- Due Diligence phase extended
- Anticipated Capital Increase of € 14 million to occur in late July, 2018
- Listing of the new American company in Europe is under investigation
Zug, Switzerland, 01 July 2018 – 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 an important status information about the upcoming M&A of iQ Power Licensing AG (IQPL) with the American company, Engenavis Inc.
- The US advisors conducting the Due Diligence of the iQ Power Licensing AG (IQPL) have requested a large number of documents and information to be provided, which took longer than expected to submit as most documentation is in German language. In addition, iQ Power Licensing AG is undergoing a timely value appraisal of its IP which is required for the financing.
- Certain contracts, including the contract for the new technology, LEIT, needed to be amended or newly created, and IP valuation takes a bit longer than expected.
- All results up to now are positive and the conclusion of the Due Diligence will very likely occur in the next 2 to 3 weeks. Thereafter, following necessary legal work, the funding should proceed very quickly.
- The current deadline for the share purchase is 26.July.2018. Thereafter, should the share purchase require more time, a new resolution for a share purchase must be approved by the Board of Directors or the shareholders. This is important for IQ to preserve this important deal.
- The rules for listing the stock of the new American company, Engenavis (later iQ Tech Inc.), is more complex than anticipated. Until the procedure is clear, IQPL shares will remain on the Berlin exchange.
- Following the share purchase and capital investment, shares will be listed on the Regulated Market as soon as possible, which will allow trading on the Frankfurt electronic exchange, XETRA. If a listing for the new iQ Tech shares is not possible within this year, the exchange agreements will be cancelled and shares of iQ Power Licensing AG will seek a regulated listing on the Berlin exchange and a parallel listing on the Frankfurt XETRA exchange.
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 and und became a first prize winner of the GreenTec Awards in 2017. – More under: www.iqpower.com/en