Lithium Technology Corporation's Chief Executive Officer Issues Letter to Stockholders
July 30 2007 - 8:00AM
Business Wire
In a letter to company stockholders issued today, Dr. Klaus Brandt,
Chief Executive Officer of Lithium Technology Corporation ("LTC")
(OTC: LTHU) stated the following: Dear Shareholders, It is my
pleasure to address you all as the recently appointed Chief
Executive Officer of LTC. I am very excited about the opportunity
that was given to me to lead LTC forward in a world that is
realizing the value and the need for our technology and products.
LTC's three target markets, Transportation, Defense and
Stationary/Alternative Energy, constantly require more available
energy and power - a demand that today's prevailing battery
technologies cannot adequately satisfy. We are among the few
visionaries who identified these future needs. We have developed
the technology that can answer the needs of today to enable
innovative solutions, like the plug-in hybrid vehicles. We are
making strides in all three markets with repeat orders from
existing customers and the acquisition of new customers, most of
which belong to the leaders in their respective industries. The
strength of our company lies with our employees and core
technology. Unlike many companies that simply assemble batteries
with cells imported from Asia, we, at LTC, master the entire
process - from the manufacturing of battery cells to the pairing
with intelligent management systems. This end-to-end manufacturing
ability allows us to offer superior products at the highest level
of quality assurance. Additionally, our broad experience in battery
technology and industry savvy helps us develop solutions quickly.
For example, our new Lithium-ion iron phosphate battery cells are
the largest commercial cells of its kind in the world. This
significant accomplishment is evidence to the automotive
manufacturers that the battery technology they need is here today.
Today we are working hard to substantially increase our production
capacity in order to satisfy the growing demand for our products.
We recently opened an office in The Netherlands, in which we will
concentrate our efforts on our goals to build a new production
facility that will allow us to manufacture our products in much
larger quantities and in a more efficient way. This will allow us
to gain bigger market share. We continue to invest heavily in
R&D, sales and global marketing efforts. As reported to the SEC
on July 12th we paid back our biggest debt and entered into a much
smaller fixed convertible loan at today's market price. This,
together with the repayment to Cornell Capital Partners, LP,
reduced our debt significantly and is a major step in the
restructuring of our balance sheet. Management is working hard to
further improve the financial condition of the company and to
create a strong LTC. We continue to work with our auditors for the
completion of all financial reports in order to become current on
our public filings. It is a top priority for me and the rest of the
management team and we dedicate every possible resource to conclude
it as soon as possible. Finally, I believe the world has come to
the conclusion that a change is needed in the way we operate in our
daily lives in order to save our environment, and a major part of
this change will require better and bigger batteries. Toyota
announced last week it is testing a plug-in version of the Prius
They join GM and Ford, who also announced their intention to
develop commercial plug-in hybrid vehicles. Toyota went one step
further to state that by 2020 all their vehicle offerings will be
either plug-in hybrids or regular hybrids. This is very important
statement for us as we see a world leading company who sells
millions of vehicles a year plans such a drastic move in about 12
years time. We believe western world car companies will follow suit
and we are here today to provide our superior products. It is my
intention to steer the company in a way that will build long-term
sustainable value, especially in our core areas of competitive
advantage where the future value of our company will come from. It
is my belief that this approach will help building large, strong
and profitable company and will maximize the value to our
shareholders. Sincerely, Dr. Klaus Brandt Chief Executive Officer
Lithium Technology Corporation About Lithium Technology
Corporation: Lithium Technology Corporation (LTC) is a global
provider of large format rechargeable power solutions for diverse
applications, and offers the largest lithium-ion cells with the
highest power of any standard commercial lithium ion cell produced
in the western hemisphere. With more than 30 years of experience,
LTC leverages its extensive expertise in high power and large
battery assemblies to commercialize advanced lithium batteries as a
new power source in the military and national security systems,
transportation and stationary power markets. LTC manufactures the
GAIA� product line of large, high power hermetically sealed
rechargeable lithium-ion cells and batteries. The Company's product
portfolio includes large cells and batteries from 10 times the
capacity of a standard laptop computer battery to 100,000 times
greater. LTC manufactures a variety of standard cells that are
assembled into custom large batteries complete with electronics
(battery management systems) and electronics to communicate with
other components of the system for performance monitoring. LTC
headquarters are located in Plymouth Meeting, PA and R&D in
Nordhausen, Germany. LTC sales for the U.S. and European markets
are managed out of each of the offices. For more information about
LTC, its technology and products, please visit
http://www.lithiumtech.com. Safe Harbor for Forward-looking
Statements: The foregoing information contains forward-looking
statements, which involve risks and uncertainties relating to such
matters as financial performance, technology development, capital
raising, business prospects, strategic partnering and similar
matters. A variety of factors could cause LTC's actual results and
experience to differ materially from anticipated results or other
expectations expressed in these forward-looking statements. This
notice does not constitute an offer of any securities for sale.
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