DGAP-News: iQ Power AG: Entry into the Russia, Kazakhstan and Belarus Markets
(firmenpresse) - DGAP-News: iQ Power AG / Key word(s): Miscellaneous
iQ Power AG: Entry into the Russia, Kazakhstan and Belarus Markets
06.12.2010 / 17:32
---------------------------------------------------------------------
iQ Power: Entry into the Russia, Kazakhstan and Belarus Markets
- Supply and licensing agreement with the battery maker Zhersu Power from
the Republic of Kazakhstan
- Supplying the Russian market and delivering batteries to iQ Power for
the European market
- Production to begin starting mid-2011
Zug/Switzerland, 6 December 2010 - iQ Power AG (ISIN: CH0020609688, WKN:
A0DQVL, Symbol: IQPB), the developer and marketer of eco-friendly and
technologically advanced starter batteries for motor vehicles has laid the
foundation for entering the central Asian and Russian markets.
iQ Power AG has now reached a related supply and licensing agreement with
the battery maker Zhersu Power from the Republic of Kazakhstan that covers
the manufacturing, supply and distribution of starter batteries based on
the iQ Power's technology standards. According to the agreement, Zhersu
Power will distribute batteries under its own brand name and bearing the
annotation 'iQ Power inside' in Kazakhstan, Belarus and Russia, and will
also supply iQ Power with batteries for marketing in Europe. iQ Power will
be able to draw on a production capacity of 20,000 battery units per month,
with plans calling for an increase of up to 40,000 units a month. The start
of production with deliveries to iQ Power is scheduled for mid-2011. For
its part, Zhersu Power will be able to utilize iQ Power technology for
marketing batteries under its private label name in Russia. For this, iQ
Power AG will receive licensing fees for each battery when the number of
private label batteries sold exceeds the number delivered to iQ Power. The
iQ Power AG board of directors still has to approve the agreements that
were made, such approval being expected within the coming days.
Zhersu Power has a modern factory in Kazakhstan that was built in 2002 and
produces approximately 650,000 batteries per year with a workforce of some
300 people. The company is a wholly owned subsidiary of the industrial
holding company Zhersu IPK, a company with more than 10,000 employees under
the leadership of Baurzhan Ospanov.
'This agreement with Zhersu Power opens the door for us to move into the
huge Russian market,' said Charles Robert Sullivan, the CEO of iQ Power AG.
'Our partner is superbly positioned in this interesting marketplace.' There
is also a favorable free trade agreement in place between Russia and
Kazakhstan. 'Low wage costs in Kazakhstan and the country's wealth of raw
materials, including lead in particular, are additional advantages that we
will be making use of. Battery companies outside the free trade zone with
Russia have to sell their batteries at prices that include import and
value-added taxes of up to 35%. Our German origin is something that is
extremely important for the Russian market. We see in Russia an enormous
market for our batteries with thermal management, which will also be
manufactured by Zhersu Power. But what is really important is that with
Zhersu Power we have a second manufacturer for the European market besides
Akubat in Slovenia. What's more, Zhersu is also planning significant
purchases of the Japanese ECO (JIS) battery types from iQ Power Asia in
South Korea for supplying the market inKazakhstan,' added Sullivan.
About iQ POWER
iQ Power AG is a developer and supplier of innovative starter batteries for
motor vehicles. The products are technologically advanced, deliver greater
efficiency, and are environmentally sound and lighter in weight. The
company's many achievements include the development of the world's first
software-controlled smart car battery. Industrial batteries and system
solutions for electrical energy management in vehicles help round out its
operational portfolio.
The company's operational element is iQ Power GmbH in Chemnitz (Germany),
which is a wholly owned subsidiary of iQ Power AG. Headquartered in Zug
(Switzerland), iQ Power AG is a publicly listed stock corporation whose
shares are traded on the regulated market (General Standard segment) of the
Frankfurt Stock Exchange, over the counter on the securities exchanges in
Berlin, Düsseldorf, Munich and Stuttgart, as well as on Xetra (ISIN:
CH0020609688, WKN: A0DQVL, IQPB).
Contact:
Company Contact:
iQ Power AG
Metallstrasse 9
6304 Zug
Schweiz
Tel.: +41(0) 41 768 03 63
Fax: +41(0) 41 768 03 68
info(at)iqpower.com
www.iqpower.com
Investor Relations Contact:
GFEI Aktiengesellschaft
Hamburger Allee 26-28
D-60486 Frankfurt am Main
Tel.: +49 (0)69 - 74 30 37 00
Fax: +49 (0)69 - 74 30 37 22
iQPower(at)gfei.de
www.gfei.de
End of Corporate News
06.12.2010 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
Language: English
Company: iQ Power AG
Metallstrasse 9
6304 Zug
Schweiz
Phone: +41 41 7680360
Fax: +41 41 768 03 68
E-mail: investor-relations(at)iqpower.com
Internet: www.iqpower.com
ISIN: CH0020609688
WKN: A0DQVL
Listed: Regulierter Markt in Frankfurt; Freiverkehr in Berlin,
Düsseldorf, München, Stuttgart
End of News DGAP News-Service
---------------------------------------------------------------------
105656 06.12.2010
Datum: 06.12.2010 - 17:32 Uhr
Sprache: Deutsch
News-ID 32805
Anzahl Zeichen: 0
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 480 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: iQ Power AG: Entry into the Russia, Kazakhstan and Belarus Markets"
steht unter der journalistisch-redaktionellen Verantwortung von
iQ Power AG (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
