China's New Energy Systems Group To Acquire Anytone International

New Energy Systems Group, a manufacturer and distributor of battery components in China, has agreed to acquire Anytone International (H.K.) Company Ltd. and its wholly owned subsidiary, Shenzhen Anytone Technology Company, a rapidly growing Shenzhen-based high tech, integrated product research, manufacturing and marketing company for lithium batteries.

New Energy Systems Group will pay USD33.7 million for the company consisting of USD10.0 million in cash and the remaining USD23.7 million by issuing approximately 3.6 million shares of common stock based on an average stock price of USD6.60 per share. The company expects to complete the acquisition before the end of 2009.

Anytone manufactures and sells mobile power resources based on lithium ion batteries for a full spectrum of products, including mobile phones, notebook computers, digital cameras, MP4s, PMPs, PDAs, solar, and digital applications. The company's power sources support some of the best known products in the world, including Apple's iPod family of products. Anytone has had seven practical patents and 23 appearance design patents awarded by China's State Intellectual Property Office. The company has also obtained CE, FCC, 3C, ROHS, and UL certification.

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