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Advanced Battery Technologies, Inc. Message Board

  • osufishman osufishman May 7, 2012 3:18 PM Flag

    Wholly owned subsidiaries of ABAT!

    Harbin ZhongQiang Power-Tech (ZQPT), Energy Technology Co, Ltd.
    2004, owners of Heilongjiang ZQPT, transferred all of the benefits and obligations of to Harbin ZQPT. Harbin manufacturs anddsitributes polymer lithium-ion batteries.
    Wuxi ZQ, Angell Auto Co. Ltd.
    Acquired by ABAT for $12.87 million from Bao Jin and Wuxi Baoshiyun Autocyle Co., Ltd., Generated $49 million in sales in 2010, with pre tax net income of $15.7 million. Purchase price of Wuxi recovered in first year. Wuxi sales a variety of electric sccoted, bicycles, and electric autocycles.
    Shenzhen ZQ, Zhongqiang New Energy Science and Technology, Co., Ltd
    Acquired Jan 1, 2011 for $20 million purchase price from Mr. Wang Changhe.
    Dongguan New Energy technology Co., Ltd.
    Purchased 53000 square meters of land in Donghuan for price of $26 million and total investment of $83 million to open new battery production facility in Dongguan to meet existing cutomer contracts with production capacity to produce 500,000 mobile phone battery cells and 70,000 Ah medium/large batteries on a daily basis, which could yield over $100 million in annual sales.

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    • "We sincerely invite you to visit our plants in China. All of the staff of ABAT are waiting for your arrival."

    • <you are correct the 10k form dec 2010, that had not yet finalized moving it under Harbin and stated so in the filing.>

      The link I gave was from their most recent filing on 08/15/2011. Still wasn't finalized even though the transfer supposedly began in 2004. I have to be real careful how I word things with you guys... not claiming this is PROOF of fraud. It just hasn't been settled to my satisfaction and the courts can work out if everything was proper. I'll be satisfied with what they say.

    • my apology, you are correct the 10k form dec 2010, that had not yet finalized moving it under Harbin and stated so in the filing. Regards,

    • Odd you left this out:

      HLJ ZQPT is owned by our Chairman, Mr. Fu, and other individuals but controlled by Harbin ZQPT through a series of contractual arrangements that transferred all of the benefits and all of the responsibilities for the operations of HLJ ZQPT to Harbin ZQPT. During 2009 HLJ ZQPT also transferred to Harbin ZQPT all of its rights in the real property on which HLJ carries on its operations. The Company is in the process of transferring all of the other assets of HLJ ZQPT to Harbin ZQPT, but has not yet obtained all of the necessary government approvals. Harbin ZQPT accounts for HLJ ZQPT as a Variable Interest Entity (“VIE”) under ASC 810 “Consolidation.” Accordingly, Harbin ZQPT consolidates HLJ ZQPT’s results, assets and liabilities.

      That was the strange one and part of the shell game. Who really owns what?

      • 1 Reply to lbcb321
      • It is not strange at all stop lying,

        Heilongjiang ZQPT, the referenced subsidiary, has been owned by 16 investors, including Chairman Fu, since it was organized in 2002. In 2004 the owners of Heilongjiang ZQPT transferred all of the benefits and obligations of ownership of Heilongjiang ZQPT to Harbin ZQPT, a subsidiary of ABAT. Under U.S. GAAP, the transfer of those benefits and obligations meant that the balance sheet and financial results of Heilongjiang ZQPT must be consolidated with those of ABAT as if it were a subsidiary. Thus, for accounting purposes, ABAT reported in its SEC filings from 2004 to 2009 that it "owned" Heilongjiang ZQPT. In 2009 ABAT decided that it would be more appropriate to explain the relationship in detail, which accounts for what Variant View mistakenly refers to what "appears" to it to be a transfer of ownership.

    • and??? nothing new here, seems you lied like joel did...

      shame you stoop so low, but birds of a feather....

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