- Resolution for capital increase with 72% majority approved at the Extraordinary Shareholders’ Meeting
- Share exchange agreements for over 170 million shares signed
- Engenavis will have slightly over 67% of iQ Power Licensing after capital increase and execution of share exchange agreements
- Due Diligence and receipt of funds still required to fulfill the conditions of merger
Zug, Switzerland, 27 April 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 the approval of the capital increase of 260 million shares at EUR 0,07 per IQPL share which is a key step for the merger with the green technology company in USA, Engenavis Inc., headed by star investor, George Weiss.
Approximately 170 million votes or 72% of the attendees were cast for the resolution at the Extraordinary Shareholders’ Meeting on April 27th in Zug.
In addition, Share Exchange Agreements have been signed to exchange over 170 million shares of iQPL shares for Engenavis shares. Combined with the share purchase of 200 million shares by Engenavis in the upcoming capital increase, Engenavis Inc. will possess slightly over 67% of current outstanding shares in the iQ Power Licensing AG.
All other major requirements on the side of iQ Power Licensing have been achieved, however further steps are necessary to achieve the merger. They include a successful conclusion to the on-going Due Diligence process by the end of May, 2018 and the conclusion the capital increase, anticipated for June this year. Following the conclusion of the capital increase, Engenavis will immediately apply for a new listing in Germany. Within approximately three months, trading of the new company will start and, following a six month notification period, the current shares of iQPL will be de-listed.
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