Brief: iQ Provides Update On Sale Of iQ Power and Related Assets

iQ International AG

01/03/2022 07:04

March 1 (Reuters) - iQ International AG  IQL.DE :
    * MANAGEMENT PROVIDES AN UPDATE ON STATUS OF IQ
INTERNATIONAL AG
    * ANNOUNCED THAT COMPANY IS GETTING CLOSER TO SALE OF IQ
POWER AND
RELATED ASSETS, AS WELL AS A FUTURE POTENTIAL AMALGAMATION
CANDIDATE
    * IS CURRENTLY IN DEEP NEGOTIATIONS FOR SALE OF IQ POWER AG
AND
ITS RELATED ASSETS. IN ADDITION, MANAGEMENT ALSO SHARED THAT
POSSIBLE ACQUIRING PARTIES HAVE BEEN IN CONSTANT CONTACT WITH
COMPANY'S COMMISSIONER IN MORATORIUM
    * UPON THAT SALE, SHOULD IT TAKE PLACE, WE ANTICIPATE THAT
COMPANY
WOULD HAVE NO FURTHER DEBT, WOULD HAVE ITS ANNUAL AUDITS
COMMISSIONED AND WOULD HAVE $2-$3 MILLION IN CASH AVAILABLE FOR
WORKING CAPITAL AND TO CONSUMMATE AN AMALGAMATION
    * MANAGEMENT AIMS AT ENTERING INTO FINAL CONTRACTS ON THIS
MATTER
BY LATE MARCH 2022
    * FOLLOWING INSTITUTIONAL APPROVALS, MANAGEMENT WILL CONVENE
AN
EGM TO APPROVE SALE

Source text for Eikon:  ID:nPexdQzhva 
Further company coverage:  IQL.DE 

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