DGAP-Adhoc: iQ Power AG Reports Successful Conclusion of Working Capital Funding

 | Quelle: EQS Group AG EQS Group AG 

iQ Power AG / Miscellaneous

01.07.2010 18:13 

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 Reports Successful Conclusion of Working Capital Funding
Arrangement

  - Daewoo International Group to fund expanded working capital as part of
    the revenue growth program

  - Agreed funding volume of EUR 2.2 million ($2.7 million) 

Zug/Switzerland, 01 July 2010  -  Power AG (ISIN: CH0020609688, WKN:
A0DQVL, Symbol: IQPB), the developer and marketer of eco-friendly and
technologically advanced starter batteries for motor vehicles, today
announced the successful conclusion of a working capital financing
arrangement.

The Daewoo International Corporation will make it possible for iQ Power
GmbH, a wholly owned subsidiary of iQ Power AG, to increase its working
capital. The financing of goods and inventories in an amount of up to EUR
2.2 million was agreed to at favorable terms. This inventory funding is the
first step as part of iQ Power's planned expansion financing initiative.

Daewoo International Corporation, the Asian cooperation partner and 20%
equity holder of iQ Power Asia Inc., first signaled its readiness to
provide such funding in fiscal year 2009 and has now affirmed this in the
form of an agreement. Opportunities for further financing of this kind will
be negotiated at a later time.

Corporate Management

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).



Company contact:
iQ Power AG
Metallstraße 9
CH-6304 Zug
Tel.: +41(0)417680363 
Fax: +41(0)417680368
info@iqpower.com
www.iqpower.com

Investor Relations Contact:
GFEI Aktiengesellschaft
Hamburger Allee 26-28
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




01.07.2010 18:13 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv at |[![CDATA[|[a href="http://www.dgap-medientreff.de"|]www.dgap-medientreff.de|[/a|]]]|] and |[![CDATA[|[a href="http://www.dgap.de"|]www.dgap.de|[/a|]]]|]

---------------------------------------------------------------------------
 
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,
              München, Düsseldorf, Stuttgart
 
End of News                                     DGAP News-Service
 
---------------------------------------------------------------------------
GlobeNewswire