DGAP-News: Production Begins at the Lead Recycling and Battery Manufacturing Plant in Bosnia-Herzegovina
(firmenpresse) - DGAP-News: iQ Power AG / Key word(s): Miscellaneous
Production Begins at the Lead Recycling and Battery Manufacturing
Plant in Bosnia-Herzegovina
20.10.2011 / 17:45
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iQ Power AG: Production Begins at the Lead Recycling and Battery
Manufacturing Plant in Bosnia-Herzegovina
- Battery production capacity increased prior to the start of the
important winter season
- 2,000 batteries already manufactured for iQ Power
- Planned near-term expansion of production to 30,000 battery units a
month
- Plans foresee investments to further expand capacity
Zug/Switzerland, 20 October 2011 - iQ Power AG (ISIN: CH0020609688, WKN:
A0DQVL, Symbol: IQPB), the developer and marketer of eco-friendly and
technologically advanced starter batteries for motor vehicles, is pleased
to announce the start of battery production for iQ Power AG at the plant in
Bosnia-Herzegovina following the first deliveries of lead grids, which are
preliminary products for the making of batteries.
As a result, iQ Power AG has significantly increased its battery
manufacturing capacity ahead of this important winter season. Since the
start of production at the end of September, and as of mid-October, 2,000
batteries containing iQ technology have been manufactured for iQ Power AG.
The current production capacity at this underutilized plant in
Bosnia-Herzegovina is 30,000 batteries per month. Plans call for a major
expansion of business operations over the medium to long term, both in the
fields of battery manufacturing and lead recycling. The capital investments
and the development plans needed for this are among the topics to be
presented at the extraordinary shareholders' meeting on 25 October 2011.
Once the formal statutory requirements are completed and approval is
granted by the Bosnian Cartel Office, iQ Power will hold a majority
interest of 51 percent in this lead recycling and battery manufacturing
plant as part of a joint venture (see the ad hoc announcement dated 22
September 2011). This opportunity of increasing its production capacity
over the short and medium terms, and thus the ability to respond more
flexibly to what continues to be solid demand, will enable iQ Power AG to
enhance its future prospects and improve its competitiveness.
The CEO
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).
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
Am Hauptbahnhof 6
60329 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
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20.10.2011 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
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Language: English
Company: iQ Power AG
Metallstrasse 9
6304 Zug
Switzerland
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 (General Standard);
Freiverkehr in Berlin, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
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142981 20.10.2011
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Datum: 20.10.2011 - 17:45 Uhr
Sprache: Deutsch
News-ID 78601
Anzahl Zeichen: 5876
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Kategorie:
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