iQ Power AG / Key word(s): Miscellaneous
29.04.2013 18:01
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.
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iQ Power AG announces latest developments and provides status report on the
ongoing capital increase
- 41% of 2013 capital increase already subscribed by private shareholders
- Major shareholders to announce extent of participation by June 2013
- Extension of subscription period to June 2013 resolved
- iQ Power seeks cooperation with Discover Energy Corp.
- Interbat files for provisional insolvency and temporarily suspends
production
- iQ licensee Zherzu Power announced as iQ Power GmbH's new battery
supplier for the 2013/2014 season
Zug/Switzerland, 29 April 2013 - iQ Power AG (ISIN: CH0020609688, German
Securities Code Number (WKN): A0DQVL; ISIN: CH0199540599 / German
Securities Code Number (WKN): A1J7TW), a developer and marketer of
technologies for environmentally friendly and technologically leading
starter batteries for motor vehicles and licences in these technologies,
has provided an initial status report on its ongoing 2013 capital increase.
Following the end of the subscription period on 8 April 2013 and the
allocation of oversubscribed shares on 12 April 2013, a total of 78,600,000
new voting and preference shares (German Securities Code Number (WKN)
A0DQVL / ISIN CH0199540599) each with a notional interest in the share
capital of CHF 0.01 were subscribed by private shareholders. This means
that around 41% of the 190,000,000 shares offered for subscription have
been placed, corresponding to gross proceeds of around EUR 1 million at
present.
The major shareholder Bull & Hatch Limited, Hong Kong, and the Korean
syndicate headed by Won-Lak Choi, a member of the Board of Directors, will
now decide on the extent of their participation in the ongoing capital
increase in May 2013 and June 2013 respectively. As the capital increase
has been divided into two tranches, the two major shareholders will be
required to recalculate their exact participation in the first tranche. The
Board of Directors of iQ Power AG has exercised its right to extend the
subscription period until the end of June 2013. The new voting and
preference shares will be admitted to trading on the stock exchange
following the completion of the capital increase.
The re-start of the iQ Power Asia facility has been unclear since late
2012. It is now possible to reveal that the delays were due to negotiations
with a new major shareholder group from Asia and Africa. This group
negotiated to purchase the shares of the Korean financial fund investors,
in order to gain a controlling interest. The negotiations are still
ongoing.
Rather than waiting for final agreement and in order to quickly re-start
sales of batteries with iQ Power technology and to meet the sales goals set
forth by iQPAG management, iQPAG has agreed with iQ Power Asia Board of
Director Members to grant iQPAG a sub-license on a case-by-case basis.
Parallel to the negotiations in Korea, iQ Power has reached agreement with
Discover Energy International Ltd., Hong Kong to quickly start sales of
batteries with iQ Power technology. Through use of the new generation
universal fitting iQ plastic parts and the new strategy to centrally supply
all factories, it will be possible to have Discover Energy's many partner
factories make the batteries for the Discover Energy network. Discover
Energy will begin shipping two of its major customers within 90 days,
subject to supply of iQ2 parts.
Through the cooperation with Discover Energy International Ltd., the
product offering will be greatly expanded and the sales will benefit
significantly from the international sales network of DE Group. Discover
Energy has over 60 years experience in making and selling batteries. They
are a leading Pacific Rim battery manufacturer and distributor with sales
networks throughout America, Africa, Oceana and Asia. As of July 2013,
Discover Energy will have completed nearly 3 years of field trials and
follow-up in extreme temperature regions, such as Canada, USA and Australia
and is very positive about the future of this technology.
By this move, iQ Power AG has gained a powerful sales partner in key
markets throughout the world with immediate sales and production capacity.
iQ Power Asia can re-start at anytime without effecting license revenue of
iQ Power AG. iQ Power AG management believes that both short and long-term
sales by Discover Energy will help to surpass the sales goals set
previously by iQ Power Asia.
The Slovenian battery producer and iQ Power licensee Interbat d.o.o. has
filed for provisional insolvency and temporarily suspended production due
to financial difficulties. As iQ Power AG has not budgeted for any licence
income from Interbat, this is not expected to affect the Company. The iQ
Power licensee Zherzu Power, Kazakhstan, will instead supply iQ Power GmbH
with batteries for the 2013/2014 battery season.
iQ Power AG also has a 15% equity interest in Interbat d.o.o.; this equity
interest was written off in the 2012 financial year, however, meaning that
iQ Power AG's balance sheet will be unaffected. Furthermore, the low level
of the equity interest means that the Company does not have any financial
obligations.
The Board of Directors
About iQ POWER
iQ Power develops and markets technologies for new types of starter
battery. At the heart of this technology are the world's first starter
batteries to feature more efficient automated electrolyte mixing with
passive elements - a patent of iQ Power.
For iQ Power's licensees, the new generation of starter batteries offers
significant advantages in terms of increased customer benefit, higher
product reliability and life cycle stability, a longer useful life and
improved environmental and resource protection. In 2010, this ecological
innovation won iQ Power the prestigious Automechanika Innovation Award for
outstanding product innovation.
As a stock corporation, iQ POWER AG is a listed company. The company's
securities are traded on the regulated market (General Standard) of the
German Stock Exchange in Frankfurt, over the counter on the stock exchanges
in Berlin, Düsseldorf, Munich and Stuttgart as well as via XETRA (ISIN:
CH0020609688, German Securities Code Number (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
Am Hauptbahnhof 6
60329 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
29.04.2013 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: iQ Power AG
Metallstrasse 9
6304 Zug
Switzerland
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 (General Standard);
Freiverkehr in Berlin, Düsseldorf, München, Stuttgart
End of Announcement DGAP News-Service
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DGAP-Adhoc: iQ Power AG announces latest developments and provides status report on the ongoing capital increase
| Source: EQS Group AG