- The Discover Energy Group executes mandatory convertible bond of EUR 2.56 million in iQ Power Licensing AG
- Discover Energy Group (DEG) converts the approved and reported mandatory convertible bond in the amount of EUR 2.56 million including interest on April 30, 2017.
- Growing commitment of the Discover Energy Group increases their stake in iQ Power Licensing AG (IQPLAG) from around 7 percent to 18.5 percent
- The increased shares owned by DEG also strengthens the equity base of IQPLAG
Zug, Switzerland, 07 April 2017 – iQ Power Licensing AG (ISIN: CH0268536338; WKN/Security Number: A14M1C; Symbol: IQL) a developer and marketer of technologies for environmentally friendly and technologically innovative starter batteries for motor vehicles and licenses in these technologies, announces a substantial strong commitment from its strategic partner Discover Energy towards iQ Power Licensing AG.
The Discover Energy Group (DEG), as a strategic partner and investor in iQ Power Licensing AG, has subscribed a mandatory convertible bond in the amount of EUR 2,552,500 approved and reported by the Board of Directors of iQ Power Licensing AG (IQPLAG) in mid-January this year. The subscription reiterates the strong commitment of the Discover Energy Group to iQ Power Licensing AG. As agreed, DEC will convert the subscribed bond on 30 April 2017. At the same time, the share of DEG in iQ Power Licensing AG increases from just under 7 percent to 18.5 percent.
In mid-January this year iQ Power Licensing AG reported on the application of the Discover Energy Group to the convertible bond as well as its approval by the Board of Directors. The terms are identical to those of the existing convertible bond with a conversion price of EUR 0.06 per share.
By subscribing the bond and its subsequent conversion, the Discover Energy Group not only significantly strengthens its commitment in iQ Power Licensing AG but at the same time enforces the equity base of the Swiss company.
Bob Sullivan, CEO of iQ Power Licensing AG, welcomes the increased commitment of the Discover Energy Group as a strategic partner. At the same time, Sullivan stressed that any other capital increase in 2017 is not planned.
About the iQ Power Technology
Batteries with iQ Power technology are designed to generate better performance in Start-Stop applications and to meet the growing demands of electronic usage in vehicles today. It is the first significant innovation to the flooded starter battery in decades. Automatic mixing of electrolyte inside the battery by passive mixing elements ensures uniform acid density for higher sustained performance throughout the entire life of the battery, thus avoiding early loss of capacity (Ah) as usual with ordinary batteries. This prolongs plate life by eliminating acid stratification and thermal gradients, delivering greater material utilization for a lower cost per cycle over conventional batteries. The patented technology was awarded the coveted Automechanika innovation award 1st prize in 2010. – More under: www.iqpower.com/en