Zug/Switzerland - 24 December 2020 (pta005/24.12.2020/10:00) - ,
iQ International AG (ISIN CH0451424300 / WKN A2PAA5 / Symbol IQL), a multinational sustainable technology company publicly traded at the General Standard of the Frankfurt Stock Exchange with its global head office in Zug, Switzerland and North American headquarters in Scottsdale, Arizona, has an update for its shareholders regarding the USD130 million institutional financing, previously announced per the Ad-Hoc disclosure on September 14, 2020.
Dear iQ International Shareholders,
As we near the end of the year, Management wishes to reach out to our shareholders to express our gratitude for your continued interest and support and to provide a status update on our planned institutional financing, expansion and the 2020 AGM.
The institutional financing, which was publicly announced on September 14, 2020, will, we expect, provide the Company with its proper market value, adequate working capital and progress to achieve the expansion and deployment of iQ's superior battery 360 Mixing technology, advanced battery manufacturing technologies, and our newly developed and acquired battery recycling technologies that management believes are superior to current industry leaders.
Management would like to assure shareholders that the due diligence process with the Institutional financier we are working with has been diligently ongoing with an expected positive result. The process has taken longer than originally thought due to complications from travel restrictions, but both sides have expressed their confidence that the financing will take place in late January or early February 2021. In addition, the Company has successfully negotiated a final payment arrangement with ExWorks, our current institutional lender and we are nearing the completion of the acquisition of the South American factory.
Due to the funding process, COVID and other matters, our 2019 annual audit was delayed. We apologize for that. The audit is now just about completed and, upon finalizing plans for the funding, we expect the audit to be signed and published in 3 or 4 weeks. Based on that delay and the need to finalize the terms of the financing, we expect the AGM to be held at the end of February 2021. Due to the current impact of the COVID-19 pandemic, the AGM will be held in an online format as the Executive team does not want to risk the health and wellbeing of any shareholder or member of staff by holding the AGM in person.
Also, in the interim, many important staff and other developments have occurred which are commented on in the CEO's message below. Finally, we wish all of our shareholders a healthy holiday season, and please know that we expect to soon provide what we believe will be final and very positive press releases on the financing, acquisitions and general developments.
Statement of the CEO
To Our Stockholders,
I read a quote recently from Newt Gingrich (1943-): "Perseverance is the hard work you do after you get tired of doing the hard work you already did." This resonated with me as I looked around at our small management team because despite the remarkable challenges faced during the past year, they continued to grind out solutions day in and day out, mostly with a smile and without complaint. As a shareholder myself I'd like to take this opportunity to publicly acknowledge their dedication to making iQ a success and to say that I'm sure if all shareholders had the vantage point, I have, you'd join me in thanking them for their willingness to sacrifice and persevere in our interests.
We understand that iQ's path to success has been a long journey for shareholders. Shareholders do not get to see what management deals with on a day-to-day basis and so the snapshots you receive through approved press releases only provide a small part of the path and story. I would like to thank you for your ongoing patience, continued positivity, and valued advice. With all of the hurdles the Company has faced, we are enthusiastic about where we are at as we enter 2021. We believe that with the closing of the previously announced institutional financing, estimated to take place in early 2021, that the Company is in its best position for success that it ever has been. We are thrilled to have added to our Company some of the most respected and experienced industry experts, who are ready to execute on our growth plan the moment we receive the funding, and we are equally excited to share with you further additions to this incredible team in the near future.
Please continue to be safe as the world turns a corner on the COVID pandemic and enjoy the festive season with your family. Merry Christmas and Happy New Year from all of us at iQ, we look forward to greeting you all in person again at some point in 2021.
Kevin T. Loman
CEO, iQ International AG
iQ International AG
iQ International AG is a multinational sustainable technologies company listed at the General Standard of the Frankfurt Stock Exchange. The Company licenses parts of its IP portfolio, and manufactures/distributes highly efficient lead-acid batteries that meet the increased need for cycle life in today's global automotive and storage markets. Its award-winning innovative technology is used to create superior, long-lasting, OEM-approved Starting-Lighting-Ignition (SLI) batteries. Batteries with iQ International AG technologies are designed to generate better performance in today's highly electrified vehicles, particularly vehicles with the Start-Stop function. The Company's technologies have the potential to reduce the carbon footprint of the transportation industry, helping car makers meet the emissions reduction mandates. - For more information, visit www.iqint.com