Successful Conclusion of Working Capital Funding Arrangement with Daewoo
02.07.2010 | from IQ Power AG
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02.07.2010, Daewoo International Group to fund expanded working capital as part of the revenue growth program;Agreed funding volume of EUR 2.2 million ($2.7 million)
Power AG today announced the successful conclusion of a working capital financing arrangement.
The Daewoo International Corporation will make it possible for iQ Power GmbH, a wholly owned subsidiary of iQ Power AG, to increase its working capital. The financing of goods and inventories in an amount of up to EUR 2.2 million was agreed to at favorable terms. This inventory funding is the first step as part of iQ Power’s planned expansion financing initiative.
Daewoo International Corporation, the Asian cooperation partner and 20% equity holder of iQ Power Asia Inc., first signaled its readiness to provide such funding in fiscal year 2009 and has now affirmed this in the form of an agreement. Opportunities for further financing of this kind will be negotiated at a later time.
Contact:
iQ Power AG
Metallstrasse 9
CH – 6304 Zug
Tel: +41 . 41 . 768 03 63
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Source: IQ Power AG, Press release