New Energy Systems Group Files for Extension of Form 10K Filing; Reaffirms Prior Guidance for 2009 and 2010
NEW YORK and SHENZHEN, March 31 /PRNewswire-Asia-FirstCall/ -- New Energy Systems Group (OTC Bulletin Board: NEWN), a vertically integrated original design manufacturer and distributor of lithium ion batteries and backup power systems, today announced that it will file a 15-day extension notification with the SEC relating to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2009. New Energy Systems Group filed for the extension to allow additional time to finalize its 2009 financial statements.
Mr. Fushun Li, Chief Executive Officer, commented, "In addition to operating a rapidly growing business, our management has been busy completing the audits and integration of two recent and sizeable acquisitions over the past several months. As a result of these factors, it has taken us longer than we had originally anticipated completing our 2009 audit. While we regret this delay, we wanted to assure investors that we expect our 2009 results to be in-line with our previous guidance range for net income between $5.3 and $6.0 million. We also remain confident in our prior guidance for 2010 projected net income of at least $15.6 million, or $1.23 per share, excluding acquisition related expenses."
About New Energy Systems Group
New Energy Systems Group is a vertically integrated original design manufacturer and distributor of lithium ion batteries and backup power systems for mobile phones, laptops, digital cameras, MP3s and a variety of other portable electronics. The company's end-user consumer products are sold under the Anytone brand in China, and the company has begun expanding its international sales efforts. The fast pace of new mobile device introductions in China combined with a growing middle class make it fertile ground for New Energy's end-user consumer products, as well as its high powered, light weight lithium ion batteries. In addition to historically strong organic growth, New Energy is expected to benefit from economies of scale, broader distribution, greater production capacity and higher profit margins in 2010. Additional information about the company is available at: http://www.newenergysystemsgroup.com .
Forward Looking Statements
Except for the historical information, the matters discussed in this news release may contain forward-looking statements, including, but not limited to, factors relating to future results. These forward-looking statements may involve a number of risks and uncertainties. Actual results may differ materially based on a number of factors, including, but not limited to, uncertainties in product demand, risks related to doing business in China, the impact of competitive products and pricing, changing economic conditions around the world, release and sales of new products and other risk factors detailed in the Company's most recent annual report and other filings with the Securities and Exchange Commission.
For more information, please contact:
Crescendo Communications, LLC
David Waldman or Klea Theoharis
Tel: +1-212-671-1020
Email: [email protected]
SOURCE New Energy Systems Group
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