Lithium Tech. Releases Merger Plans with Pacific Lithium
Lithium Technology Corp. (LTC, Plymouth Meeting, PA) announced the latest status of the planned strategies and timetable for events related to the pending merger with Pacific Lithium Ltd. (PLL, New Zealand).LTC previously reported that it anticipated holding a meeting of LTC's shareholders on July 31, 2000, to vote on the merger, which would be completed at the time of the initial public offering of Ilion Technology Corp., the successor to PLL. Both the merger and the Ilion IPO will involve registration statement filings with the Securities and Exchange Commission (SEC). LTC and PLL have determined that the SEC filing and review process of the two registration statements will be facilitated by completing the Ilion IPO prior to the LTC shareholders meeting and merger. The Ilion IPO is a condition precedent to the merger. LTC and PLL have modified their merger agreement to reflect this new situation.David J. Cade, chairman and CEO of LTC said, "Based on emerging market opportunities and as part of the strategy of merging into Ilion, LTC has now refocused its unique large footprint cell manufacturing technology and market activities to automotive battery applications, including hybrid electric vehicles (HEV). LTC is developing a 3kWh lithium-ion polymer HEV battery, which meets generic specifications of existing HEVs. Completion of the first working prototype is targeted for the third quarter of 2000."LTC's common stock share cap has been increased by the consent solicitation to enable compliance with the terms of the LTC/PLL merger and is in the process of being voted upon by LTC shareholders, with a closing date of June 15, 2000. The consent solicitation was mailed to shareholders on May 2, 2000.Dr. George R. Ferment, president, director and CEO of LTC, has resigned from the company effective May 31, 2000, but will continue to provide consulting services to the company.