C&D Technologies Announces $28 Million Contract from Agriculture Bank of China
BLUE BELL, Pa., May 2, 2011 /PRNewswire/ -- C&D Technologies, Inc. (OTC: CHHP), a leading producer and marketer of batteries, battery systems and integrated standby power systems, today announced the award of an exclusive contract to provide batteries to the Agriculture Bank of China for their data center infrastructure expansion across China. This 3 year project, which began in earnest in the fourth quarter of 2010, is valued at over $28 million US dollars, one of the largest single project awards received in the company's hundred year history.
The Agriculture Bank of China ("ABC"), with nearly 24,000 branches and over 320 million retail customers, is one of the four largest banking institutions in China. Following a very successful IPO in August of 2010, which raised a record $22 billion US dollars, ABC has launched an aggressive growth plan, expanding across China and increasingly present throughout the world.
This contract, which spans from late calendar 2010 to mid-2012, is an exclusive award for C&D batteries to power the uninterrupted power supply (UPS) systems that provide continuous power to ABC's data centers throughout China and elsewhere in Asia. "We are very proud to have been named the exclusive provider of critical back-up power for the Agriculture Bank of China for the next three years, during a remarkable period of growth in the financial markets in Asia," said Dr. Jeffrey Graves, C&D Technologies President and Chief Executive Officer. Dr. Graves continued, "This significant win, one of the largest in our company's 105 year history, reflects the success of our new product technology, growing operational strength, and expanding sales and service activities in China." Over the last two years, C&D's Asian operations have introduced a new generation of batteries for both the UPS and telecommunications markets in China, India and other major countries in Asia. These markets are expected to grow rapidly over the next several years as infrastructure investments continue to be very strong in these developing nations.
C&D Technologies, Inc.
C&D Technologies, Inc. provides power solutions and services for the telecommunications, uninterruptible power supply (UPS), switchgear and control (utility), and emerging markets. C&D Technologies engineers, manufactures, sells and services fully integrated reserve power systems for regulating and monitoring power flow and providing backup power in the event of primary power loss until the primary source can be restored. C&D Technologies' unique ability to offer complete systems, designed and produced to high technical standards, sets it apart from its competition. C&D Technologies, Inc. is headquartered in Blue Bell, PA. For more information about C&D Technologies, visit http://www.cdtechno.com/.
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This press release may contain forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934), which are based on management's current expectations and are subject to uncertainties and changes in circumstances. Words and expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. Factors that appear with the forward-looking statements, or in the company's Securities and Exchange Commission filings (including without limitation the company's annual report on Form 10-K for the fiscal year ended January 31, 2011, or the quarterly and current reports filed on Form 10-Q and Form 8-K thereafter), could cause the company's actual results to differ materially from those expressed in any forward-looking statements made herein, including but not limited to, maintaining any certifications and future development and sales of products in Asia.