Hong Kong Highpower Technology Provides Sales Update and Announces New Contract with Siemens Gigaset Communications GmbH
September 21 2009 - 7:00AM
Marketwired
Hong Kong Highpower Technology, Inc. (NYSE Amex: HPJ), a leading
developer, manufacturer and marketer of nickel-metal hydride
(Ni-MH) and lithium-ion (Li-ion) rechargeable batteries and related
products, today provided an update on third quarter sales trends.
During July and August 2009, the Company generated $13.3 million in
sales, an increase of approximately 8% over the same two months in
2008.
"We have continued to experience positive sales trends through
the first two months of the third quarter," said George Pan,
Chairman and Chief Executive Officer of Hong Kong Highpower
Technology. "The healthy increase in unit shipments is helping to
drive an increase in sales. Our sales growth and continuing efforts
to reduce our production costs are having a positive impact on our
financial results."
Siemens Gigaset Communications GmbH Contract
The Company also announced that it has signed a new contract
with Gigaset Communications GmbH to supply rechargeable batteries
for cordless phones sold in Europe under the Gigaset brand (Siemens
Home and Office Communication Devices GmbH & Co. KG operated
under the name "Gigaset Communications GmbH" since Oct 1st, 2008).
The contract runs through June 30, 2010.
"We are very pleased to begin working with Gigaset
Communications, which represents a significant new ODM relationship
for the Company," said Mr. Pan. "Gigaset is committed to producing
phones with the most stringent quality and environmental standards,
and we are excited to help them continue building their reputation
for excellence. With this contract, we will become one of the
largest battery suppliers to Gigaset Communications. Gigaset is the
clear European market leader in cordless telephones and we hope to
grow our relationship over time."
About Hong Kong Highpower Technology, Inc.
Hong Kong Highpower Technology develops, manufactures and
markets rechargeable nickel metal hydride (Ni-MH) and lithium-ion
(Li-ion) batteries and related products for use in a variety of
electronic devices. The majority of Hong Kong Highpower
Technology's products are distributed worldwide to markets in the
United States, Europe, China, Hong Kong, Southeast Asia and Taiwan.
For more information, visit www.haopengbattery.com.
To be added to the Company's email distribution for future news
releases, please send your request to HPJ@finprofiles.com. Company
news can also be found at
http://ir.haopengbattery.com/en/introduce028.html.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the "safe-harbor" provisions of the Private
Securities Litigation Reform Act of 1995 that are not historical
facts. These statements can be identified by the use of
forward-looking terminology such as "believe," "expect," "may,"
"will," "should," "project," "plan," "seek," "intend," or
"anticipate" or the negative thereof or comparable terminology, and
include discussions of strategy, and statements about industry
trends and the Company's future performance, operations and
products. Such statements involve known and unknown risks,
uncertainties and other factors that could cause the Company's
actual results to differ materially from the results expressed or
implied by such statements. For a discussion of these and other
risks and uncertainties see "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" in the Company's public filings with the SEC. Although
the Company believes that the expectations reflected in such
forward-looking statements are reasonable, there can be no
assurance that such expectations will prove to be correct. The
Company has no obligation to update the forward-looking information
contained in this press release.
Media and Investor Inquiries: Henry H. Ngan Chief Financial
Officer +1-917-887-0614 Email Contact Financial Profiles, Inc.
Tricia Ross (310) 277-4711 Email Contact
Hong Kong Highpower Technology, Inc. (AMEX:HPJ)
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