Ad-hoc Archive

Here are previous ad hoc news. Latest news see   Ad-hoc News

 

 

iQ Power Licensing announces further progress at JV factory, iQ Power Asia, Korea

  • Full Production resumed in all areas
  • Resumption of shipments in June
  • Ramp up to meet large order inflow
  • Changeover to system iQP-2 planned for July
  • New truck commercial battery with iQP-2 system planned for September production

Zug / Gwangju, South Korea, 15 June 2015 – 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 the resumption of full production following a maintenance, repair and refurbishment of equipment.
 
The first container of batteries has already left the plant and daily deliveries will be starting in this month after an inventory build up phase of 10 days.
 
The plant is now hiring new workers to meet the large amount of orders already booked. Besides the key customer, Discover Energy, other customers are located in Asia and the Middle East. The mixing battery is especially valued in hot countries, in which batteries have less than half the lifetime as in Europe due to climate conditions. Discussions are also being held for new customers elsewhere, however due to higher demand than production capacity, deliveries to large new customers may be delayed until later in 2016. Keeping with company policy, exact sales revenue is only reported in the official financial reports.
 
Besides the orders now booked, many new orders will be coming into the plant in July for August delivery with the introduction of the iQP-2 design mixing parts to the production process. The first delivery of iQP-2 parts is expected in July when the parts design in the batteries is changed from iQP-1 to the new iQP-2 devices.
 
In September/October a very significant increase will begin with the introduction of the new truck commercial battery with electrolyte mixing system iQP-2 for the North American market. Following the introduction for North America, the truck commercial battery sizes for Asia and thereafter Europe will be introduced. At first the large batteries will be sourced at other supplier factories, however with the 2nd production line planned for 2016, all battery sizes will be able to be produced at the Gwangju factory.
 
The plant in Gwangju is a key location for iQ Power Licensing. All batteries produced by the company are using the iQ Power technology and are subject to license fees to iQ Power Licensing. The plant has a high-speed assembly line and a cost effective plate plant.

iQ Power Licensing announces further breakthrough in revitalization of JV factory, iQ Power Asia, Korea

  • Official approval of Financial Re-Structuring Plan and appointment of Bob Sullivan as Administrator and CEO
  • Medium-term Financing of USD 5,0 million guaranteed by Daewoo International and Discover Energy
  • Large increase in production output and sales planned over next few months

Zug / Gwangju, South Korea, 21 May 2015 – 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 the official approval of the Financial Re-Structuring Plan for the joint venture plant iQ Power Asia in South Korea submitted by iQ Power Licensing and appointment of Bob Sullivan, CEO of iQ Power Licensing, as Administrator and CEO of the JV plant, effective immediately.
 
The plant in Gwangju is a key location for iQ Power Licensing. All batteries produced by the company are using the iQ Power technology and are subject to license fees to iQ Power Licensing. The plant has a high-speed assembly line and a cost effective plate plant.
 
The plant has had a history of stop-and-go production and poor financial health. In February 2015 the Board of Directors replaced the controversial CEO of the company with Bob Sullivan who in parallel is CEO of iQ Power Licensing.
 
In order to revitalize the factory and make it attractive for new investment to further increase capacity, the new CEO applied for financial restructuring with creditor protection, known under Korean law as “Rehabilitation”. The approval process took two months due to strong opposition from ex-senior managers led by the former CEO, who is now being investigated on civil and criminal charges in relation to questionable financial and legal dealings done while he was CEO of the company.
 
Key to the Rehabilitation Plan is a medium-term financing of USD 5 million including working capital, as well as funds for tooling and small capital expenditures to bring the production line to full capacity. The application approval is the kick-off for using the funds to re-start full scale production. The approval also allows for serious talks with potential investors to make further significant investments to double and triple output in the next 24 months.
 
Over the forthcoming two months the plant output will be raised to 40.000 batteries per month and later this year to 100.000 batteries per month. Following participation of new investors for a further capital injection, the capacity can be raised to over three million batteries per year. The plant layout allows for a capacity of up to six million batteries per year. Discover Energy and Daewoo International both have committed to sell as many batteries as the factory can produce to their worldwide customer base. The plan also has domestic customers and several other smaller customers in Asia and other regions.
 
The court has appointed an experienced English-speaking Korean co-administrator, who will assist in communication with the court while Mr. Sullivan concentrates on production and daily operations.

iQ Power Licensing AG announces financial results 2014: Growing and sustainable revenue

  • License Income of CHF 1 million (2013: EUR 15.000)
  • Improved Profitability of CHF 0,2 Mio. loss (2013: EUR 1,7 Mio. loss)
  • Growth in Revenues through Licensee Discover Energy
  • Milestone in OEM business through contract with Moura Baterias, Brazil
  • Financial Reporting changed to Swiss Franc and Swiss Accounting rules
  • Situation with Korean Licensee remained unclear

Zug/Schweiz, 30. April 2015 – 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 the annual report for 2014.

Financial Results 2014
The start of sales by Discover Energy and signing of the License Agreement with the Brazilian battery manufacturer, Moura Baterias led to significant license income of CHF 1 Million (2013: EUR 15.000). Due to the successful capital increase and stable profitability in 2014 the Total Equity increased to CHF 2.2 Million (2013: 1,0 Million) and the Equity Quota rose to 44% (2013: 27%). Cash-on-Hand at year-end was an adequate CHF 458.000.

The upward trend in earnings since 2012 continued in 2014 with losses reduced to CHF 0,2 Million (2013: EUR 1,7 Million), which were due mainly to higher revenues. Operating costs were stable at CHF 1,6 Million (2013: EUR 1,7 Million). Included in the costs were one-time write-downs for license receivables from the Korean licensee and receivables for engineering services to the American licensee totaling together CHF 0,3 Million. Operational costs are divided fairly evenly between R&D, Reporting and Listing, and General Administrative costs. All known risks were taken into account.

Operations Report
In 2014 Discover Energy initiated sales of batteries with iQ Power technology to new and existing customers following receipt of a license in 2013. Initial market reaction was positive and Discover Energy has been able to regularly add new customers.
Another meaningful milestone was the license agreement with the OEM-oriented battery manufacturer, Moura Baterias. Moura is the largest battery manufacturer in South America. The contract included a significant upfront royalty. More importantly, the cooperation will be the bridgehead into OEM usage of the iQ Power technology.
During the whole of 2014 the situation was unclear at the Korean licensee, iQ Power Asia Inc., both in terms of financial stability as well as operations. In February 2015 the long-time but controversial CEO was replaced at the request of the Board of Directors and Bob Sullivan, CEO of iQ Power Licensing AG was named new CEO. The new CEO is tasked with restructuring and restarting the financially troubled company. Shareholders of iQ Power Asia solidly support the new CEO and are convinced that the company still has a bright future.
The self-announced sales guidance for 2014 from the North American licensee was completely missed. No significant license income was reported for 2014. iQ Power Licensing management is studying the justification of continuing the business relationship as it now exists.
 
Outlook 2015
With the introduction of the strategic partner, Discover Energy, iQPL has established a base for growing and stable license sales income. The focus of activities in the first half of 2015 will be the restart of the factory in Korea, which represents the best and fastest chance for license income revenue. Management anticipates difficult discussions with the North American licensee due to the continued disappointing license income. In the second half of 2015, the focus will swing to rejuvenating license activities in Europe with both aftermarket and OEM-oriented battery manufacturers.
 
Management views the overall situation as very positive for 2015.

Global Patent Offensive for New iQP-2 Technology in Over 50 Countries

  • Simultaneous global patent applications in over 50 countries worldwide
  • All major battery producing countries and over 90% of global market covered
  • Financing secured through selective issuance of existing convertible bond to large investors

Zug/Switzerland, 11 March 2015 – 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 licences in these technologies, announces the simultaneous global patent applications in over 50 more countries worldwide for the ground-breaking iQP-2 version of the iQ Power passive electrolyte mixing technology.

iQP-2 technology has already been approved by the European Patent Office under the rules of the Paris Convention Treaty (PCT) which allows for pre-national global patent protection. Following a 30 month grace period, patents must be applied at the national level in each country to be made legally enforceable.

The granting of the actual patents can take up to 5 years, however the patent protection exists from the date of application. The chances for success in all countries is very high due to the excellent review at the European level and the fact that iQ Power has never had a patent application denied to date.

As a technology driven company, patent protection for the Licensees is of great strategic importance. Due to universal global appeal of the iQP-2 technology and the growing importance of emerging markets, iQ Power management will apply for protection in over 50 countries. Already all major markets in South America are in the national application phase as well as several minor markets, such as Pakistan and Bangladesh, which do not participate in the PCT.

In doing so, iQ Power will have patent protection in all major battery producing countries in the world and total coverage will exceed 90% of the consumer market for batteries.

An application at the national level costs several thousand US dollars per country. The cost for the massive offensive will be financed through a limited issuance of the existing convertible bond, ISIN DE000A1GXE20, with end date 31-Dec-2016. Due to European regulations, the convertible bond may only be made available to a limited amount of subscribers on a private placement basis. A rights offering or public offering is prohibited. Preliminary commitments from large investors will be sufficient to allow timely patent applications.

Breakthrough with iQ Power Asia: Management Change at Joint Venture Partner in South Korea

  • CEO of iQ Power Licensing AG, Bob Sullivan, also appointed CEO of
  • iQ Power Asia Inc.
  • Change in management clears way for re-organization and re-financing of
  • Korean joint venture partner

Zug/Switzerland, 23 February 2015 – 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 licences in these technologies, announces the appointment of Bob Sullivan, CEO of iQ Power Licensing AG as new CEO of iQ Power Asia Inc., Gwangju, South Korea, effective immediately. Bob Sullivan remains, however, CEO of Swiss iQ Power Licensing AG.

Following a year-long controversy, the Board of Directors of iQ Power Asia (IQPA) have made an important step in the process for the re-organization and re-financing of the modern but financially beleaguered battery factory in southwestern Korea. The management change at the top level of the company is seen as a breakthrough for the further development of the new battery plant.

Currently the plant is producing far below its capacity due to financial restraints. This can be corrected only through a new re-organization and re-financing. Through the installation of the new CEO, serious and constructive negotiations with new investors can be conducted without obstruction.

The new CEO has the full support of the banks involved as well as the two most important customers, Daewoo International and Discover Energy International. “I am committed to find an optimal solution for the new start as soon as possible”, comments Bob Sullivan, new CEO of iQ Power Asia and CEO od iQ Power Licensing AG. “For the near term, iQ Power Asia will work closely with Daewoo and Discover Energy to ramp up sales volume and to improve all areas of production and operations”, he says.

Currently, the timing of the new re-organization and re-financing is still unknown. However investors, both strategic as well as financial, have shown strong interest due to the unique product offering using the iQ Power technology and the high speed modern manufacturing facility. Korea has a very good reputation internationally thanks to the success of Samsung, Hyundai and the major battery makers. This is critical for sales in developing countries. Korea is the leading battery export country in the world and is the world price/quality leader for automotive starter batteries.

The stabilization and ramp up of the plant at Gwangju, South Korea, is very important for iQ Power Licensing. At present the plant has modern production line, which is configured especially for batteries with iQ Power technology. The plant has the ability to produce high quality batteries using iQ Power technology in large quantities at competitive prices.

Even more important in the long term is that the success of the factory will act as a showcase for other possible licensees in other countries throughout the world.

 

Update to changeover from old shares to new shares of iQ Power Licensing AG

  • End of trading of old shares possible this week.
  • Beginning of trading of new shares in the week of 16.February.

Zug/Switzerland, 02 January 2015  –  iQ Power AG (ISIN: CH020609688, German Securities Code Number (WKN): A0DQVL / symbol: IQPB, ISIN: CH0199540599 / German Securities Code Number (WKN): A1J7TW / symbol: IQPA), a developer and marketer of technologies for environmentally friendly and technologically innovative starter batteries for motor vehicles and licences in these technologies, announces the likely timing of the changeover in trading from old shares of iQ Power AG to new shares of iQ Power Licensing AG.

Following the merger of iQ Power AG into its 100% subsidiary, iQ Power Licensing AG, new shares with a new ISIN and stock abbreviation will be issued for trading on the Berlin Stock Exchange and the old shares in Frankfurt and Berlin will be de-listed. Originally management was advised from the advisory banks that trading in the old shares would continue until one to five days before new shares could be traded.

Following the official approval of the resolution and formal contact with the exchange and share register, it appears that as early as this week the old shares will be de-listed. Meanwhile the share register will be able to create the new named shares in the week of February 16th. This will mean a pause in trading of around two weeks instead of the previously envisaged pause of one week.

Management and the advisory banks has taken great efforts to minimize the break in trading to as short a period as possible, however the administrative execution at the stock exchanges is outside of their control. Management does not anticipate any negative consequences due to the somewhat longer trading pause.

Frankfurt Stock Exchange announces end of trading of old shares

  • End of trading of the old common shares on the Frankfurt Stock Exchange due to Reverse Merger and end of iQ Power AG
  • Trading of new shares should begin in the week of 16.February.

Zug/Switzerland, 02 February 2015 – iQ Power AG (ISIN: CH0020609688, German Securities Code Number (WKN): A0DQVL / symbol: IQPB, ISIN: CH0199540599 / German Securities Code Number (WKN): A1J7TW / symbol: IQPA), a developer and marketer of technologies for environmentally friendly and technologically innovative starter batteries for motor vehicles and licences in these technologies, announces that Frankfurt Stock Exchange has ended trading for the common shares.

Following the merger of iQ Power AG into its 100% subsidiary, iQ Power Licensing AG, new shares will be issued for trading on the Berlin Stock Exchange and the old shares in Frankfurt and Berlin will be de-listed.

Management has been informed that the share register should be able to create the new named shares in the week of February 16th.

The new shares will be booked automatically in the share accounts and the old shares will be returned and disposed. The new ISIN and stock abbreviation of the new shares will be made at the time of the new listing.

Reverse Merger of iQ Power AG into iQ Power Licensing AG overwhelmingly approved by Shareholders

  • Merger of iQ Power AG with the wholly owned subsidiary iQ Power Licensing AG
  • Both measures pass by 99% and 93% majorities.
  • Equity restructuring will allow earlier dividend payout
  • Simplified company structure will increase efficiency and reduce costs
  • Current shares to be exchanged for new shares in the new company
  • Listing of the new shares on the Berlin stock exchange is planned
  • Reduction in the total number of shares in a 4:1 ratio
  • Amalgamation of the two previous classes of shares

Zug/Switzerland, 28 January 2015 – iQ Power AG (ISIN: CH0020609688, German Securities Code Number (WKN): A0DQVL / symbol: IQPB, ISIN: CH0199540599 / German Securities Code Number (WKN): A1J7TW / symbol: IQPA), a developer and marketer of technologies for environmentally friendly and technologically innovative starter batteries for motor vehicles and licences in these technologies, announces that shareholders at an extraordinary general meeting approved the merger contract entered into by iQ Power AG and iQ Power Licensing AG. The extraordinary general meeting was held at 10 a.m. on 27 January 2015 at the premises of the Migros Klubschule, Metalli-Gebäude, Industriestrasse 15, Zug, Switzerland. The resolution on the merger was passed by 93% of the votes and the resolution for the set-off of capital contribution reserves in the amount of CHF 14,575,665.57 through loss carry-forward, which is an accounting prerequisite for the merger, was passed with a 99% majority.  
The plan involves the takeover of iQ Power AG by iQ Power Licensing AG, which is a wholly owned subsidiary of iQ Power AG and is the legal owner of all patent rights held by the iQ Power Group as well as all tools and equipment for the production of the plastic components based on the patents held by the iQ Power Group.
All rights and obligations of iQ Power AG will be taken over in full by iQ Power Licensing AG as part of the merger.

The key reason for the merger is the prospect of being able earlier than was previously possible to distribute dividends as soon as the company earns suitable profits.
The implementation of the planned transaction will reduce the share capital of the listed company to 2.452 million Swiss francs and the total number of shares will be reduced to around 245 million and this will mean, as a result, an exchange ratio of 4:1 for the new shares. The total net assets of the iQ Power Group will be the same post-merger.
It is intended to list the new shares after the merger on the Berlin Stock Market.

Shareholders whose shareholdings cannot be divided by four at the exchange ratio of 4:1 will receive a corresponding cash settlement based on the value of the shares after trading in the new shares commences.

The merged company will feature a more transparent and simple structure with one legal unit and with only one category of shares. The simplified structure will trim many administrative expenses and reduce the operating costs. Examples of this include the previous high costs related to the financial reporting, the fees paid to authorities and also the expenditure of time of by company personnel.

As the dividend rights of the two previous classes of shares (ordinary and preference) are financially the same and the voting rights are broadly identical, the exchange ratio for the two classes will be the same. This means 1 new registered share of common for every 4 current common shares as well as for every 4 preference shares. This situation has been reviewed and the ratio was confirmed by the independent Swiss auditors in the official Merger report.

Board of directors convenes extraordinary general meeting to decide on parent-subsidiary merger

  • Merger of iQ Power AG with the wholly owned subsidiary iQ Power Licensing AG
  • Decision to be taken by extraordinary general meeting on 27 January 2015
  • Equity restructuring will allow earlier dividend payout
  • Simplified company structure will increase efficiency and reduce costs
  • Current shares to be exchanged for new shares in the new company
  • Listing of the new shares on the Berlin stock exchange is planned
  • Reduction in the total number of shares in a 4:1 ratio
  • Amalgamation of the two previous classes of shares

Zug/Switzerland, 22 December 2014 – iQ Power AG (ISIN: CH0020609688, German Securities Code Number (WKN): A0DQVL / symbol: IQPB, ISIN: CH0199540599 / German Securities Code Number (WKN): A1J7TW / symbol: IQPA), a developer and marketer of technologies for environmentally friendly and technologically innovative starter batteries for motor vehicles and licences in these technologies, is convening an extraordinary general meeting to approve the merger contract entered into by iQ Power AG and iQ Power Licensing AG. The extraordinary general meeting will be held at 10 a.m. on 27 January 2015 at the premises of the Migros Klubschule, Metalli-Gebäude, Industriestrasse 15, Zug, Switzerland. In addition to the resolution on the merger and there will be a resolution for the set-off of capital contribution reserves in the amount of CHF 14,575,665.57 through loss carryforwards which is an accounting prerequisite for the merger are the only items on the agenda. The shareholders can vote by mail in which they appoint the independent proxy to represent them.

The plan involves the takeover of iQ Power AG by iQ Power Licensing AG, which is a wholly owned subsidiary of iQ Power AG and is the legal owner of all patent rights held by the iQ Power Group as well as all tools and equipment for the production of the plastic components based on the patents held by the iQ Power Group.

All rights and obligations of iQ Power AG will be taken over in full by iQ Power Licensing AG as part of the merger.

The key reason for the merger is the prospect of being able earlier than was previously possible to distribute dividends as soon as the company earns suitable profits. Details can be viewed under the Questions and Answers to be published on the company website shortly.

The implementation of the planned transaction will reduce the share capital of the listed company to 2.452 million Swiss francs and the total number of shares will be reduced to around 245 million and this will mean, as a result, an exchange ratio of 4:1 for the new shares. The total net assets of the iQ Power Group will be the same post-merger.

It is intended to list the new shares after the merger on the Berlin Stock Market.

Shareholders whose shareholdings cannot be divided by four at the exchange ratio of 4:1 will receive a corresponding cash settlement based on the value of the shares after trading in the new shares commences.

The merged company will feature a more transparent and simple structure with one legal unit and with only one category of shares. The simplified structure will trim many administrative expenses and reduce the operating costs.Examples of this include the previous high costs related to the financial reporting, the fees paid to authorities and also the expenditure of time of by company personnel.As the dividend rights of the two previous classes of shares (ordinary and preference) are financially the same and the voting rights are broadly identical, the exchange ratio for the two classes will be the same.
This means 1 new registered share of common for every 4 current common shares as well as for every 4 preference shares. This situation has been reviewed and the ratio was confirmed by the independent Swiss auditors in the official Merger report.

The resolution on the merger requires a two thirds majority of the voting rights as well as a simple majority of the voting rights based on the par value held by the shareholders taking part or represented at the extraordinary general meeting. At the extraordinary Shareholders’ meeting of iQ Power AG, the vote will be limited only to the approval of the merger contract that has been concluded. Countermotions on the content will not be allowed.

The details of the merger will be sent out with the invitation to attend the general meeting. The merger contract, the merger report, the audit report, the audited interim statements as at 15 October 2015 and the audited annual financial statements and annual reports of the last three financial years can be reviewed at the registered office of the company and are posted on the company’s website. Answers to some of the key questions concerning the merger will also be published on the iQ Power AG website. A video with the company’s CEO on this subject is also planned.

With the publication of this ad hoc announcement, iQ Power AG discloses at the same time the granting of the rights of the convertible bond ISIN DE000A1GXE20 pursuant to the issuing prospectus of 16 November 2011. Further information can be obtained by e-mail from investor-relations@iqpower.com.
 
The Management Board.

Leading battery plastic manufacturer Accumalux will produce and sell iQ Power s innovative battery mixing units

  • iQ Power Licensing AG enters into production and sales cooperation with leading battery plastic manufacturer, Accumalux Group, Luxembourg.
  • The cooperation is for the manufacture and sales of plastic parts for the European Truck and Commercial Vehicle battery market in Europe using the patented technology of iQ Power.

Zug/Luxembourg, 2 December 2014 - iQ Power announces the signing of a cooperation agreement with Accumalux Group, Luxembourg, for the manufacture and sales of plastic parts for the European Truck and Commercial Vehicle battery market in Europe using the patented technology of iQ Power.

The expertise of Accumalux Group in manufacturing plastic parts for batteries and Accumalux’s experience and contacts to all battery manufacturers, coupled with the iQ Power technology and the Accumalux OEM qualified battery cover, promises to accelerate the sales and marketing of the iQ Power technology by both commercial battery manufacturers and commercial OEM vehicle manufacturers.

Truck and heavy-duty vehicles, especially for the target market of Europe, have much higher usage for the battery than passenger car vehicles due to the need for electrical power during idling and required driving pauses. Modern commercial vehicles have a large amount of electrical consumers that causes deeper discharge of the batteries. The discharge creates a stratification, which in turn leads to sulfation and, ultimately, failure of the battery.

The patented iQ Power technology eliminates the stratification in an inexpensive, effective and environmentally-friendly method using plastic parts as passive mixing elements.

Accumalux Group, with manufacturing facilities in Luxembourg, Australia, Czech Republic, Bulgaria and Russia is one of the leading independent suppliers of battery plastic parts to the European battery industry. Accumalux Group is a modern leading supplier for all plastic component needs for the automotive, industrial and motive power battery industry. Its customers are mostly manufacturers of automotive batteries as well as battery backup systems for computers, railways, nuclear power stations, etc. Specializing in injection moulding of Polypropylene SLI/AGM and industrial SAN, PS and ABS battery sets, its production covers the complete European ranges, some U.S. and Japanese types as well as special models.

Accumalux uses inert and environmental friendly thermoplastics. Out of respect for the environment, Accumalux invested in recycling research in order to reprocess discards and reuses almost 100% of its plastic waste.

Accumalux possess a patented battery cover for commercial applications using a unique gas entrapment and flame arrestor technology, which is certified for use by commercial vehicle OEMs.

The first production of the iQ Power plastic parts for commercial vehicles at Accumalux is scheduled approximately for mid-2015. No sales targets have been set as to date.

iQ Power AG reports 9 months results for 2014

  • Net Revenue of EUR 761.000; Loss after tax of EUR 365.000
  • Results improved by 70% versus same period 2013

Zug/Switzerland, 18 November 2014 - iQ Power AG (ISIN: CH0020609688 WKN: A0DQVL / Symbol: IQPB, ISIN: CH0199540599 / WKN: A1J7TW / Symbol IQPA), a developer and marketer of technologies for environmentally friendly and technologically innovative starter batteries for motor vehicles and licences in these technologies, has published its figures for the first 9 months of 2014.

For the reporting period, 1. Jan – 30. September 2014 the net revenues totaled EUR 761k versus EUR 12k in the same period 2013. The large increase was due to the start of sales of the strategic licensee, Discover Energy and the conclusion of the license contract with the Brazilian licensee including an upfront royalty payment.

The loss after tax was EUR 365k versus a loss of EUR 1.153k for the same period 2013. Total expenses to date of EUR 1.1 million were the same as in the comparable period in 2013. The higher income and same level of expenses were the direct result of the new strategy adopted by the company in 2012.

The current assets as of 30. September 2014 were EUR 1.4 million versus EUR 0,3 million as of 31.12.2013. The long-term assets as of 30. September 2014 were EUR 3.4 million equivalent to EUR 3,4 million as of 31.12.2013. Current liabilities sank to EUR 1.6 million from EUR 2.2 million at the end of 2013. Long-term debt of EUR 0,6 million was the same as the end of 2013. Total assets were EUR 4,7 million (vs. EUR 3,8 million per 31.12.2013). Equity amounted to EUR 2,5 million (vs. EUR 1,0 million per 31.12.2013) or 55 % of the total debt-equity mix, up from 27% at year-end 2013. Cash improved to EUR 0,8 million from EUR 0,1 million per 31.12.2013.

All known and verifiable risks were considered in the financial statements.
Due to the lean cost structure and improved market position of iQ Power AG as Licensor, the company is well-positioned for further good business developments in the upcoming months ahead.

 
Management
 
Further information can be found in iQ Power AG’s 2013 Annual Report, which is now available to download from iQ’s website at www.iqpower.com.

Discover Energy International Limited (Discover) signs supply agreement with iQ Power Asia (iQPA)

  • Production of the first order has been completed.

Hong Kong, 02 September 2014  –  Discover Energy International Limited, Hong Kong, announces that it has signed a supply agreement with iQ Power Asia to produce batteries in accordance with Discover Energy’s licensing agreement with iQ Power AG. All of the batteries will be made with DISCOVER MIXTECH, which utilizes iQ Power AG’s patented technology.

Discover has been monitoring the product test results as the iQ Power Asia facility gets re-commissioned and is happy to report that the product is ready to go to market. Discover’s first order was successfully produced and will be distributed under the company’s Eco and Eco Premium brands.

Despite unresolved fundamental organizational issues at iQ Power Asia, Discover Energy and iQ Power AG are proactively working to provide solutions that offer iQ Power Asia the best opportunity for long-term success. “With the Supply Agreement in place Discover is in a position to help ensure that iQ Power AG’s royalty rights are observed and met by iQPA,” said Kevin Loman, Director, Discover Energy International Limited, Hong Kong.

Discover Energy per the terms agreed to in the Supply Agreement will be onsite at the factory to review all manufacturing processes, maintain Quality Assurance, monitor management best practices, and provide ongoing oversight to protect the interests of all parties involved.

Q Power AG Reports Half-Year Results for 2014

  • First time ever Breakeven  
  • Net Revenue of EUR 551.000  /  Profit after tax of EUR 5.000
  • Results improved by EUR 786.000 versus same period 2013
  • New strategy bears first fruits

Zug/Switzerland, 04 August 2014  –  iQ Power AG (ISIN: CH0020609688 WKN: A0DQVL / Symbol: IQPB, ISIN: CH0199540599 / WKN: A1J7TW / Symbol IQPA), a developer and marketer of technologies for environmentally friendly and technologically innovative starter batteries for motor vehicles and licences in these technologies, has published its figures for the first half-year 2014.

For the reporting period, 1.January - 30.June 2014 the net revenues totaled EUR 551k vs EUR 12k in the same period 2013. The large increase was due to the start of sales of the strategic licensee, Discover Energy, and the conclusion of the license contract with the Brazilian licensee including an upfront royalty payment.

The higher income and lower costs were the direct result of the new strategy adopted by the company in 2012. The profit after tax was EUR 5k versus a loss of EUR 781k for the same period 2013.

The current assets as of 30.June.2014 were EUR 1.8 million versus EUR 0,3 million as of 31.12.2013. The long-term assets as of 30.June.2014 were EUR 3.3 million roughly equivalent to EUR 3,4 million as of 31.12.2013. Current liabilities sank to EUR 1.8 million from EUR 2.2 million at the end of 2013. Long-term debt increased slightly from EUR 0,6 million to EUR 0,8 million from the end of 2013. Total assets were EUR 5,0 million (vs. EUR 3,8 million per 31.12.2013). Equity amounted to EUR 2,5 million (vs. EUR 1,0 million per 31.12.2013) or 50 % of the total debt-equity mix, up from 27% at year-end 2013. Cash improved to EUR 0,8 million from EUR 0,1 million per 31.12.2013.

All known and verifiable risks were considered in the financial statements.

Due to the lean cost structure and improved market position of iQ Power AG as Licensor, the company is well-positioned for further good business developments in 2014.

iQ Power and Leading Battery Manufacturer Moura Sign Long-Term License Contract

  • Long-term License Agreement with largest battery manufacturer in South America following pre-agreement.
  • Exclusivity for South America and Caribbean
  • New type of Enhanced Flooded Battery (EFB) with iQ Power Mixing Technology for OEM start-stop batteries
  • Applications also possible for heavy duty commercial and truck market
  • Upfront Royalty to be paid

Zug/Switzerland, 02 July 2014  –  iQ Power AG (ISIN: CH0020609688, German Securities Code Number (WKN): A0DQVL / Symbol: IQPB, ISIN: CH0199540599 / German Securities Code Number (WKN): A1J7TW), a developer and marketer of technologies for environmentally friendly and technologically innovative starter batteries for motor vehicles and licences in these technologies, announces the signing of a long-term license agreement with Acumuladores Moura S.A., Belo Jardim, Brazil.

The license agreement secures Moura the exclusivity with the patented iQ Power electrolyte mixing technology for lead-acid batteries produced in South America and the Caribbean. The agreement followed a two year development under a preliminary agreement between the two companies.

Moura will pay an upfront royalty plus a license fee per battery. Strict confidentiality was contractually agreed as to the amount of upfront royalty and license fee per battery. The amount of royalties paid per battery per the contract assures that there will be no competitive disadvantage to other licensees.

The goal of Moura is to develop a superior flooded lead-acid battery (EFB) for sale to OEMs for the new generation of Start-Stop engines (micro-hybird), which will be required to meet new environmental standards enacted by the Brazilian government. The passive mixing device will aid the already high-quality EFB developed by Moura to achieve longer life and better cycle times. The EFB with iQP technology will be on competition with the more expensive and temperature-sensitive AGM Batteries now used by OEMs for Start-Stop engines. Beyond this application, Moura will test the iQP technology for use in heavy duty commercial applications, where cycle time is a critical factor. In addition, following OEM use, the batteries will be sold to dealers as original equipment spares (OES).

The privately held company Acumuladores Moura S.A. is the largest battery manufacturer in South America, with several large battery factories in Brazil and Argentina and producing over 6,5 million batteries per year. Moura has more than seventy commercial distribution centers and is the largest supplier to OEMs in South America, with a market share of 50% or more. Customers of Moura include the world’s biggest auto manufacturers such as GM, Volkswagen, Ford, Iveco, and FIAT-Chrysler among others. The company has won many excellence awards and produces all types of batteries including marine, UPS, motive power and solar applications.

Bob Sullivan, CEO stated, “The agreement is significant due to the fact that Moura will achieve a sustainable long-term competitive advantage for the micro-hydrid engines through having the only complete circulation mixing technology available anywhere in the world. These batteries will be the product of choice for the majority of micro-hybrids, which will be the dominant engine type for passenger cars in the coming years. The homologation in South America will set a standard allowing for quick acceptance by all manufacturers worldwide.”

The passive mixing elements allow for a homologous electrolyte mixture in the battery at all times. Batteries without such a device experience stratification, i.e., heavier acid separates itself from the water over time at the bottom of the battery case. This results in sulfation and increases the internal resistance to re-charging. These conditions are a primary reason for battery failure. The use of passive, non-moving, inexpensive plastic parts is a low cost and highly effective way to prolong the life and speed re-charging of the battery.

The new generation mixing device iQP-2 is universally applicable to all passenger car and heavy-duty commercial batteries and requires no investment or changes to the production on the part of the battery factories. iQ Power owns all tooling necessary and can deliver the parts on a piece-by-piece basis to all licensees. The patent for the device iQP-2 has received complete preliminary approval from the European Patent Office and will be nationalized worldwide over the coming months. 

Listing and Trading of the new iQ Power AG Voting and Preference Shares on the OTC market of the Berlin Stock Exchange

  • The new Preference Shares (stock ID number: A1J7TW) has been listed by the Berin Stock Exchange and will start trading this week.
  • The shares carry the same dividend rights as the common shares and similar voting rights.

Zug/Switzerland, 30 April 2014  –  iQ Power AG (ISIN: CH0020609688, German Securities Code Number (WKN): A0DQVL / Symbol: IQPB, ISIN: CH0199540599 / German Securities Code Number (WKN): A1J7TW), a developer and marketer of technologies for environmentally friendly and technologically innovative starter batteries for motor vehicles and licences in these technologies, announces the listing of the Voting and Preference Shares on the OTC market of the Berlin Stock Exchange as of 30.June.2014. Marketmaker for the shares is Renell Wertpapierhandelsbank AG.

The preferred shares carry the exact same dividend rights and similar voting rights as the common shares.

iQ Power AG publishes interim report in first half of 2014

  • First revenue generated following strategic reorientation
  • Substantial improvement in earnings to EUR ‑0.1 million (Q1 2013: EUR ‑0.5 million, Q1 2012: EUR ‑0.9 million)
  • Streamlined cost structure and strategic reorientation form the basis for a positive outlook for 2014

Zug/Switzerland, 15 May 2014 – iQ Power AG (ISIN: CH0020609688, German Securities Code Number (WKN): A0DQVL/symbol: IQPB, 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 published an interim report in the first half of 2014.

The company’s figures show an increasingly positive picture. Comprehensive income improved significantly to EUR ‑0.1 million in the first quarter, up around EUR 0.4 million on the same period of the previous year (Q1 2013: EUR ‑0.5 million, Q1 2012: EUR ‑0.9 million). This development resulted from reduced costs in the context of the new strategic orientation of the company, as well as initial income from the first business with the new strategic partner. Costs were also reduced by non-recurring prior-period income of around EUR 0.1 million for restructuring costs that did not materialise. Ongoing costs of around EUR 0.3 million were in line with expectations.

The initial business with the new strategic partners, which only began in the period under review, resulted in consolidated revenues of EUR 43,000 for iQ Power AG in the first quarter of 2014 (Q1 2013: EUR 11,000).

Total assets at 31 March 2014 amounted to EUR 3.8 million and were unchanged as against 31 December 2013, while equity amounted to EUR 0.9 million at the end of the reporting period (31 December 2013: EUR 1.0 million). This resulted in an equity ratio of 23% (31 December 2013: 27%).

Following the strategic reorientation of the company as a dedicated technology licensor, the cost structure has been streamlined significantly. In the first quarter of 2014, iQ Power started production and initiated sales activities for its new generation of components (iQP-2) for electrolyte mixing in batteries. The new design and its functions are patented. The new construction allows more efficient and effective functionality with improved battery properties as well as lower production costs. This has significantly increased the attractiveness of iQ technology for existing and potential licensees. The manufacture and sale of the components required for the use of the iQ technology are under the direct control of iQ Power and represent a further source of revenue in addition to the growing licence income.

In light of the increased revenue of its licensees using licensed products, iQ Power AG is anticipating a further improvement in its own revenue and earnings situation in the 2014 financial year as a whole.
 
The Management Board
 
Further information can be found in the iQ Power AG interim report in the first half of 2014, which is now available for download here.

iQ Power AG announces results of capitalisation measures and publishes 2013 annual report

  • EUR 1.43 million in proceeds from the capital increase and exercise of option rights
  • Revenues low for the year 2013
  • Total earnings for 2013 improve following elimination of one-off restructuring costs
  • All known risks taken into account in the 2013 consolidated financial statements
  • Positive outlook thanks to new licence income since Q1 2014
     

Zug/Switzerland, 30 April 2014 – iQ Power AG (ISIN: CH0020609688, German Securities Code Number (WKN): A0DQVL / Symbol: IQPB, ISIN: CH0199540599 / German Securities Code Number (WKN): A1J7TW), a developer and marketer of technologies for environmentally friendly and technologically innovative starter batteries for motor vehicles and licences in these technologies, has published its figures for the 2013 financial year and announced the results of the most recent capitalisation measure.

Capitalisation measure

Following the subscription right offer dated 3 April 2014 with the private placement and exercise of option rights, voting and preferred shares with a gross value of EUR 1.43 million have been subscribed. Proceeds in the amount of EUR 1.18 million were allocated to the capital increase (subscription of 92.5 million voting and preferred shares) and EUR 0.25 million to the exercise of 18.1 million option rights.

The total number of outstanding shares for iQ Power AG increased to some 879.4 million, including 456.9 million common shares (ISIN: CH0020609688) and 422.5 million voting and preferred shares (ISIN: CH0199540599).

The results do not include additional subscriptions that are pending and legally binding. These were paid on time, but the funds have not yet been deposited to the company's account due to technical problems at the bank.

Following the capital increase, the application for stock listing of the new voting and preferred shares (WKN A0DQVL / ISIN CH0199540599) on the Baden-Württemberg Stuttgart exchange has been formally revised. This will not cause a further time delay.

2103 annual report

In the 2013 financial year, consolidated revenues were EUR 15,000 (prior year: EUR 151,000). As part of its strategic reorientation, iQ Power AG has not been involved in battery production, trading and sales since the 2012 financial year. The development of licence revenue was impacted by a weaker than expected start-up at the licensee Smart Battery, USA and years of slowdown in production at the licensee iQ Power Asia, South Korea. Sales operations at new licensee Discover Energy resulted in positive, continuous revenues only after the reporting period – in the first quarter of 2014.

Earnings for the year improved significantly, from a loss of EUR 4.4 million in the prior year to EUR -1.7 million in 2013. The reason for the improvement was the elimination of one-time restructuring costs. In spite of extra expenses for development and manufacture of injection moulding tools for producing iQP-2 mixing components, operating costs increased only slightly to EUR 1.7 million (2012: EUR 1.5 million).

Overall, the lower losses, the redemption of the convertible bond for 2010–2013 and two capital increases, along with the restructuring measures, had a major effect on the balance sheet figures. Current assets amounted to around EUR 0.3 million as at 31 December 2013 (previous year: EUR 1.2 million), while non-current assets were essentially unchanged year-on-year at EUR 3.4 million as of the balance sheet date (previous year: EUR 3.6 million). Current liabilities declined to EUR 2.2 million (previous year: EUR 2.8 million), while non-current liabilities decreased from EUR 0.9 million in the previous year to EUR 0.6 million. Reported equity amounted to around EUR 1.0 million as at 31 December 2013 (previous year: EUR 1.1 million), while total assets amounted to EUR 3.8 million after EUR 4.8 million in the previous year. This resulted in an equity ratio of 27%. Cash and cash equivalents amounted to EUR 0.1 million at the reporting date (previous year: EUR 1.0 million).

The 2013 consolidated financial statements of iQ Power AG take into account all known risks to which the Company is exposed.

In light of the successful realignment of iQ Power AG as a technology developer and licensor, a vastly streamlined corporate and cost structure, reinforcement of the capital base with the most recent measures and the licence income since the first quarter of 2014, the company believes that it has laid the foundations for successful future development and is confident about the outlook for the rest of 2014.

 
The CEO

Deadline for free options and performance of capital increase for preference shares from authorised capital resolved

  • Exercise period for options (ISIN: CH0210038169): from 8 April 2014 to 22 April 2014
  • Capital increase of up to 154 million new voting and preference registered shares with a nominal value of CHF 0.01 per share (CH0199540599) at subscription price of EUR 0.01275

Zug/Switzerland, 3 April 2014 – The Board of Directors of iQ Power AG (ISIN: CH0020609688, German Securities Code Number (WKN): A0DQVL/symbol: IQPB, 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 stipulated an exercise period for the options with the ISIN CH0210038169. The bearers of these options can subscribe to new shares (one voting and preference registered share per option) in the period from 8 April 2014 to 22 April 2014 at a subscription price of EUR 0.014 each. The option exercise notice required for this will be available for download on the homepage of iQ Power AG for the above period.

In addition, on the basis of the authorization in Article 3a of the Articles of Association, the Board of Directors has resolved to increase the share capital by up to CHF 1,540,000 by issuing up to 154,000,000 voting and preference registered shares with a nominal value of CHF 0.01 per share to be paid up in full. The new voting and preference shares will have full dividend rights from 1 January 2013.

Existing shareholders will be granted an indirect subscription right in proportion to their existing equity interest. The subscription ratio is 3.65 to 1 for registered shares with a nominal amount of CHF 0.03 each (ISIN CH0020609688) and 10.93 to 1 for voting and preference registered shares with a nominal amount of CHF 0.01 each (ISIN CH0199540599). This means that ownership of 3.65 registered shares or 10.93 voting and preference registered shares of iQ Power AG will entitle the owner to subscribe for one new voting and preference registered share at a subscription price of EUR 0.01275 per voting and preference registered share. The subscription period is also from 8 April 2014 to 22 April 2014. The number of pre-emption rights attributable to shareholders will be determined by their holdings of registered shares and voting and preference registered shares at the close of trading on 7 April 2014. To exercise their pre-emption rights, we ask that shareholders issue their custodian bank with corresponding instructions using the subscription order form provided by the custodian banks.

Above and beyond their subscription rights, shareholders can also submit an additional binding subscription order for an unlimited number of new voting and preference registered shares (oversubscription) allowing them to subscribe for new voting and preference registered shares that are not subscribed for as part of the indirect offer for subscription. However, this does not grant a legal right to allocation. New voting and preference shares not subscribed by existing shareholders can be offered to interested third parties by the company at the same conditions as part of a private placement during the subscription period.

The net proceeds from the capital increase will be used to procure tools, repay liabilities and strengthen iQ Power AG’s asset base, thereby improving its credit quality and liquidity position.

Further information can be found in the issue prospectus prepared in accordance with Art. 652a of the Swiss Code of Obligations, which will be available for download shortly on the homepage of iQ Power AG.

 
The CEO

iQ Power AG: Conclusion of Capital Increase and Payoff of Convertible Bond 2010

  • 61,3 million shares subscribed the latest phase of the rights issue and private placement
  • Total placement of the 1st tranche equals 74% of total (139.9 million shares)
  • Total subscription was approximately Euro 1.7 million (Euro 0.01275/share)
  • Re-payment of Convertible Bond 2010
  • Total number of shares common and preferred are now approx. 788.1 million
  • Listing of the new preference shares (WKN A1J7TW / ISIM CH0199540599) in Stuttgart
     

Zug/Switzerland, 03 December 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, provides a status report on the 1st tranche of the capital increase and the convertible bond 2010.

In April 78.6 million shares were subscribed by existing shareholders through a rights issue (WKN A1J7TW / ISIN CH0199540599). After an extension of the private placement, the 1st tranche of the capital increase was concluded in November, 2013. In this timeframe, an additional 31.5 million shares were subscribed through a rights offering and approximately 30.0 million shares were subscribed through private placement. Together with the rights offer in April, this represents 74% of the 139.9 million shares offered for a total of Euro 1.7 million. The total number of common and preferred shares were thereby increased to 788.1 million.

As announced, following the registration in the commercial register, the outstanding bonds from the convertible bond 2010 (ISIN: CH0117571825, CH0117572393), which ran out on 31.October.2013, will be paid this week to remaining bondholders, including extra interest for the time of the payment delay.

The conclusion of the capital increase is the pre-requisite for the listing of the new preference shares (WKN A1J7TW / ISIN CH0199540599) fulfilled. As currently planned, the trading will take place on the Stuttgart Exchange following completion of all formalities.

During the capital increase of 2012, the Korean Consortium pledged a certain amount of all remaining shares from the rights issue. In November the Korean Consortium was able to fulfil this obligation.

Bull & Hatch Limited (Hong Kong) subscribed, through a Director of the company, to a six-figure Euro amount. The total subscribed did not equal the amount previously committed in the contract from December 2012. Due to the close working relationship with Discover Energy, iQ Power has decided not to negotiate this matter further.

New investments are possible in the future.