DGAP-News: iQ Power AG / Key word(s): Miscellaneous
iQ Power Now Biggest Shareholder in Slovenian Battery Maker Akubat
with Nearly 37 Percent
02.03.2011 / 10:38
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iQ Power Now Biggest Shareholder in Slovenian Battery Maker Akubat with
Nearly 37 Percent
- Slovenian authorities approve iQ Power GmbH's participation in company
- Shareholding of 36.86 percent following debt-to-equity swap
- Slovenian iQ Power d.o.o. as future supply chain coordinator
Zug/Switzerland, 2 March 2011: iQ Power AG (ISIN: CH0020609688, WKN:
A0DQVL, Symbol: IQPB), the developer and supplier of eco-friendly and
technologically advanced starter batteries for motor vehicles, has
announced that its subsidiary iQ Power GmbH has acquired an equity interest
of approximately 37 percent in the Slovenian battery maker Akubat d.o.o.
As part of the due diligence that was conducted, the potential conditions
for an equity investment in Akubat on the part of iQ Power AG were examined
and found to be favorable. It was with the approval of the Slovenian
authorities and the passing of formal deadlines that iQ Power GmbH used a
debt-to-equity swap (i.e. the exchange of receivables for equity in Akubat)
to acquire 36.86 percent of the shares of the company. This makes iQ Power
the biggest shareholder in Akubat. The remaining shares are held by an
Akubat subsidiary and a group of original shareholders.
The Slovenian company iQ Power d.o.o., which was established in July of
last year as a wholly owned subsidiary of iQ Power AG, will handle all
on-site supply chain management in the future and thus guarantee efficient
coordination between iQ Power and Akubat.
In the meantime, negotiations will continue with shareholders and banks
regarding future investments to further expand the manufacturing capacity
at the Akubat plant in the Slovenian city of Maribor. One option here is
for iQ Power GmbH to take over additional shares in the company. In light
of what are constructive negotiations, there is confidence that an
agreement can be reached soon, and which could increase current production
capacity by an additional mid-six-digit number of battery units per year.
'We are delighted to hold some 37 percent of the shares in Akubat and to
have established a stable structure together with the other partners,' said
Charles Robert Sullivan, the CEO of iQ Power AG. 'One of the next steps
going forward will be to fully take over the management and organization of
the operation. Akubat, with the help of the team from iQ Power, has already
managed to increase capacity through internal improvement measures. This
equity investment now puts us in a position where we can more flexibly
access Akubat's existing development and manufacturing resources,' stressed
Sullivan.
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).
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
End of Corporate News
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02.03.2011 Dissemination of a Corporate News, transmitted by DGAP - a
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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 Berlin,
Düsseldorf, München, Stuttgart
End of News DGAP News-Service
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114124 02.03.2011
DGAP-News: iQ Power Now Biggest Shareholder in Slovenian Battery Maker Akubat with Nearly 37 Percent
| Source: EQS Group AG