December 10, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) –  New Energy Systems Group (NEWN – AMEX), a Chinese maker and distributor of lithium ion batteries and backup power systems, has raised its full year 2010 guidance.

The company raised its previous 2010 revenue projection from $88.0 million to $95.0 million. Projected adjusted net income moves from $15.6 million to $18.0 million, while adjusted EPS moves from $1.23 to $1.40.

Jack Yu, chairman of New Energy, said, "We are experiencing good momentum as the use of portable electronics devices such as those made by Apple and RIM drive demand across all our product lines.”

He added that, to a small extent, his firm’s increased guidance also reflects the accretive impact of New Energy’s acquisition of Kim Fai, which it closed on November 10. He added that, since that acquisition will only be reflected in the firm’s 2010 consolidated results for less than two months, the earnings per share accretion from this acquisition will not be fully evident until 2011. China-based New Energy Systems offers lithium ion batteries and backup power systems for mobile phones, laptops, digital cameras, MP3s and a range of other portable electronics.

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