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2/08/2007
FOR IMMEDIATE RELEASE PLYMOUTH MEETING, PA, FEB. 8, 2007 – Lithium Technology Corporation ("LTC") (OTC: LTHU) announced today it has received a purchase order from the Naval Oceanographic Office (NAVOCEANO) for high energy lithium-ion cells to be used for its Seahorse Autonomous Underwater Vehicle (AUV) project. Additionally, an undisclosed advanced educational institution collaborating on the Seahorse project through the NAVOCEANO's AUV partner program, has placed a separate order for additional cells and a customized battery management system (BMS). The two orders combined total approximately $600,000. This announcement follows the pre-solicitation notice filed by the U.S. Navy on Friday, February 2nd stating its intent to issue a sole source award to LTC for cells meeting the requirements of the Seahorse project. LTC, a global provider of large lithium-ion rechargeable power solutions, has been providing advanced battery solutions for more than twenty years for the world's most demanding applications. The Company's unique, patented technology allows it to meet and exceed the stringent requirements of the military market. "Underwater vehicles like the Seahorse demand high energy density, high reliability and enhanced performance, and LTC meets these demands today with Commercial Off-The-Shelf (COTS) cells," commented Dr. Klaus Brandt, executive vice president of LTC and managing director of LTC subsidiary GAIA Akkumulatorenwerke (GAIA). "These orders reaffirm LTC's technology and our superiority in lithium-ion cell manufacturing." The Seahorse AUV is used to collect high-quality data in seacoast regions of the world. Unlike earlier AUVs, the Seahorse is capable of pre-programmed independent operations that allow it to maintain a constant depth, course and speed; navigate between various points; and conduct search and survey patterns. Typical mission operating depths range from 15 to 1,000 feet, with endurance up to 72 hours. Seahorse vehicles are 28 feet long, slightly more than three feet in diameter, and weigh 10,500 pounds.
This project is another step in enhancing LTC's market share in the defense industry, specifically with the development of specialized battery solutions for underwater vehicles. In 2006 the Company announced significant contracts in conjunction with ThyssenKrupp, in which the partners are developing one of the highest capacity lithium-ion battery systems in the world for non-nuclear submarines, and with Phoenix International which resulted in the production of one of the safest lithium-ion batteries in the world for its energy density.
About Lithium Technology Corporation:
Lithium Technology Corporation (LTC) is a global provider of large format rechargeable power solutions for diverse applications, and offers the largest lithium-ion cells with the highest power of any standard commercial lithium ion cell produced in the western hemisphere. With more than 30 years of experience, LTC leverages its extensive expertise in high power and large battery assemblies to commercialize advanced lithium batteries as a new power source in the military and national security systems, transportation and stationary power markets.
LTC manufactures the GAIA® product line of large, high power hermetically sealed rechargeable lithium-ion cells and batteries. The Company's product portfolio includes large cells and batteries from 10 times the capacity of a standard laptop computer battery to 100,000 times greater. LTC manufactures a variety of standard cells that are assembled into custom large batteries complete with electronics (battery management systems) and electronics to communicate with other components of the system for performance monitoring.
LTC headquarters are located in Plymouth Meeting, PA and R&D in Nordhausen, Germany. LTC sales for the U.S. and European markets are managed out of each of the offices. For more information about LTC, its technology and products, please visit http://www.lithiumtech.com .
Safe Harbor for Forward-looking Statements:
The foregoing information contains forward-looking statements, which involve risks and uncertainties relating to such matters as financial performance, technology development, capital raising, business prospects, strategic partnering and similar matters. A variety of factors could cause LTC's actual results and experience to differ materially from anticipated results or other expectations expressed in these forward-looking statements. This notice does not constitute an offer of any securities for sale.
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