Axion Power International Inc (AXPWQ)

[threewheeler]

tem 8.01 Other Information

As of June 15, 2017, Axion Power International, Inc. (the “Company”) received the long awaited $250,000 deposit from its Chinese joint venture partner. The delay in receipt of which was as a result of bureaucratic procedures within the Chinese taxation authorities which needed to clear the transaction before the funds could be wired from the Peoples Republic of China to the United States. Throughout the process, the Company worked closely with its Chinese counterparts, and the Company believes the parties will continue these strong collaborative efforts to move quickly toward a definitive agreement with regard to the relationship and utilization of Axion’s PbC R technology in applications in China and surrounding areas.