Lithium Technology and GAIA Combine Operations

December 04, 2002 by Jeff Shepard

Lithium Technology Corp. (Plymouth Meeting, PA) announced that it has signed a share exchange agreement that will give Lithium Technology a 100-percent interest in GAIA Akkumulatorenwerke GmbH (GAIA, Germany), a privately held lithium-polymer battery company. On October 4, 2002, Lithium Technology acquired a 60-percent interest in GAIA, and upon the closing of the second share exchange agreement, Lithium Technology will acquire the remaining 40 percent.

Lithium Technology will acquire the remaining interest in GAIA through the acquisition of 40 percent of the outstanding shares of GAIA Holding, a private limited liability company incorporated under the laws of the Netherlands, which is the 100 percent beneficial owner of GAIA. The closing of the second share exchange is expected to be completed on or about December 13, 2002.

GAIA operations and staff have now been combined into Lithium Technology as a single cohesive entity with two operating locations.

Lithium Technology is sampling customers with lithium-based, rechargeable, prototype batteries for automotive, stationary power and national security applications. The batteries will carry a GAIA brand name and trademark.