Iq Power AG (fka IQPOF)

[Aduke]

20.10.2011

Production Begins at the Lead Recycling and Battery Manufacturing Plant in Bosnia-Herzegovina

Battery production capacity increased prior to the start of the important winter season
2,000 batteries already manufactured for iQ Power
Planned near-term expansion of production to 30,000 battery units a month
Plans foresee investments to further expand capacity

iQ Power AG is pleased to announce the start of battery production for iQ Power AG at the plant in Bosnia-Herzegovina following the first deliveries of lead grids, which are preliminary products for the making of batteries.

As a result, iQ Power AG has significantly increased its battery manufacturing capacity ahead of this important winter season. Since the start of production at the end of September, and as of mid-October, 2,000 batteries containing iQ technology have been manufactured for iQ Power AG. The current production capacity at this underutilized plant in Bosnia-Herzegovina is 30,000 batteries per month. Plans call for a major expansion of business operations over the medium to long term, both in the fields of battery manufacturing and lead recycling. The capital investments and the development plans needed for this are among the topics to be presented at the extraordinary shareholders’ meeting on 25 October 2011.

Once the formal statutory requirements are completed and approval is granted by the Bosnian Cartel Office, iQ Power will hold a majority interest of 51 percent in this lead recycling and battery manufacturing plant as part of a joint venture (see the ad hoc announcement dated 22 September 2011). This opportunity of increasing its production capacity over the short and medium terms, and thus the ability to respond more flexibly to what continues to be solid demand, will enable iQ Power AG to enhance its future prospects and improve its competitiveness.


The CEO

http://www.iqpower.com/index.php?pid=1,1&lang_id=2&ID=67a195c2207a7557bfeb19c0e9d740e0