Bolder Technologies Retains E&Y Capital Advisors LLC to Seek Strategic Alternatives
GOLDEN, Colo., Feb. 2 /PRNewswire/ -- Bolder Technologies Corporation (Nasdaq: BOLD) announced today that it has retained E&Y Capital Advisors LLC, an affiliate of Ernst & Young LLP, to advise on future strategic alternatives for the Company including an alliance with a significant partner to provide both financing and product application expertise and/or a potential sale of the Company.
"Given the current difficult environment for follow on financing for companies at our stage and recognizing that the full exploitation of our Thin Metal Film ("TMF(R)") technology will require financial and other resources that are more within the capability of a larger strategic partner, we have concluded that Bolder should consider all of the potential alternatives available to us," said Roger F. Warren, Chairman, President and CEO.
"Bolder is continuing to take steps to conserve cash resources while the Company considers its strategic alternatives. On January 12th, 2001, the Company announced a major restructuring which included a significant downsizing in headcount, along with plans to outsource the future manufacturing of TMF(R) cells, and the Company is pursuing further expense reductions. In addition, the Company has initiated discussions with several of its creditors to extend or restructure Bolder's obligations. Further cost reductions and the cooperation of our major creditors will be required to provide time to explore strategic alternatives. Although nothing is certain at this point, we hope that our current cost cutting and ongoing discussions with creditors will give the Company and its financial advisors a reasonable opportunity to identify and consider an alternative that provides the most value available to all stakeholders in the Company."
"We continue to believe that as automotive battery systems evolve to 36V or higher to support the future needs of Hybrid Electric Vehicles, TMF(R) technology is well positioned to play a significant role in this transition. We also submit that the emerging area of alternative power and backup power quality provides another large opportunity for TMF(R) technology. As a result of this process, we hope to identify a partner to fully realize the potential of these huge future markets," Warren concluded.
Bolder Technologies Corporation, headquartered in Golden, Colorado, manufactures and markets advanced, high-power spiral wound rechargeable batteries based on its patented Thin Metal Film ("TMF(R)") technology. The Company is developing and commercializing consumer and OEM battery products with the TMF(R) technology, including the SecureStart(TM) Portable Jump Starter (which the Company began shipping to retailers in September 1999), that use proven lead-acid electrochemistry in a proprietary configuration with a higher power density than any commercially available rechargeable battery. The TMF(R) technology offers numerous advantages over existing batteries for current and future applications, including near-term opportunities in the marine and auto after markets for 12V primary starting batteries.
Bolder's TMF(R) technology also has possible future applications in the pending auto industry conversion from 12V to 36V, both directly through vendor sales and indirectly through a license agreement with Johnson Controls, Inc. (JCI).
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