Zug/Switzerland – 1 March 2022 - (pta008/01.03.2022/08:00) - 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 Phoenix, Arizona (the "Company"), announced that the Company is getting closer to the sale of iQ Power and related assets, as well as a future potential amalgamation candidate.
iQ International AG is currently in deep negotiations for the sale of iQ Power AG and its related assets. In addition, management also shared that the possible acquiring parties have been in constant contact with the Company’s Commissioner in Moratorium. Upon that sale, should it take place, we anticipate that the Company would have no further debt, would have its annual audits commissioned and would have $2-$3 million in cash available for working capital and to consummate an amalgamation.
Management aims at entering into final contracts on this matter by late March 2022. Following institutional approvals, management will convene an EGM to approve the sale.
Management understands the ongoing concerns for shareholders regarding both the current status of the Company, as well as the status of the Company post-sale of its battery related assets. Management would therefore like to take this opportunity to inform shareholders that it is currently in discussions with four parties for a potential post-sale amalgamation in an effort to create shareholder value. Furthermore, the envisaged 2-3 million USD set aside after the sale transaction would provide for the exiting of the Moratorium.
About iQ International
iQ International AG is a multinational sustainable technologies company listed at the General Standard of the Frankfurt Stock Exchange. The Company owns a world-leading IP portfolio that enhances battery performance and production efficiency, 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 Advanced Battery Factory (ABF) technologies together with the award- winning innovative 360° Mixing battery technology is used to create superior, long-lasting, OEM- approved Starting-Lighting-Ignition (SLI) batteries in a cheaper, faster, and cleaner fashion versus current industry leaders. 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, and in demanding storage/auxiliary applications. The Company’s technologies have the potential to reduce the carbon footprint of the transportation industry, helping car makers meet the emissions reduction mandates, as well as manufacture, develop and recycle a battery at a significantly emissions reduced level than the current industry leaders. – For more information on iQ International, please visit: https://www.iqint.com/(end)