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Chisen to Build New Industrial Park in Jiangsu Xuyi Economic Development Zone

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Sep 29 2010

Chisen Electric Corporation (OTCBB: CIEC) (the "Company"), a leading lead-acid motive battery producer for the electric bicycle market in the People's Republic of China, announced today it has entered into an investment agreement with the Jiangsu Xuyi Economic Development Zone Administrative Committee (the "Committee") to invest approximately RMB 1.2 billion (US$176.50MM) in three stages to build the 1,000 hectare "Chisen Circular Economy Industry Park" in the Jiangsu Xuyi Economic Development Zone, where it will manufacture lead-acid and lithium ion batteries, and other related products.

Upon anticipated completion of first stage construction of the new industrial park in December, 2011, the Company's manufacturing capacity will grow from 15 million lead-acid motive batteries a year currently, to an estimated 25 million lead-acid and lithium ion batteries.

Source: http://www.chisenelectric.com/

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