iQ Power Joins Massachusetts Institute of Technology /Automotive Industry Consortium
20 October 1999
iQ Power Joins Massachusetts Institute of Technology /Automotive Industry Consortium
VANCOUVER, British Columbia, Oct. 20 -- iQ Power Technology
Inc. (OTC Bulletin Board: IQPT) is pleased to announce that it has joined the
Massachusetts Institute of Technology/Industry Consortium on Advanced
Automotive Electrical/Electronic Components and Systems.
In response to an invitation from Professor Thomas Keim of the
Massachusetts Institute of Technology, iQ Power has become a member of the
MIT/Industry Consortium on Advanced Automotive Electrical/Electronic
Components and Systems. Other members of the MIT Consortium include
automobile manufacturers Audi, BMW, Daimler-Chrysler, Ford, General Motors,
PSA-Peugeot Citroen, Renault, Toyota, and Volvo, as well as electronic parts
suppliers AMP Inc., Continental ISAD Electronic Systems, Delphi Automotive,
Denso Corp., Dow Automotive Group, Eaton Corp., Furukawa Electric Co.,
Infincon Technologies, Johnson Controls, Johnson Electric, Lear Corp., Magneti
Marelli, Matsushita Electric, Mitsubishi Electric, Motorola, Omron Automotive
Electronics, Robert Bosch Corp., Semiconductor Components Industries, Siemens
Automotive, Sumitomo Electric Industries, Visteon, and Yazaki Corp.
Dr. Gunther Bauer, iQ's Vice-president, Research & Development, reported
to the iQ board that, "Membership in the MIT Consortium is a strong indication
of the acceptance of and need for iQ's intelligent battery technology in the
automotive industry and should provide iQ with significant opportunities for
strategic alliances within the industry." Already, iQ has entered into
several negotiations for the use of its technology with Consortium members
which it is anticipated will result in development contracts in the near
future. In addition, Dr. Bauer has been invited to make a presentation of
both iQ Power and its technology at the January 2000 MIT Consortium symposium
to be held in South Carolina, USA.
iQ Power is engaged in the development and commercialization of advanced
NEXT generation lead-acid battery technology that incorporates internal
micro-electronics to monitor and control the environment and operation of the
battery. This technology, developed by iQ's German subsidiary, iQ Battery
Research & Development GmbH, is a self-monitoring SMART battery that is
lighter, smaller, more powerful and longer lasting, that recharges up to six
times faster and is less susceptible to adverse (severe hot/cold) weather
conditions.
On behalf of the board of directors,
"Russell French"
Russell French, Director
For further information please contact:
Reg Advocaat, Corporate Relations
iQ Power Technology Inc.
Suite 708-A, 1111 West Hastings Street
Vancouver, British Columbia, Canada, V6E 2J3,
T: (604) 669-3132; F: (604) 689-4626
Information published by the Company contains forward-looking statements
regarding anticipated developments and agreements. These forward-looking
statements address future events and conditions and involve inherent risks and
uncertainties that may cause actual results to differ materially from
anticipated results. Such risks and uncertainties include, but are not
limited to, risks associated with Company's ability to achieve the objectives
of its business strategy, accelerate or defer operating expenses, and achieve
revenue. The reader is cautioned not to place undue reliance on
forward-looking statements.