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 email@example.com
CORRECTING and REPLACING Council Responds to Approval of A123 Systems Sale to Shanghai-Based Wanxiang Group
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