NEW CASTLE, Pa., June 6, 2016 /PRNewswire/ -- In a press release on May 6, 2016, Axion Power International, Inc., (OTCQB: AXPW) a leader in carbon battery technology and energy storage, announced meetings with LCB International, Inc. a BVI investment company, to renew negotiations towards a refined and simplified technology licensing agreement to take Axion Power's patented PbC® Technology to China.
As a result of the successful set of meetings in China in May, Richard Bogan, CEO, Axion Power, has invited his Chinese counterparts to attend a reciprocal set of meetings in New Castle, which are tentatively set for the third week in June, pending travel authority granted to the Chinese executives by the Chinese Government.
"The meetings were successful and lay a groundwork and path forward on a renewed structure of the joint effort to commercialize the PbC® Technology in China and set the basis for our continued work at meetings to be held in New Castle as early as the third week in June," said Bogan.
"We are very pleased with the outcome of the meetings in China, and we are pleased that Axion will be holding reciprocal meetings for my Chinese colleagues in the U.S. in the near future. I am hopeful that through this next set of meetings, Axion and LCB are able to accelerate the conclusion of a refined and simplified technology license agreement to commercialize the PbC Technology in Greater China," said Dr. WJ Gesang, principal of LCB International.
Axion Power's patented PbC® Battery brings unique features to the market, including faster recharge, longer cycle life and a wide operating voltage window. The battery offers the added benefit of being nearly 100 percent recyclable, allowing for a smaller environmental footprint than traditional lead acid batteries.
As reported in various Axion Power public filings in 2015, the company had been working with LCB International to consummate a multi part comprehensive agreement regarding a relationship between the two entities surrounding Axion Power's PbC® Technology and other related matters. Axion Power will continue to report further developments as they are confirmed.
About Axion Power International, Inc.
Axion Power is a technology leader in lead-carbon energy storage. Axion's patented lead carbon battery is the only advanced battery technology with an all carbon negative electrode. Axion's negative electrodes are designed to be directly substituted for lead acid negative electrodes producing the unique benefits of the Axion carbon technology. Axion Power's primary goal is to become the leading supplier of carbon electrode assemblies for lead-acid battery companies around the world. For more information, visit http://www.axionpower.com/
About LCB International, Inc.
LCB International, Inc. is an investment and business development firm focusing on the electrical energy storage system for motive and stationary utility applications in Asia.
Certain statements in this Press Release are "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. These forward-looking statements are based on our current expectations and beliefs and are subject to a number of risk factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such risks and uncertainties include the risk for the Company to complete its development work, as well as the risks inherent in commercializing a new product (including technology risks, market risks, financial risks and implementation risks, and other risks and uncertainties affecting the Company), as well as other risks that have been included in filings with the Securities and Exchange Commission, all of which are available at http://www.sec.gov/. We disclaim any intention or obligation to revise any forward-looking statements, including, without limitation, financial estimates, whether as a result of new information, future events, or otherwise.
For More Information, please contact:
Meghan Snyder for Axion
Global Vision Communications
LCB International Inc.
Phone: +86 13301092921
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SOURCE Axion Power International, Inc.