Lithium Technology Corp. Provides Update on Status of Merger
Lithium Technology Corp. (Plymouth Meething, PA) recently provided an update on the status of its planned merger with Ilion Technology Corp., formerly Pacific Lithium Ltd. (PLL, New Zealand).
On October 2, 2000, PLL domesticated into the US as a private Delaware-based corporation. PLL changed its name to Illion Technology Corp. Ilion's anticipated IPO and NASDAQ listing for the fourth quarter of 2000 was postponed due to market conditions and other factors. It is planned to be undertaken as soon as practicable.
A meeting of Lithium Technology shareholders will be held after Ilion's IPO in order to approve the merger, which is expected to close within 90 days of Ilion's IPO. At the time of the merger, all outstanding shares of Lithium Technology stock will be converted into an aggragate number of Illion shares according to the following formula: $25.0 million will be divided by the average Ilion share price for 30 days prior to the merger, with a minimum of 2.5 million Ilion shares and a maximum of 5.0 million Ilion shares.
Lithium Technology Corp.'s chairman and CEO, David J. Cade, commented, “Ilion has continued to provide operating capital to Lithium Technology Corp. on a monthly basis since October 1999, and Lithium Technology is continuing to provide technology support to Ilion in large footprint cell structures, large battery assemblies and manufacturing process scale-up for all portable electronics, hybrid electric vehicles and stationary applications. We are now looking forward to the closing of the Ilion IPO and the merger."