Leclanché SA: Leclanché postpones Annual General Meeting Donnerstag, 08. Juni 2017 - 08:27

Leclanché SA / Key word(s): AGM/EGM/AGM/EGM
Leclanché SA: Leclanché postpones Annual General Meeting

08-Jun-2017 / 07:27 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR

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Leclanché postpones Annual General Meeting

Reviewing funding requirements following large order book generation and
convertible debt repayment

YVERDON LES BAINS, Switzerland, 7th June 2017: Leclanché SA (SIX: LECN), one
of the world's leading energy storage solution companies, announced today
that its board of directors is postponing the Company's Annual General
Meeting (AGM) scheduled for 14th June to a date in July to be confirmed.

After two very successful years implementing its growth plan, Leclanché has
delivered a revenue increase of 250 per cent above 2014's figures,
significantly reduced its steady-state EBITDA loss, and generated an order
book of more than 90 MWh in stationary projects. The bulk of this order book
comes from two very large projects: 41 MWh for the Independent Electricity
System Operator (IESO) in Ontario, Canada, the core of the 53 MWh project,
which is one of the world's largest stationary storage systems; and 33 MWh
for a utility storage system in Germany.

Additionally, the company is in advance negotiations for contracts with
electric vehicles (EV) customers and automotive systems integrators. These
include a large volume contract in India for which test units are being
shipped shortly and a joint development agreement with a world leading
manufacturer of electric drives and traction motors for buses, tramways,
locomotives, suburban train units, metros and mine cars.

In order to deliver such a large order book, Leclanché requires a
significant increase in capital. In addition, the company has a convertible
debt which is due for repayment by 30th June 2017.

Leclanché's board of directors, together with its major shareholders, has
undertaken a comprehensive review of the Company's funding needs in the near
and long term and is reviewing options which include a rights issue, private
placement with institutional shareholders and a dual-listing on a North
American exchange. Exploratory discussions for listing in North America, the
fastest growing energy storage market in the world, indicate significant
investor appetite for Leclanché with its comprehensive product range and
projects in both the stationary storage and EV markets.

As a result of the funding review, and some management time diverted due to
the unfortunate fire accident on 22nd May, caused by a battery system not
manufactured by Leclanché, the Company took the decision to postpone the AGM
scheduled on 14th June. A new date for the AGM and related agenda will be
circulated shortly.


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About Leclanché

Leclanché is one of the world's leading fully vertically integrated energy
storage solution providers. It delivers a wide range of energy storage
solutions for homes, small offices, large industries, electricity grids, as
well as hybridization for mass transport systems such as bus fleets and
ferries. Established in 1909, Leclanché has been a trusted provider of
battery energy storage solutions for over 100 years. Founded in the
tradition of Georges Leclanché, the inventor of the dry cell battery,
Leclanché today has a rich portfolio of Battery Energy Storage Systems
(BESS) that include bespoke battery systems from industry leading
lithium-ion solutions.

Leclanché is listed on the Swiss stock exchange, and is the only listed
pure-play energy storage company in the world.

SIX Swiss Exchange: ticker symbol LECN | ISIN CH 011 030 311 9

Disclaimer
This press release contains certain forward-looking statements relating to
Leclanché's business, which can be identified by terminology such as
"strategic", "proposes", "to introduce", "will", "planned", "expected",
"commitment", "expects", "set", "preparing", "plans", "estimates", "aims",
"would", "potential", "awaiting", "estimated", "proposal", or similar
expressions, or by expressed or implied discussions regarding the ramp up of
Leclanché's production capacity, potential applications for existing
products, or regarding potential future revenues from any such products, or
potential future sales or earnings of Leclanché or any of its business
units.

You should not place undue reliance on these statements. Such
forward-looking statements reflect the current views of Leclanché regarding
future events, and involve known and unknown risks, uncertainties and other
factors that may cause actual results to be materially different from any
future results, performance or achievements expressed or implied by such
statements. There can be no guarantee that Leclanché's products will achieve
any particular revenue levels. Nor can there be any guarantee that
Leclanché, or any of the business units, will achieve any particular
financial results.

* * * * *

Europe/global:
Desirée Maghoo
T: +44 (0) 7775522740
E-mail: dmaghoo@questorconsulting.com

Simon Barker
T:+44 (0)7866 314331
E-mail: sbarker@questorconsulting.com

US and Canada:
Rick Anderson
T: +1 (718) 986-1596

Henry Feintuch
T: +1 (212) 808-4901
E-mail: leclanche@feintuchpr.com

Shareholder, Analyst and Investor contacts:
E-mail: investors@leclanche.com

Investor Contacts
Anil Srivastava / Hubert Angleys
Tel.: +41 (0) 24 424 65 00
E-Mail: invest.leclanche@leclanche.com


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End of ad hoc announcement

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