Advanced Battery Technologies and Ener1 -- Delisted and Pushing for Credibility
December 02 2011 - 8:16AM
Marketwired
While electric cars are slowly yet surely catching on, electric car
battery makers have struggled in recent quarters. Lithium Ion
battery manufacturers are presently contending with growing debt,
increased competition from Asia, and, in some cases, afflicted by
the actions of groups of short sellers. The Paragon Report examines
investing opportunities in the Industrial Electrical Equipment
Industry and provides equity research on Advanced Battery
Technologies, Inc. (PINKSHEETS: ABAT) and Ener1, Inc. (PINKSHEETS:
HEVV). Access to the full company reports can be found at:
www.paragonreport.com/ABAT www.paragonreport.com/HEVV
Earlier this autumn, shares of Ener1 were delisted from the
NASDAQ Stock Exchange as the company had not complied with the
exchange's filing requirement for continued inclusion in Listing
Rules. The rules require the timely filing of period financial
reports with the SEC. Ener1 was one of 30 recipients of US Energy
Department grants to produce electric-car batteries, being promised
$118.5 million in department grants for its "EnerDel" unit in 2009
from President Barack Obama's economic stimulus package.
Ener1 heads said they planned to have 1,400 employees working in
Indianapolis-area operations before 2015, but local employment has
slipped from about 380 to roughly 250 since March.
The Paragon Report provides investors with an excellent first
step in their due diligence by providing daily trading ideas, and
consolidating the public information available on them. For more
investment research on the Industrial Electrical Equipment Industry
register with us free at www.paragonreport.com and get exclusive
access to our numerous stock reports and industry newsletters.
Advanced Battery Technologies was also dealt a delisting
notification from NASDAQ. The Company failed to provide information
requested by NASDAQ, specifically cash confirmation from the banks
holding the Company's funds prepared in the presence of personnel
employed by the Company's independent audit firm. In addition the
Company failed to file its Quarterly Report on Form 10-Q for the
period ended September 30, 2011.
Zhiguo Fu, Chairman of Advanced Battery Technologies, issued a
strongly worded statement earlier this week regarding ABAT's
misfortunes. "At the end of the summer, however, as stories
circulated regarding collusion between a small number of Chinese
companies and their bankers, NASDAQ decided that, solely because we
are Chinese, we should be required to provide an extraordinary
level of confirmation from our banks," he explained. Due to the
resignation of the company's CFO, Controller and Fu's ailing
health, the company was "unable to satisfy NASDAQ's demands."
The Paragon Report has not been compensated by any of the
above-mentioned publicly traded companies. Paragon Report is
compensated by other third party organizations for advertising
services. We act as an independent research portal and are aware
that all investment entails inherent risks. Please view the full
disclaimer at http://www.paragonreport.com/disclaimer
Add to Digg Bookmark with del.icio.us Add to Newsvine