I invested in this Piece of Sh*t in 1999 when it was called "Hope Technology". My brother Kevin was a chauffeur for one of LTC insiders and that's how I got involved. I was even invited down to Plymouth Meeting to meet Dave Cade. It just happen to be the day when Mitsubishi Materials Corporation and Mitsui & Co., Ltd. came there to inspect LTC patented manufacturing process.
This is from the SEC Filing.
" Plymouth Meeting, Pennsylvania, April 1 - Lithium Technology Corporation (OTC Bulletin Board: LITH) announced that it has entered into a technology development and commercialization alliance with a Japanese Consortium consisting of Mitsubishi Materials Corporation and Mitsui & Co., Ltd., based on Lithium Technology Corporation's proprietary lithium-polymer rechargeable battery technology. The parties anticipate that this is the first step in a broader strategic alliance for the research and development, production, promotion and distribution of lithium-polymer batteries worldwide. Mitsubishi Trust and Banking Corporation served as the advisor to Lithium Technology in the identification and selection of strategic alliance partners in Japan.
Under the Technology Development Agreement, the Consortium will provide funds and technical resources to assist Lithium Technology in completing the development of its high energy battery to meet specific performance requirements for portable electronics applications. The principal objective is to take the patented technology to the manufacturing scale-up stage. The Agreement gives the Consortium exclusive option rights to license the Company's technology for manufacturing in the Far East and Oceania, and co-exclusive option rights along with Lithium Technology for manufacturing in Europe and the Americas, where the parties anticipate establishing joint ventures for manufacturing operations. The Agreement also gives the Consortium an exclusive option for worldwide distribution and sales of the Company's products. For these considerations, the Consortium has made a dlrs 2.4 million capital infusion into Lithium Technology Corporation, which will give the Consortium restricted shares of Common Stock representing a 4% equity position in the Company. Lithium Technology Corporation is continuing negotiations with a third party interested in joining the Consortium.
Mr. Thomas R. Thomsen, Chairman of Lithium Technology, said, "This important strategic alliance is the keystone in enabling the Company to further develop its unique battery technology for global markets." According to Mr. David J. Cade, Vice President of Marketing of Lithium Technology, "The involvement of Mitsubishi Materials and Mitsui will help assure that the Company's future battery products are used in selected notebook computers and wireless communications handsets around the world."
Mitsubishi Materials Corporation, with consolidated sales of dlrs 12.9 billion in 1995, is one of the major companies in Japan's Mitsubishi Group. Mitsui and Co., Ltd. is the world's largest trading company with total trading transactions of dlrs 196 billion in 1995. Mitsui has 20 separate industry-focused operating groups and maintains a global trading and logistics network encompassing 842 subsidiaries and associated companies in 90 countries, including the United States.
Lithium Technology Corporation is developing a new generation of solid state rechargeable batteries for portable electronics devices. The Company's patented and proprietary technology uses high-performance fibers in composite battery structures and web handling methods for manufacturing."
Now the question is where did all the licensing revenue go?
