On July 14, 2011 Fu Qiang resigned from his position as a member of the Company's Board of Directors. In connection with his resignation, Fu Qiang surrendered to the Company his five million shares of the Company's common stock, representing approximately 23% of the outstanding shares.
Looking ahead, we are well positioned to benefit from the trend toward electric vehicles. Our battery management technology is at the forefront of the industry and seamlessly allows the replacement of lead-acid battery with lithium-ion batteries, without further modification to the vehicle. This is just one of many important differentiators for our technology, and we continue to enhance our capabilities to address rapid changes in the technology arena.
We believe we now offer the most advanced battery modules, battery management systems, and charging systems for lithium-ion batteries in the market today, including our new Lithium Magic Cube product series, which received high accolades at the recent Import and Export Exhibition in Guangzhou, the largest consumer products exhibition in China. These products can be used with varying voltage and capacity and easily integrated into electric automobiles through parallel connections. Our technology also makes it possible to seamlessly upgrade an automobile from lead-acid batteries to lithium-ion batteries, and represents a major advancement in electronic vehicle technology. Looking ahead, we believe our technology will enable broader adoption of lithium-ion batteries and battery systems. We believe we are at the forefront of this industry and our expanded R&D efforts will enable us to strengthen our lead. We now have four patent applications pending and we expect to begin obtaining approval on these patents in mid 2011. We are extremely excited about the outlook for the business and look forward to providing our shareholders with regular business updates.