iQ Power AG

iQ Power Licensing AG takes over legal control of Chemnitz battery R&D Center

Business news for the stock market

Zug (pta010/15.01.2015/09:30) - , * iQ Power Licensing AG purchases all the shares of independent battery R&D company. * Move to improve control, speed and costs of R&D efforts

Zug/Switzerland, 15 January 2015 - iQ Power AG (ISIN: CH0020609688, German Securities Code Number (WKN): A0DQVL / symbol: IQPB, ISIN: CH0199540599 / German Securities Code Number (WKN): A1J7TW / symbol: IQPA), a developer and marketer of technologies for environmentally friendly and technologically innovative starter batteries for motor vehicles and licences in these technologies, announces that iQ Power Licensing AG, a 100% subsidiary of iQ Power AG and owner of all intellectual properties of the iQ Power technology, has purchased all shares in the independent service company, Battery Engineering and Services UG, Chemnitz, Germany. The company will be re-named to iQ Power Chemnitz UG and the CEO will be Bob Sullivan, who is also current CEO of iQ Power AG and iQ Power Licensing AG.

The company is a small 4 person R&D and accounting company working exclusively for iQ Power Licensing AG. Prior to 2014, the operation in Chemnitz was owned by iQ Power GmbH. In 2014 the operation made itself into an independent company.

The acquisition price is EUR 10.000 and covers the paid-in capital and start-up expenses of the company. Under the agreement prior to takeover, iQ Power Licensing paid all approved costs plus a 5% profit required for tax purposes. With the takeover, iQ Power Licensing AG will save the profits, including all profits for 2014.

More importantly, by having the company as a fully-owned subsidiary with the same CEO in both companies, the decision-making and execution will be greatly speeded up. In addition, the control function will be greatly improved, which is very important because the engineers in Chemnitz are responsible for the patents and technological processes, which represent the core value of iQ Power.

About iQ POWER iQ Power develops and markets a patented technology for the starter battery. The technology dramatically improves the lifetime, re-charging and reliability of the battery at low costs and no negative technical side-effects.

As a stock corporation, iQ POWER AG is a listed company. The company's common stock securities are traded on the regulated market (General Standard) of the German Stock Exchange in Frankfurt, over the counter on the stock exchanges in Berlin, Düsseldorf, Munich and Stuttgart as well as via XETRA (ISIN: CH0020609688, German Securities Code Number (WKN): A0DQVL, IQPB) and the preferred and voting rights stocka are traded in Berlin (ISIN: CH0199540599, German Securities Code Number (WKN): A1J7TW, IQPA).



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emitter: iQ Power AG address: Metallstrasse 6, 6304 Zug country: Switzerland contact person: Dr. Eva Reuter phone: [phone] e-mail: [e-mail] website: www.iqpower.com

ISIN(s): CH0020609688 (share) stock exchanges: regulated market in Frankfurt; free market in Munich, free market in Dusseldorf; open market in Berlin

[ source: http://www.pressetext.com/news/20150115010 ]