iQ Power AG / Key word(s): Alliance
16.09.2010 10:33
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 Agreement with Smart Battery Inc. for Entering the
U.S. and North American Market
- Entry into the world's biggest automotive market
- Agreement now signed with Smart Battery Inc.
- Operations to export batteries to the United States have begun
Zug/Switzerland, 16 September 2010 - 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 pleased
to announce today's successful conclusion of negotiations and the signing
of the agreements with Smart Battery Inc. for moving into the United States
market.
The signing of the agreement was preceded by several weeks of negotiations
to clarify the remaining open questions about details. With the successful
conclusion of these negotiations and the establishment of Smart Battery
Inc., iQ Power AG is now moving into the United States, Canada and Mexico,
which represent the largest closed automobile markets in the world. The
company Smart Battery Inc. is a joint venture on the part of iQ Power AG
and an investor group under the leadership of Alberdale Capital LLC, New
York, as the venture partner. The purpose of the company is the production
and sales of high-quality starter batteries for the automotive markets in
the United States, Canada and Mexico.
iQ Power AG makes its technologically leading battery technology available
in the form of licenses and in exchange receives a 20 percent holding in
Smart Battery Inc. along with licensing fees for each battery unit sold.
The venture partner holds the remaining 80 percent of the joint company. As
the principal owner, the venture partner is responsible for 100 percent of
the arising costs as well as for funding future growth and expansion.
As previously reported, the delay that occurred will result in a shift in
the timing of the sales figures for the United States that were originally
planned for this year. Therefore, the successive increase in sales volumes
for the U.S. market of up to 100,000 units per month will not be reached
until the spring of 2011.
Smart Battery Inc. has already begun its sales activities. Production of
batteries for export to the United States will still begin in 2010. And we
are reaffirming the long-term sales projections that were made for North
America beyond the 2011 year.
The Board of Directors
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
16.09.2010 10:33 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
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 München,
Düsseldorf, Berlin, Stuttgart
End of Announcement DGAP News-Service
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DGAP-Adhoc: iQ Power AG Announces Agreement with Smart Battery Inc. for Entering the U.S. and North American Market
| Source: EQS Group AG