CORRECTING and REPLACING Council Responds to Approval of A123 Systems Sale to Shanghai-Based Wanxiang Group

  CORRECTING and REPLACING Council Responds to Approval of A123 Systems Sale
  to Shanghai-Based Wanxiang Group

CORRECTION...by Strategic Materials Advisory Council

Business Wire

WASHINGTON -- January 29, 2013

In contact information of release, Dean Popps' phone number is 202-412-7478
(sted 202-412-7997).

The corrected release reads:

 COUNCIL RESPONDS TO APPROVAL OF A123 SYSTEMS SALE TO SHANGHAI-BASED WANXIANG
                                    GROUP

The Strategic Materials Advisory Council today responded to the Committee on
Foreign Investment in the United States’ (CFIUS) ruling to allow
Shanghai-based Wanxiang Group to acquire A123 Systems, an owner of 91 patents
for sensitive military and space battery technology.

“This disappointing decision represents a 180-degree reversal by the Obama
administration in just 8 days, from the President’s Inaugural pledge to no
longer ‘cede to other nations’ critical energy technology,” Council Co-chair
and former Army Acquisition Executive, Dean Popps said. “Far from protecting
America’s lead, as the President promised on the West Front of the Capitol,
his administration has just allowed China to leapfrog the world in advanced
batteries at the expense of American taxpayers.”

The Council opposed the sale of A123 to Wanxiang citing the massive national
security risk the deal carries. The Chinese will now have direct access to a
US-funded and developed technology that powers our military satellites and
military drones and supports our soldiers in the field.

Popps added, “The approved sale marks yet another step in the coordinated
strategy by foreign countries to acquire leading US companies who are
researching, developing and producing critical technologies. CFIUS itself has
recognized this strategy but it appears they continue to fail to do anything
to prevent it.”

About the Council

The Strategic Materials Advisory Council is a coalition of former U.S.
Government leaders and industry experts who have significant experience with
strategic and critical materials through decades of service in the public and
private sector. The Council was formed with the clear objective to promote
policy solutions that ensure continued access of both U.S. industry and
military to those materials needed to support a robust 21st century economy
and military.

Contact:

Strategic Materials Advisory Council
Dean Popps,Co-chair, 202-412-7478
info@strategicmaterials.org
 
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