PTA-News: iQ International AG: Management and Board message to shareholders after the Company files for Composition Moratorium

Monday, 15. March 2021 08:40

Business news for the stock market

Zug/Switzerland - 15 March 2021 (pta009/15.03.2021/08:40) - iQ International AG (ISIN CH0451424300 / WKN A2PAA5 / Symbol IQL), a multinational sustainable technology company publicly traded at the General Standard of the Frankfurt Stock Exchange with its global head office in Zug, Switzerland and North American headquarters in Phoenix, Arizona, has filed for Composition Moratorium on Friday March 12, 2021.

On March 12, 2021, iQ International AG filed for Composition Moratorium as required by its auditor, PWC. While the Company currently is unable to pay certain past due bills, it believes the Composition Moratorium is the best course to pursue its financing options and arrange for a mutually beneficial debt restructuring with its creditors. The Company's lead secured creditor has agreed to postpone its due date for payments until June 15, 2021 by which time management expects to complete one or more of its currently available funding opportunities.

The Company would like to inform shareholders that this decision was not taken lightly, and that both its board and management are working diligently, in shareholders and creditors best interests, to successfully complete current financing and acquisition opportunities, which are still fully ongoing. The previously announced USD130 million financing was delayed due to the untimely death of the investment firm's CEO. That firm has done an admirable job in associating with another larger properly licensed investment firm and has confirmed that its due diligence is complete and that it expects to complete a USD65 million financing within the time frame provided by the Composition Moratorium. This would be sufficient for the Tecnova acquisition previously announced and for other required matters and would leave management free to seek further debt or equity investment. Management is working diligently on these opportunities and will continue to inform shareholders on a timely basis of all major developments.

The Company would like to express its regret for this unfortunate situation and express its sincere gratitude to its shareholders who have supported the Company through the ups and downs for numerous years and throughout the difficult past twelve months marked by the unfortunate Corona crisis.

iQ International AG
iQ International AG is a multinational sustainable technologies company listed at the General Standard of the Frankfurt Stock Exchange. The Company licenses parts of its IP portfolio, and manufactures/distributes highly efficient lead-acid batteries that meet the increased need for cycle life in today's global automotive and storage markets. Its Advanced Battery Factory (ABF) technologies together with the award-winning innovative 360 Mixing battery technology is used to create superior, long-lasting, OEM-approved Starting-Lighting-Ignition (SLI) batteries in a cheaper, faster, and cleaner fashion versus current industry leaders. Batteries with iQ International AG technologies are designed to generate better performance in today's highly electrified vehicles, particularly vehicles with the Start-Stop function. The Company's technologies have the potential to reduce the carbon footprint of the transportation industry, helping car makers meet the emissions reduction mandates, as well as manufacture develop and recycle a battery at a significantly emissions reduced level than the current industry leaders. - For more information, visit www.iqint.com

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emitter: iQ International AG
address: Landis + Gyr Strasse 1, 6300 Zug
country: Switzerland
contact person: Eva Reuter
phone: +41 41 768 03 63
e-mail: ereuter@dr-reuter.eu
website: www.iqinternational.com

ISIN(s): CH0451424300 (share)
stock exchanges: regulated market in Frankfurt; open market in Berlin

[ source: http://www.pressetext.com/news/20210315009 ]

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