- New CEO of South Korean Licensee is CEO of Canadian Company Discover Energy
- South Korean Licensee iQ Power Asia Inc. to be changed into Discover Mixtech Manufacturing Corp.
Zug, Switzerland, 27 October 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 an important development of interest to investors.
As stated earlier, Bob Sullivan, the current interim CEO of iQ Power Asia Inc., who is also the CEO of iQ Power Licensing AG, will be followed officially at the iQ Power Asia shareholders’ meeting, which took place today on October 27th by Steve Nam as the new CEO of iQ Power Asia Inc.. Steve Nam is also the CEO of the company Discover Energy Inc., Richmond/Canada, who owns the majority of the South Korean company iQ Power Asia.
Steve Nam, who is a Canadian citizen and native South Korean and was formerly President of Hankook Tire North America, is uniquely qualified to lead the South Korean company and licensee of iQ Power Licensing AG to great success. Steve Nam has been in charge of the South Korean factory de facto for over one year and was instrumental in leading the company through the successful transition from financial restructuring.
At the same shareholders’ meeting today on October 27th, the shareholders decided to have the name of the factory iQ Power Asia Inc. in South Korea changed into Discover Mixtech Manufacturing Corp.. The new company name will have incorporated the product brand name `Mixtech´ of Discover’s new mixing technology automotive batteries.
“Re-naming the South Korean manufacturing company after their own product brand indicates a strong commitment and support of Discover Energy in the future of the built-in mixing technology of iQ Power Licensing”, stated Bob Sullivan.
Increased marketing activities of Discover is supporting the current production capacity increase of the South Korean factory, where a new production line is underway.
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