EnerSys (ticker: ENS, exchange: New York Stock Exchange (.N))
News Release -
EnerSys Announces Memo of Understanding with Lithium Technology Corporation
READING, Pa., July 10 /PRNewswire-FirstCall/ -- EnerSys (NYSE: ENS), the
world's largest manufacturer, marketer, and distributor of industrial
batteries announced today that it has signed a memorandum of understanding
with Lithium Technology Corporation (OTC: LTHU). The memo of understanding
calls for the establishment of a relationship for the advancement of large
lithium ion batteries between the parties. The parties intend to finalize the
agreement in the coming months.
Under proposed agreement EnerSys will become the exclusive distributor of
Lithium Technology's product line of large format lithium ion batteries and
cells to the defense and aerospace markets globally. In addition, EnerSys will
market Lithium Technology products to the reserve power and renewable energy
markets on a non-exclusive basis.
John Craig, chairman, president and chief executive officer of EnerSys
stated, "This relationship with Lithium Technology will allow EnerSys to offer
our customers additional lithium ion product options to complement our broad
line of lead acid and other specialty products to meet our customers'
applications and needs. We look forward to finalizing the agreement in the
"Lithium Technology Corporation with its unique lithium ion is recognized
as a leading technology company and the memo of understanding that we signed
with EnerSys emphasizes this point," commented Dr. Klaus Brandt, president and
chief technology officer of Lithium Technology Corporation. "We are very
pleased to partner with EnerSys, a world leading battery company with a strong
global market presence and reputation for product quality and service. We
believe that the partnership, which started approximately a year ago, will
increase our exposure in the battery market and increase our revenue growth."
Caution Concerning Forward-Looking Statements
This press release (and oral statements made regarding the subjects of
this release) contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements may include, but are not limited to, (i) statements regarding
EnerSys' plans, objectives, expectations and intentions and other statements
contained in this press release that are not historical facts, including
statements identified by words such as "expects," "anticipates," "intends,"
"plans," "believes," "seeks," "estimates," "will" or words of similar meaning;
and (ii) statements about the benefits of the memorandum of understanding
including any impact on our financial and operating results and estimates, and
any impact on EnerSys' market position that may be realized from this
relationship. These forward-looking statements are based upon management's
current beliefs or expectations and are inherently subject to significant
business, economic, and competitive uncertainties and contingencies, many of
which are beyond our control. The foregoing factors, among others, could cause
actual results to differ materially from those described in the
forward-looking statements. EnerSys may not realize benefits from this
relationship. The statements in this press release are made as of the date of
this press release, even if subsequently made available by EnerSys on its
website or otherwise. EnerSys does not undertake any obligation to update any
forward-looking statement to reflect circumstances or events that occur after
the date such forward-looking statement is made. For a list of other factors
which could affect EnerSys' results, see EnerSys' filings with the Securities
and Exchange Commission, including "Item 1A. Risk Factors," set forth in our
EnerSys' Annual Report on Form 10-K for the fiscal year ended March 31, 2008.
(C) Copyright 2008. All Rights Reserved.
EnerSys, the world leader in stored energy solutions for industrial
applications, manufactures, distributes and services reserve power and motive
power batteries, chargers, power equipment, and battery accessories to
customers worldwide. Reserve power batteries are used in the
telecommunications and utility industries, uninterruptible power suppliers,
and numerous applications requiring standby power. Motive power batteries are
utilized in electric forklift trucks and other commercial electric powered
vehicles. The Company also provides aftermarket and customer support services
to its customers from over 100 countries through its sales and manufacturing
locations around the world.
For more information regarding EnerSys, please contact Richard Zuidema,
Executive Vice President, EnerSys, P.O. Box 14145, Reading, PA 19612-4145.
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 20 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.
Executive Vice President of EnerSys