In case some have not seen this......from Sept. 14th. docS
Lithium Technology Corporation's Chief Financial Officer Issues Letter to Stockholders
In a letter to company stockholders issued today, Amir Elbaz, Chief Financial Officer of Lithium Technology Corporation ("LTC") (OTC: LTHU), stated the following:
Dear Shareholders,
The past year was one of tremendous progress and transition for
Lithium Technology Corporation. Our company demonstrated rapid growth
as an organization as we continued to develop our underlying
technology into commercialization, as well as substantially investing
in our research and development efforts. This year's highlights
include a number of corporate decisions, which will ensure future
growth, such as the commercialization of our newly launched lithium
iron phosphate (LiFePO(4)) technology and strategic focus on selected
target markets.
Through equity raises, the Company successfully secured substantial
capital which was used for repayment of debt, investments in the
expansion of production facilities and working capital, and is
believed to be sufficient to bring the company to positive EBITDA in
Q2 2008. Currently, negotiations are taking place with investors and
strategic partners for the funding of one or two additional large new
factories. This will substantially increase our production capacity in
order to satisfy the growing demand of our products.
Our financial strategy integrates the Company's goal for long-term
revenue and market share growth, and as our CEO, Dr. Klaus Brandt,
stated in his letter issued earlier this year, the strategy and its
elements are based on the Company's long-term business model that
projects a strong financial performance. Our management team is
dedicated to further improving the financial condition of the company
and to creating a stronger and more profitable LTC.
However, we as a Company must overcome a few hurdles, including
financial reporting. This has been my top priority since I joined the
management team in October 2006. The entire management team has
devoted substantial time and attention to complete the required
financial reporting in the most accurate and quickest way possible,
while dedicating significant sums of money to auditing-related fees in
the last few months.
The 2004-2005 annual reports were audited this year by Amper
Politziner & Mattia, our auditing firm. This process is required by
the SEC due to the dismissal of LTC's previous accountant and the
withdrawal of the 2004 certification by our previous auditor. These
reports will be filed in a few weeks time; the 2006 annual report and
preceding quarterly reports will be filed soon thereafter.
While we have made great strides, we have also faced a few challenges.
This year, we experienced the untimely passing of our Chairman, Harry
Van Andel, whose relentless efforts were instrumental in the Company's
recent growth. Our current Chairman, Chris Van Den Berg, and the
entire LTC team have achieved significant milestones that have
advantageously positioned the company to move forward and capitalize
on the changes in today's marketplace, which is now moving favorably
toward our core competencies.
I would like to end on a personal note. I am a great believer in LTC
and the prospects that we face. The Company has a leading technology
and the forethought to meet the advanced battery needs of today and
beyond. I believe that the new management can take this company
forward and create tremendous value for all of our shareholders.
We all assume great responsibility and personal risk, but we take this
burden with great pride.
Sincerely yours,
Amir Elbaz
Chief Financial Officer
Lithium Technology Corporation
A physician who cannot admit that they have made a mistake, or that he/she is wrong, regardless of how this became known to said physican, is not someone you want caring for you, your family, or a loved one. docS
