SHENZHEN, China, April 6 /Xinhua-PRNewswire-FirstCall/ -- Concept Ventures Corporation (BULLETIN BOARD: CNVN.OB) announced its official name change to China Ritar Power Corp. ("Ritar") effective March 26, 2007. The company has also changed its ticker symbol to CRTP, effective April 9, 2007.
Ritar designs, develops, manufactures and markets environmentally friendly lead-acid batteries with a wide range of applications and capacities, and has a strong presence in the light electrical vehicle (LEV) segment world wide with high concentration in that product category throughout China. Ritar sells, markets and services six series and 197 models of Ritar branded, cadmium-free valve-regulated lead-acid or VRLA batteries. In addition the company offers a range of batteries for varying applications including Uninterrupted Powers Source (UPS) devices and equipment used in the harvest of solar and wind energy. The name change to "China Ritar Power Corp." more accurately reflects the company's current business operations.
Mr. Jiada Hu, CEO of Ritar commented, "The Ritar quality batteries have already built a widely recognized brand throughout the Peoples Republic of China as well as in other markets where there is high demand and usage of LEVs. It is important for us to be able to leverage our current brand recognition as well as continue to grow this recognition throughout the world."
FORWARD LOOKING STATEMENTS
This release contains certain "forward-looking statements" relating to the business of Ritar and its subsidiary companies, which can be identified by the use of forward-looking terminology such as "believes, expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties, including all business uncertainties relating to product development, marketing, concentration in a single customer, raw material costs, market acceptance, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. Ritar is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward looking statements whether as a result of new information, future events or otherwise.
Sheldon Saidman
(719-548-9963)
