DGAP-Adhoc: Leclanché SA reports an extension of the maturity of its bridge loan until the end of July 2013
28.06.2013 – 07:37
Leclanché SA / Key word(s): Miscellaneous 28.06.2013 07:28 Release of an ad hoc announcement pursuant to Art. 53 KR --------------------------------------------------------------------------- / Press Release Leclanché SA reports an extension of the maturity of its bridge loan until the end of July 2013 Yverdon-les-Bains, Switzerland, 28 June 2013 - Leclanché S.A. (SIX Swiss Exchange: LECN), specialized in the production of large-format lithium-ion cells and energy storage solutions, announced today that Bruellan Corporate Governance Action Fund ('Bruellan') has agreed to extend the maturity date of the entire bridge loan from June to July 31, 2013 or such earlier date as to coincide with a possible refinancing of the Group. Leclanché continues to investigate financial and strategic alternatives to cover its medium term funding needs. Discussions with potential investors are on-going, but at this stage no definitive solution has been secured for the future funding of the company. Taking into account the loan extension and current cash preservation measures, Leclanché expects to continue to be financed until mid-July 2013. Leclanché had announced on November 23, 2012 that its German subsidiary, Leclanché GmbH, had obtained a EUR 5 million/CHF 6 million bridge loan from Bruellan to cover its short term funding needs. The loan is secured with assets of Leclanché GmbH. The parties have agreed that following a capital increase to raise further funds for Leclanché SA, and on terms to be agreed between the parties, the lender shall have the right to convert the loan into shares of Leclanché SA and that the lender shall be awarded warrants to purchase shares of Leclanché SA. On Mai 21, 2013, Leclanché had further announced that Bruellan had agreed to increase the bridge loan of EUR 5 million granted to Leclanché GmbH by an additional EUR 1.5 million to provide for additional time to the Company to pursue its fund raising efforts. The additional EUR1.5 million shall, however, not be capable of being converted into shares, but shall be repayable in full on maturity. About Leclanché Leclanché's strategy is to expand its position as one of the leading lithium-ion cell producers and solution providers for renewable energy storage systems in Europe. Its strategic priorities are stationary home electrical energy storage applications and expansion into the stationary industrial and grid electricity storage markets. Through participation in research consortia focusing on hybrid and E-mobility applications, Leclanché is positioned to take advantage of new market opportunities. Through a unique, patented ceramic separator technology and focus on lithium-titanate technology, Leclanché manufactures large-format lithium-ion cells, optimized for safety and cycle-life, in a fully automated production process. The newly installed production line will have an annual capacity of 1 million cells or 76 MWh. Leclanché was founded in 1909 in Yverdon-les-Bains. Through the integration of a spin-off from the Fraunhofer-Gesellschaft in 2006, the company evolved from a traditional battery manufacturer to become a leading developer and manufacturer of lithium-ion cells in Europe. Leclanché currently employs 120 staff and is listed on the SIX Swiss Exchange (LECN). The company has its headquarters in Yverdon-les-Bains (Switzerland) and production facilities in Willstätt (Germany). www.leclanche.eu. Media contact: Christophe Lamps, Dynamics Group S.A.: Telephone: +41 79 476 26 87, cla@dynamicsgroup.ch Disclaimer This press release contains certain forward-looking statements relating to Leclanché's business, which can be identified by terminology such as 'strategic', 'proposes', 'to introduce', 'will', 'planned', 'expected', 'commitment', 'expects', 'set', 'preparing', 'plans', 'estimates', 'aims', 'would', 'potential', 'awaiting', 'estimated', 'proposal', or similar expressions, or by expressed or implied discussions regarding the ramp up of Leclanché's production capacity, potential applications for existing products, or regarding potential future revenues from any such products, or potential future sales or earnings of Leclanché or any of its business units. You should not place undue reliance on these statements. Such forward-looking statements reflect the current views of Leclanché regarding future events, and involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. There can be no guarantee that Leclanché's products will achieve any particular revenue levels. Nor can there be any guarantee that Leclanché, or any of the business units, will achieve any particular financial results. 28.06.2013 News transmitted by EQS Group AG. The issuer is responsible for the contents of the release. EquityStory publishes regulatory releases, media releases on the capital market and press releases. The EquityStory Group distributes authentic and real-time financial news for over 1'300 listed companies. The Swiss news archive can be found at www.equitystory.ch/news --------------------------------------------------------------------------- Language: English Company: Leclanché SA Av. des Sports 42 1400 Yverdon-les-Bains Switzerland Phone: +41 (24) 424 65-00 Fax: +41 (24) 424 65-20 E-mail: investors@leclanche.com Internet: www.leclanche.com ISIN: CH0110303119, CH0016271550 Valor: A1CUUB, 812950 Listed: SIX End of Announcement EquityStory News-Service ---------------------------------------------------------------------------