PLYMOUTH MEETING, PA., September 14 /CNW/ - In a letter to company
stockholders issued today, Amir Elbaz, Chief Financial Officer of Lithium
Technology Corporation ("LTC") (OTC: LTHU), stated the following:
The past year was one of tremendous progress and transition for
Lithium Technology Corporation. Our company demonstrated rapid growth
as an organization as we continued to develop our underlying
technology into commercialization, as well as substantially investing
in our research and development efforts. This year's highlights
include a number of corporate decisions, which will ensure future
growth, such as the commercialization of our newly launched lithium
iron phosphate (LiFePO(4)) technology and strategic focus on selected
Through equity raises, the Company successfully secured substantial
capital which was used for repayment of debt, investments in the
expansion of production facilities and working capital, and is
believed to be sufficient to bring the company to positive EBITDA in
Q2 2008. Currently, negotiations are taking place with investors and
strategic partners for the funding of one or two additional large new
factories. This will substantially increase our production capacity in
order to satisfy the growing demand of our products.
Our financial strategy integrates the Company's goal for long-term
revenue and market share growth, and as our CEO, Dr. Klaus Brandt,
stated in his letter issued earlier this year, the strategy and its
elements are based on the Company's long-term business model that
projects a strong financial performance. Our management team is
dedicated to further improving the financial condition of the company
and to creating a stronger and more profitable LTC.
However, we as a Company must overcome a few hurdles, including
financial reporting. This has been my top priority since I joined the
management team in October 2006. The entire management team has
devoted substantial time and attention to complete the required
financial reporting in the most accurate and quickest way possible,
while dedicating significant sums of money to auditing-related fees in
the last few months.
The 2004-2005 annual reports were audited this year by Amper
Politziner & Mattia, our auditing firm. This process is required by
the SEC due to the dismissal of LTC's previous accountant and the
withdrawal of the 2004 certification by our previous auditor. These
reports will be filed in a few weeks time; the 2006 annual report and
preceding quarterly reports will be filed soon thereafter.
While we have made great strides, we have also faced a few challenges.
This year, we experienced the untimely passing of our Chairman, Harry
Van Andel, whose relentless efforts were instrumental in the Company's
recent growth. Our current Chairman, Chris Van Den Berg, and the
entire LTC team have achieved significant milestones that have
advantageously positioned the company to move forward and capitalize
on the changes in today's marketplace, which is now moving favorably
toward our core competencies.
I would like to end on a personal note. I am a great believer in LTC
and the prospects that we face. The Company has a leading technology
and the forethought to meet the advanced battery needs of today and
beyond. I believe that the new management can take this company
forward and create tremendous value for all of our shareholders.
We all assume great responsibility and personal risk, but we take this
burden with great pride.
Chief Financial 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(R) 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
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.
For further information:
For further information: The Red Consultancy Nina Velasquez,