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Advanced Battery Technologies to Raise $12 Million
in Private Placement

Financing will be used primarily for funding expansion of assembly lines and other general corporate purposes

Advanced Battery Technologies Inc. Press Release

FlashlightNews.org - 8/14/2008

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LED Miner's Lamp and Battery Pack

LED Miner's Lamp and Battery Pack

NEW YORK, N.Y. and HARBIN, China - Advanced Battery Technologies Inc. (NASDAQ: ABAT) today announced that it has entered into definitive agreements with certain institutional accredited investors to sell in a private placement 2.82 million shares of its common stock at a price of $4.25 per share, resulting in gross proceeds to the company of $12 million, before deducting placement agent fees and other offering expenses.

The investors in this private placement will also receive five-year warrants to purchase up to 1.27 million additional shares of common stock at an exercise price of $5.51 per share.

The closing of the offering is subject to certain customary closing conditions and is expected to occur later today. Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw Capital Group, Inc. ( NASDAQ: RODM), served as the placement agent for the offering.

Proceeds from the financing will be used primarily for funding expansion of assembly lines and other general corporate purposes, including working capital and possible acquisitions.

The securities issued in the private placement have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or applicable state securities laws, and accordingly may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. The company has agreed to file a registration statement with the Securities and Exchange Commission registering the resale of the shares of common stock issued in this private placement and the shares of common stock issuable upon exercise of the warrants issued in this private placement.

About Advanced Battery Technologies, Inc.

Advanced Battery Technologies, Inc., founded in September 2002, develops, manufactures and distributes rechargeable Polymer Lithium-Ion (PLI) batteries. The Company's products include rechargeable PLI batteries for electric automobiles, motorcycles, mine-use lamps, notebook computers, walkie-talkies and other electronic devices. ABAT's batteries combine high-energy chemistry with state-of-the-art polymer technology to overcome many of the shortcomings associated with other types of rechargeable batteries. The Company has a New York office, with its executive offices and manufacturing facilities in China. For more information about Advanced Battery Technologies, Inc. (ABAT), please visit: www.abat.com.cn.

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