Lithium Technology and Pacific Lithium Unveil Merger Timetable
Lithium Technology Corp. (LTC, Plymouth Meeting, PA) and Pacific Lithium Ltd. (PLL, Auckland, New Zealand) announced a revised timetable for all SEC-related actions and events associated with their impending merger and the concurrent IPO of the successor public company, Ilion Technology Corp.
LTC previously reported that it anticipated holding a stockholder meeting in May 2000, to vote on the merger with PLL. On March 31, LTC and PLL agreed to change the meeting to June 30, in order to have the Ilion IPO (expected to be completed by September 30) take place no later than 90 days after the meeting. This will ensure that the LTC stockholders have current material information about the IPO at the time they vote on the merger, as required by SEC regulations.
Meanwhile, LTC and PLL are continuing to work closely together in commercializing LTC's large footprint cells, expanding PLL's lithium materials production capabilities and considering additional strategic alliances. The PLL board of directors has approved a $4.0 million capital expenditure program to bring the Plymouth Meeting manufacturing plant to commercial production status by December 31, 2000, and the necessary equipment upgrade and building expansion are underway.
At the same time, PLL is expanding its lithium-carbonate plant in New Zealand. A sister plant to commercially produce PLL's patented lithium-manganese cathode materials will be commissioned in the third quarter of this year. PLL has also recently concluded a joint venture agreement with the Qinghai Provincial Government in China securing exclusive access to what is believed to be the world's largest unexploited lithium reserves. The joint venture's pilot plant is presently under construction and will begin operations later this year.