IQ Power : New Top Manager at Korean Battery Company iQ Power Asia Inc.

• President and COO of iQ Power Asia appointed
• New position responsible for all daily business activities

Gwangju, Republic of Korea, 29 March 2016 â€' iQ Power Licensing AG (ISIN: CH0268536338; WKN/Security Number: A14M1C; Symbol: IQL) a developer and marketer of technologies for environmentally friendly and technologically innovative starter batteries for motor vehicles and licenses in these technologies, reports on a major personnel addition at the affiliated company, iQ Power Asia Inc., Gwangju, Republic of Korea.

iQ Power Asia Inc., (IQPA) announces the appointment of a new top manager. Mr. Cho Hui Seok will take on effective immediately the role of President and COO of IQPA. Mr. Cho (58), is a well-experienced manager, having worked in finance and business development for Daewoo Corporation for over 20 years. In addition, Mr. Cho has held the top management position at a medium-sized Korean LED technology company for several years. All employees at IQPA will report to Mr. Cho, who will guide the daily activities of IQPA.

Mr. Cho will report to the two court appointed administrators, one of which is the interim CEO and Chairman of the Board of Directors of iQ Power Asia, Bob Sullivan, who also is the CEO of iQ Power Licensing AG. Mr. Sullivan and his staff will aid and instruct Mr. Cho in all areas needed to successfully lead the company. Mr. Sullivan will continue to be responsible for overall activities during the transition period.

The transition of duties will take place until the end of 2016. Gradually throughout 2016, the current CEO of iQ Power Asia, Bob Sullivan, will shift his concentration to product development and global sales and business development activities of iQ Power Licensing AG. This transition will, over time, give Mr. Sullivan more time to devote to promoting the iQ Power technology, dealing with new licensing opportunities and taking care of the administrative activities of iQ Power Licensing AG.

Due to the fact that this new position was not included in the budget approved by the court for the revitalization program, the compensation and all expenses for Mr. Cho will be provided directly by Discover Energy Corporation (DEC), Vancouver, Canada, which is now the financial backer and largest creditor of IQPA. The appointment emphasizes the commitment of DEC to the factory and the iQ Power technology.

About the iQ Power technology:
Batteries with iQ Power technology are designed to generate better performance in Start-Stop applications and to meet the growing demands of electronic usage in vehicles today. Electrolyte mixing is the first significant innovation to the flooded starter battery in decades. Automatic mixing of electrolyte inside the battery ensures uniform acid density for higher sustained performance throughout the entire life of the battery. This prolongs plate life by eliminating acid stratification and thermal gradients, delivering greater material utilization for a lower cost per cycle over conventional batteries. The patented technology was awarded the coveted Automechanika innovation award 1st prize in 2010.

Foto (from l. to r.):
New president and COO of iQPA Cho Hui Seok, co-owner of DEI Steve Nam, CEO of iQPLAG Bob Sullivan, co-administrator of iQPA Young-gon Moon, board member of iQPLAG Won-Lak Choi, co-owner of DEI Darwin Sauer.