreement, Steven Ruth, Vice President of North American Business for China BAK said, "China BAK is honored to partner with Micro Power, a global leader in portable power systems. We look forward to becoming an integral part of Micro Power's supply chain."

Chinas BAK Battery produces battery cells that are the principal component of rechargeable batteries used to power applications, such as cellular phones; notebook computers; portable consumer electronics, such as digital cameras, portable media players, portable gaming devices and personal digital assistants (PDAs), and other applications, such as cordless power tools, mining lamps, light electric vehicles and hybrid electric vehicles.

The company is well positioned as it produces battery cells for highly demanded products. Further three-year Preferred Vendor Agreements are always a plus, however, the stock is actually trading lower today. CBAK is trading at $1.85 down $0.05 or 2.6% on below average volume of 270k. It looks like investors aren't convinced just yet, awaiting to see how the partnership will affect revenues in the future.

Disclosure: no positions

To view this article at World Market Media click on the link below: http://www.worldmarketmedia.com/779/section.aspx/1738/post/china-bak-battery-announces-3-year-agreement-nasdaq-cbak

About World Market Media:

WorldMarketMedia.com (The Global Online Investment Community) is a high traffic stock market, news data website providing cutting edge new media products and services to publicly traded companies worldwide. Our Editor's Desk authors insightful real-time coverage on the economy, the capital markets and their listed companies.

POST COMMENT

China Shipbuilding Heavy Industry "ready" on the trail Discover Your China Wealth Amy Hall Which City is the best Choice of Dropship from China? Ten Things You Can Get in Japan You Can't Get in China China Experiences M&A Boom During 2006-2010 Some of the Best Places to Visit in China Bob Hope in China: Translating Hope's Jokes Into Mandarin and Cantonese Bob Hope in China: The Peking Opera Meets Gilbert & Sullivan Walter Parker Group's Closer Look At China's Economy Grain Processers Exceeding 5,000 in China Exhibition Industry Revenue CNY 150 billion in China 2010 Over 180 million Tons of Corns Consumed in China 2010 Over 300,000 tons of Oxalic Acid Export From China 2010