Lithium Tech cuts conversion price on $3 million in convertibles

By Sheri Kasprzak

New York, Nov. 14 - Lithium Technology Corp. has reduced the conversion price and made other changes to $3 million in secured convertible debentures issued in October 2005.

The debentures held by Cornell Capital Partners, LP will now be convertible at $0.0128 each, reduced from $0.06.

Also, the debentures were amended so that all principal and interest due before March 15, 2006 will now be due before March 1, 2007.

The strike price of the 20 million warrants associated with the debentures was reduced to $0.0128. Of the warrants, 10 million had been exercisable at $0.06 each, 5 million at $0.07 each and 5 million at $0.10 each.

The 8% debentures were issued Oct. 7, 2005.

Based in Plymouth Meeting, Pa., Lithium Technology makes rechargeable lithium ion batteries for notebook computers and cell phones.

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