Leclanché SA

DGAP-Adhoc: Leclanché appoints new CEO and confirms additional financing

Leclanché SA  / Key word(s): Change of Personnel

03.06.2014 07:08

Release of an ad hoc announcement pursuant to Art. 53 KR


Press Release

Leclanché appoints new CEO and confirms additional financing

  - Appointment of ex Areva Renewables chief executive

  - Additional CHF 3 million financing secured from Oak Ridge Energy
    Technologies Inc.(OKME)

Yverdon-les-Bains, Switzerland, June 3, 2014 - Leclanché S.A. (SIX Swiss
Exchange: LECN), specialized in the production of large-format lithium-ion
cells and energy storage solutions, today announces the appointment of Mr
Anil Srivastava, ex-chief executive of Areva Renewables as the new Chief
Executive Officer of the Company. Effective June 2, 2014, he will take over
from Mr Joe Mangion and Mr Eric Wilkinson who will step down, as they have
now successfully completed the initial stages of the turnaround plan.

The company also announced that it has secured an additional facility of
CHF 3 million from Oak Ridge Energy Technologies Inc., a company controlled
by Precept Management SPC, acting on behalf of Precept Segregated Portfolio

New Chief Executive

Mr Srivastava (53) was the Chief Executive of Areva Renewables and a member
of the Areva Group's executive committee from January 2009 to December
2011. Until recently he was the Chief Executive of a large offshore wind
business in Germany. He is an experienced executive with a strong track
record in building global businesses. Prior to his activity at Areva, he
has held senior executive positions in companies such as TomTom group and
Alcatel-Lucent. He obtained a master's degree from the National Institute
of Technology in India and graduated with an Executive MBA from the Wharton
School of Business in the USA.

Mr Srivastava is a Board member of Oak Ridge Energy Technologies Inc.,
("Oak Ridge") (Ticker: OKME) and serves as Chairman of its M&A Committee.
With the initial phases of the turnaround plan now complete, under Mr
Srivastava's leadership, the Company can now move forward to drive its
commercial and technological development and strengthen its presence in
North America through further collaboration with Oak Ridge.

The Board wishes to thank warmly Mr Mangion and Mr Wilkinson for their hard
work in accomplishing the initial phases of the turnaround plan and putting
the company on track for the next phase of its development.

Mr Srivastava commented: "I am truly excited by Leclanché's energy storage
technology, including its patented ceramic separator and its water based
coating processes. Mr. Mangion and Mr. Wilkinson have given the company a
solid base and initiated, in particular, a number of industrial
partnerships, end user applications and alliances with system integrators.
I plan to develop these further and accelerate the business development
opportunities both in Europe and North America and will seek to scale the
business in all its activities. Being closely associated with Oak Ridge, I
intend to leverage a closer relationship between the two companies to
address the market aggressively. I am therefore delighted to be asked to
lead Leclanché at this time."

Mr Mangion and Mr Wilkinson added: "We have known Mr Srivastava for several
years. He has a deep understanding of technology companies and of renewable
energy and has the right experience, skills and contacts to take Leclanché
to the next level."

Additional Financing

On July 8, 2013, Leclanché and Precept entered into a loan agreement (the
"Loan Agreement") under which Precept granted Leclanché a 2 per cent CHF
17million three year term loan due in 2016 convertible into registered
shares and secured by assets of Leclanché (the "Initial Facility") that has
been fully drawn down. Precept has since converted CHF15.3 million of this
facility (together with accrued interest) and currently holds 50.1% of the
issued share capital of the Company.

On March 5, 2014, Leclanché announced that it had secured a Letter of
Support from Precept, confirming its willingness to continue to fully
support the Company and that it will take such steps as are within its
powers at least until 31 March 2015 to facilitate the provision of
additional funding as reasonably requested by the Board of the Company
showing need of such funding.

The Board is pleased to confirm that further to this Support Letter it has
secured an additional facility of CHF 3 million from Oak Ridge Energy
Technologies Inc.("Oak Ridge"), a company controlled by Precept  on terms
that are broadly similar to those of the Initial Facility. Leclanché and
Oak Ridge had recently signed a joint development and marketing agreement.
The Board is delighted to benefit from the continued support of Oak Ridge
and its lead investor.

About Leclanché

Leclanché's strategy is to become one of the leading lithium-ion cell
producers and solution providers for energy storage systems in Europe. Its
strategic priorities are to develop and market energy storage  products for
home, industrial markets and grid applications and to grow its existing
businesses of developing portable energy storage systems for military,
medical and industrial applications. It also includes providing a range of
professional energy storage systems to a diversified customer base. Through
participation in research consortia focusing on hybrid and E-mobility
applications, Leclanché is positioned to take advantage of new market

Through a unique, patented ceramic separator technology and focus on
lithium-titanate technology, Leclanché manufactures large-format
lithium-ion cells, optimized for safety and cycle-life, in a fully
automated production process. The newly installed production line will have
an annual capacity of one million cells or 76 MWh.

Leclanché was founded in 1909 in Yverdon-les-Bains. Through the integration
of a spin-off from the Fraunhofer-Gesellschaft in 2006, the company evolved
from a traditional battery manufacturer to become a leading developer and
manufacturer of lithium-ion cells in Europe. Leclanché currently employs
more than 100 staff and is listed on the SIX Swiss Exchange (LECN). The
company has its headquarters in Yverdon-les-Bains (Switzerland) and
production facilities in Willstätt (Germany).


Media contact:

Christophe Lamps, Dynamics Group S.A.: Telephone: +41 79 476 26 87,


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.

03.06.2014 News transmitted by EQS Schweiz AG.
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Language:               English
Company:                Leclanché SA
                        Av. des Sports 42
                        1400 Yverdon-les-Bains
Phone:                  +41 (24) 424 65-00
Fax:                    +41 (24) 424 65-20
E-mail:              investors@leclanche.com
Internet:            www.leclanche.com
ISIN:                   CH0110303119, CH0016271550
Valor:                  A1CUUB, 812950
Listed:                 SIX

End of Announcement                             EQS Group News-Service



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