A123 Systems Updates Assets Sales
WALTHAM, Mass., Jan. 18, 2013 (GLOBE NEWSWIRE) -- A123 Systems ("A123" or the
"Company") today provided an update regarding the previously announced asset
purchase agreements with Wanxiang America Corporation ("Wanxiang") and Navitas
Systems LLC ("Navitas").
A123 continues to work with Wanxiang and Navitas to prepare for the closing of
the transactions contemplated by the asset purchase agreements. A123 currently
expects that the transactions will close pursuant to the terms set forth in
the asset purchase agreements by February 1, 2013.
Additional information is available on A123's website at www.a123systems.com
or by calling A123's Restructuring Hotline, toll-free in the U.S., at
1-800-224-7654. For calls originating outside the U.S., please dial +1
973-509-3190. Court documents and additional information can be found at a
dedicated website administrated by the Company's Claims Agent, Logan &
About A123 Systems
A123 Systems, Inc. is a leading developer and manufacturer of advanced
lithium-ion batteries and energy storage systems for transportation, electric
grid and commercial applications. The company's proprietary Nanophosphate®
lithium iron phosphate technology is built on novel nanoscale materials
initially developed at the Massachusetts Institute of Technology and is
designed to deliver high power and energy density, increased safety and
extended life. A123 leverages breakthrough technology, high-quality
manufacturing and expert systems integration capabilities to deliver
innovative solutions that enable customers to bring next-generation products
to market. For additional information please visit www.a123systems.com.
Safe Harbor Disclosure
This press release includes forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended that are subject to risks,
uncertainties and other important factors, including statements with respect
to the expected closing of the transactions contemplated by the asset purchase
agreement and the satisfaction of conditions to closing of the transactions.
Among the factors that could cause actual results to differ materially from
those indicated by such forward-looking statements are: failure to obtain
approvals required for the closing or other failures to satisfy the conditions
to closing of the transactions. All forward-looking statements reflect A123's
expectations only as of the date of this release and should not be relied upon
as reflecting A123's views, expectations or beliefs at any date subsequent to
the date of this release.
CONTACT: Media Contacts
The Glover Park Group
The Glover Park Group
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