- The South Korean Licensee iQ Power Asia Inc. officially emerges from Re-Structuring and can now operate fully under own control again
Zug, Switzerland, 31 July 2017 – 12:10 p.m. – 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 development of interest to investors.
The licensee factory of iQ Power Asia Inc. in South Korea has officially and successfully emerged from Financial Re-structuring. Today the Court of Gwangju has given the approval to the petition to graduate from Rehabilitation in writing to iQ Power Asia. The decision paves the way for full control of the company by Discover Energy Group.
With full control, the new owners will now be able to more quickly expand and upgrade operations and capacity at the factory. As noted previously, several new battery sizes are in planning and deliveries to new markets will occur throughout 2017 and 2018.
It is anticipated that the current interim CEO of iQ Power Asia, who is also the CEO of IQ Power Licensing AG, will formally be replaced and followed by an executive from Discover Energy Group at the next iQ Power Asia shareholders’ meeting.
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