DGAP-Adhoc: iQ Power AG Shifting Operations to Slovenia and Obtains Debt Moratorium for Akubat

iQ Power AG  / Key word(s): Miscellaneous

31.03.2011 18:32

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

---------------------------------------------------------------------------

iQ Power AG Shifting Operations to Slovenia and Obtains Debt Moratorium for
Akubat

  - The shift of operations to Slovenia (Akubat) will enhance
    competitiveness and cost control

  - Debt moratorium for 5 years creates greater flexibility for investments
    in additional capacity expansion

  - Further streamlining of corporate structures planned

Zug/Switzerland, 31 March 2011: iQ Power AG (ISIN: CH0020609688, WKN:
A0DQVL, Symbol: IQPB), the developer and marketer of eco-friendly and
technologically advanced starter batteries for motor vehicles, is further
streamlining its corporate structures as part of ongoing cost-cutting
measures. In line with this, operating activities will be moved from
Germany to the manufacturer Akubat d.o.o. in Maribor, Slovenia. Akubat
operates as a contract manufacturer. The Slovenian company iQ Power d.o.o.
that was established last year is responsible for logistics, purchasing and
administration. This relocation and division will ensure a more rapid
response time for customer orders. In addition to accelerated and more
cost-effective production and deliveries, the quality assurance tasks can
be more efficiently handled as well. This will strengthen iQ Power AG's
competitiveness and hasten the reaching of break even.

iQ Power AG also took over operational control through its recent
acquisition of a 37 percent interest in the manufacturer Akubat. In
connection with this, iQ Power has now managed to reach an agreement with
banks and shareholders of Akubat d.o.o for a five-year debt moratorium.
This important agreement gives iQ Power greater financial flexibility and
permits the company to make increased investments in the expansion of
production capacity. There is no balance sheet exposure with respect to the
liabilities of Akubat d.o.o. iQ Power AG will provide EUR 2 million for the
purchase of tools and machines in the next two years, and an additional EUR
2 million over the next three years after that. In addition, iQ Power AG
also has an option that secures its right to acquire additional shares in
Akubat.
 

The CEO

About iQ POWER
iQ Power AG is a developer and supplier of innovative starter batteries for
motor vehicles. The products are technologically advanced, deliver greater
efficiency, and are environmentally sound and lighter in weight. The
company's many achievements include the development of the world's first
software-controlled smart car battery. Industrial batteries and system
solutions for electrical energy management in vehicles help round out its
operational portfolio.

The company's operational element is iQ Power GmbH in Chemnitz (Germany),
which is a wholly owned subsidiary of iQ Power AG. Headquartered in Zug
(Switzerland), iQ Power AG is a publicly listed stock corporation whose
shares are traded on the regulated market (General Standard segment) of the
Frankfurt Stock Exchange, over the counter on the securities exchanges in
Berlin, Düsseldorf, Munich and Stuttgart, as well as on Xetra (ISIN:
CH0020609688, WKN: A0DQVL, IQPB).





Contact:
Company Contact:
iQ Power AG
Metallstrasse 9
6304 Zug
Schweiz
Tel.: +41(0) 41 768 03 63
Fax: +41(0) 41 768 03 68
info@iqpower.com
www.iqpower.com

Investor Relations Contact:
GFEI Aktiengesellschaft
Hamburger Allee 26-28
D-60486 Frankfurt am Main
Tel.: +49 (0)69 - 74 30 37 00
Fax: +49 (0)69 - 74 30 37 22
iQPower@gfei.de
www.gfei.de








31.03.2011 DGAP's Distribution Services include Regulatory Announcements, 
Financial/Corporate News and Press Releases. 
Media archive at www.dgap-medientreff.de and www.dgap.de

---------------------------------------------------------------------------
 
Language:     English
Company:      iQ Power AG
              Metallstrasse 9
              6304 Zug
              Schweiz
Phone:        +41 41 7680360
Fax:          +41 41 768 03 68
E-mail:       investor-relations@iqpower.com
Internet:     www.iqpower.com
ISIN:         CH0020609688
WKN:          A0DQVL
Listed:       Regulierter Markt in Frankfurt; Freiverkehr in Berlin,
              Düsseldorf, München, Stuttgart
 
End of Announcement                             DGAP News-Service
 
---------------------------------------------------------------------------