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Zongshen Power and USA Boston-Power Signed Product Development Agreement

16th May, 2010

On 16th November, 2009, the general manager of Chongqing Zongshen Power Machinery Co., Ltd. (001696) Hu Xianyuan and globally executive president of USA Boston-Power Inc. Declan Shalvey signed Purchase Agreement of Development Samples in Chongqing, China.
It is stipulated in the Agreement that Zongshen Power will provided Boston-Power Inc. with three PHIC scooters, and Boston-Power will replace their power system with lithium ion battery cells (including battery, charger and battery management system, etc.) and regulate to optimum matching effect. After the scooters are tested qualified in USA, they will be returned to China to undergo tests, which will be used as reference and orientation of next step of cooperation.
The president of Zongshen Industrial Group and the chairman of board Mr. Zuo Zongshen, the vice president of the Group and the director of Zongshen Power Mr. Li Yao, and the technical supervisor of vehicle battery of Boston-Power Inc. Mr. JR Linna and senior consultant Mr. Zhang Zong witnessed the signing ceremony.

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