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iQ Power Licensing AG iQPA announces supply agreements with new international customers in India, Kuwait and Sudan

Nachrichtenquelle: Pressetext (Adhoc)
23.02.2016, 13:50  |  350   |   |   

Business news for the stock market

Zug / Gwangju, South Korea, 23 February 2016 - (pta025/23.02.2016/13:50) - 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 supply agreements from several new international customers of its Korean license partner iQ Power Asia Inc.

The latest major customer is an Indian battery and battery accessory supplier from New Delhi, India. The customer is a manufacturer of stand-by and motive power batteries with a worldwide distribution network, including large markets in Central and South America. Like most customers, the batteries will be under private label. Although there are many battery companies in the low wage country of India, the customer values the good quality and competitive prices of the Korean products.

Orders from another 4 new customers in Kuwait and Saudi Arabia were also received this month. Korean manufacturers are the major seller in the Gulf Coast market which is over 9 million batteries per year.

An agreement was also reached with a new customer in Sudan. The company, which is relatively new in the auto parts business, will build his sales effort around the batteries from iQ Power Asia. His marketing plans include a two brand strategy, including a premium line showcasing the iQ Power Technology under the brand "iQ Power".

Usage conditions for batteries in Sudan are extremely hard. Most vehicles, including passenger cars, are used for commercial business. They are underway all day long with constant starts and stops and idle time in traffic jams.

Bob Sullivan, CEO of iQ Power Licensing and interim CEO of iQ Power Asia stated, "the most encouraging fact about the sales at iQ Power Asia is that every new customer, including the big distributors in North America, have become repeat customers. We are proud that iQ Power Asia continues to win new customers in a generally depressed battery market. With tooling completed for the new product line, both Discover Energy customers in North America and other Asian customers are responded with increased order quantities. The word is spreading about our factory and our technology. This is the reason our Board agreed to focus on revitalizing iQ Power Asia."


emitter: iQ Power Licensing AG address: Metallstrasse 6, 6304 Zug country: Switzerland contact person: Dr. Eva Reuter phone: +49 251 9801560 e-mail: e.reuter@dr-reuter.eu website: www.iqpower.com

ISIN(s): CH0268536338 (share) stock exchanges: open market in Berlin

[ source: http://www.pressetext.com/news/20160223025 ]
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