PLL Signs Agreement with Eldor to Manufacture and Distribute Lithium-Ion Polymer Batteries

August 29, 2000 by Jeff Shepard

Lithium Technology Corp. (LTC, Plymouth Meeting, PA) announced that its prospective merger partner, Pacific Lithium Ltd. (PLL, New Zealand), has signed a joint venture agreement with Eldor Corp. (Como, Italy) regarding the manufacture and distribution of lithium-ion polymer batteries. LTC Chairman and CEO David J. Cade stated, "PLL's alliance relationship with Eldor for portable electronics applications and LTC's large battery focus are both a part of PLL's global strategy, which will be reflected in the upcoming US initial public offering of Ilion Technology Corp. (Plymouth Meeting, PA), the successor company to PLL."It is LTC's understanding that the Ilion initial public offering is now planned for the fourth quarter of 2000 or the first quarter of 2001 (only by means of a prospectus), with the planned merger of LTC into Ilion anticipated for 45 to 60 days after the initial public offering, subject to approval of the merger by LTC shareholders.