iQ Power Licensing AG
Amalgamation of US green technology company into iQ Power / Annual Shareholders´ Meeting end of September
Public disclosure of inside information according to article 17 MAR
Zug, 07. Sept. 2018 (pta021/07.09.2018/23:20) - ,
* Annual Shareholders' Meeting on Sept. 28, 2018 in Zug
* Board of Directors approval for purchase of green technology company in USA through share exchange
* Share purchase planned at EUR 0,07/share equivalent
* Bridge loan of USD 14 million to iQ Power Licensing for new business initatives to be followed by large equity capital
* iQ Power Licensing AG to be re-named iQ Power Technologies AG
* Parallel listing on Frankfurt and Berlin Exchange planned; later NASDAQ
* Reverse Split of 23:1 and company headquarters move to Zurich planned
* Deal contingent on final due diligences and shareholder approval
iQ Power Licensing AG (ISIN: CH0268536338; WKN/Security Number: A14M1C; Symbol: IQL) a developer and marketer of technologies for environmentally friendly and technologically innovative starter batteries for motor vehicles and licenses in these technologies, announces that the Board of Directors has approved an offer for an amalgamation with a green technology company in USA. iQ Power Licensing AG (IQPL) will be the surviving company and the CEO will be Bob Sullivan.
The US-company which will be amalgamated into iQ Power Licensing AG is Engenavis Inc., Delaware, USA. Engenavis (ENG) is headed by star investor, George Weiss. The company features several start-up business units centering around environmentally-friendly technologies, including anti-idling fuel savings technology or mobile solar energy units. The technology section for no emission waste and used tyre recycling as well as the other business units, will be 100% owned subsidiaries of future iQ Power Technologies AG.
Lesen Sie auch
George Weiss, Chairman of Engenavis is arranging a bridge financing from an institutional finance company for USD 14 million, which will be directly loaned to iQ Power Licensing AG (IQPL) to fund the new company and business expansion. The USD 14 million bridge financing is planned to be replaced by a large investment (equity money) to be made in early 2019. For this effort, the company will be bringing on board Mr. Scott Anchin, an experienced New York capital markets professional into the role of Board Member and interim CFO.