Report from the Executive Chairman
Dear iQ International AG Shareholder;
iQ International AG (ISIN: CH0451424300, WKN: A2PAA5, Symbol: IQL)
First, we thank you for your continued loyalty and confidence. This has been a special year for both iQ Power Licensing AG and Engenavis Inc. shareholders. With the completion of the merger and reverse share split, we are now one family. Being one family, we share great technologies, management expertise and market know how that current management believes will bring substantial value to our shareholders.
As you may know, the merger and reorganization were completed on December 20, 2018. As a result of the reverse merger, we expect the stock price to adjust accordingly. We have been informed that iQ International AG’s (Company) share listing on the Berlin Stock Exchange will be finalized on January 23, 2019 when we expect the market to begin to reflect the current value of the synergies of the combined Company based on a total outstanding stock of 33.9 million shares.
During 2018, Engenavis brought to the merged company the benefits from the approximately USD 20 million it has raised in the past two years, USD 14 million of which came from the ExWorks financing. Those funds are being used to grow the battery division of our Company.
As we look forward in this new year, we are in active discussions with institutional investment firms to provide substantial amounts for the Company’s needs during 2019, and we are also in discussions with European investment banking firms for future equity raises. We are confident about closing the upcoming financing based on the Company’s technologies, management and expanding market.
We have formed a wholly owned subsidiary named iQ Power AG which will carry on the Company’s battery business. Bob Sullivan will continue to serve as CEO of this division. We expect great things from our battery division, as Bob is finally able to focus on the creation of battery technologies, factories, distribution and other matters, whereas in the past, he had to carry on those activities as well as manage the Company’s finances and regulatory issues being listed on the Berlin Stock Exchange.
We are also happy to announce that we are extremely fortunate to have Kevin Loman as the CEO of the Company. Kevin, who has worked closely with Bob Sullivan for many years, is a major factor in our ability to receive major funding and to carry forth an ambitious future for our Shareholders. He is an extraordinary executive, and our Board of Directors are confident that he will lead us to major successes.
There is much more to report, and we will do so periodically. As your Executive Chairman, I look forward to being more involved in shareholder and capital market matters to ensure that we provide current information and that we pursue every possible avenue to corporate success and shareholder value. Stay with us on what will be a fascinating way forward.
George M. Weiss
Executive Chairman of iQ International AG
Report from the Executive Chairman (PDF download)