A123 Systems, Inc. Completes Sale of Substantially All Assets
WALTHAM, Mass., Jan. 29, 2013 (GLOBE NEWSWIRE) -- A123 Systems, Inc. today
announced that pursuant to the terms of the previously announced asset
purchase agreements with Wanxiang America Corporation ("Wanxiang") and Navitas
Systems LLC ("Navitas"), the company has completed the sale of substantially
all of its assets in a transaction that was approved by the United States
Bankruptcy Court for the District of Delaware. Substantially all of A123
Systems, Inc.'s non-government business assets have been acquired by A123
Systems, LLC, a newly formed, wholly owned subsidiary of Wanxiang, and the
company's government business, including U.S. military contracts, has been
acquired by Navitas through a separate asset purchase agreement.
Distributions to creditors on account of their claims against A123 Systems,
Inc. will be made pursuant to a liquidating plan or other process, in either
case under the supervision and with the approval of the Bankruptcy Court.
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 &
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 regarding
distributions to creditors on account of their claims against A123. 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
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