ISE Limited
TSX : ISE

ISE Limited

November 16, 2010 18:53 ET

ISE Limited Follows ISE Corporation in Filing for Chapter 11 Bankruptcy Protection

SAN DIEGO, CALIFORNIA--(Marketwire - Nov. 16, 2010) - ISE Limited (TSX:ISE) announced today that it has filed a voluntary petition to reorganize its business under Chapter 11 of the United States Bankruptcy Code. As previously announced on August 10, 2010, ISE Limited's principal operating subsidiary, ISE Corporation ("ISE") (a California corporation), filed for Chapter 11 bankruptcy protection approximately three months ago. Both bankruptcy filings were made in the United States Bankruptcy Court for the Southern District of California.

ISE continues to operate its business during the Chapter 11 restructuring process and is currently evaluating various restructuring alternatives, which are likely to include a sale of all or a substantial portion of ISE's business and assets. In the event a sale transaction is consummated, the proceeds of such transaction will be applied first against bankruptcy administrative and priority expenses and then the outstanding claims of ISE's creditors as dictated by the United States Bankruptcy Code. ISE believes that it is unlikely that any proceeds will be available thereafter for distribution to the stockholders of ISE Limited.

About ISE Limited

ISE Limited (www.isecorp.com) is a leading developer, manufacturer and distributor of Energy Storage Systems (ES Systems) and Heavy Duty Hybrid-Electric Drive Systems (Hybrid Systems). ISE products are developed based on our core proprietary technology, which focuses on three critical subsystems: energy storage, controls software, and power electronics. ISE specializes in series hybrid-electric and all-electric/zero emission technologies, and offers industry-leading ES Systems and Hybrid System components. Over the past 10 years, ISE has sold over 300 Hybrid Systems that have demonstrated reliability and performance in over 13 million miles of fleet operation.

Established in 1995, ISE is headquartered in San Diego, California. ISE's history of innovation and technological leadership has resulted in the design and development of systems and components that deliver superior operating performance. For more information visit www.isecorp.com.

Caution Regarding Forward-Looking Statements

This press release contains forward-looking statements. All statements other than statements of historical fact contained in this press release are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expects," "plans," "project," "anticipates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only current predictions and are subject to known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from those anticipated by the forward-looking statements. Some of these factors are described in greater detail in the "Risk Factors" section of ISE's Prospectus dated February 11, 2010 filed on SEDAR, ISE's Annual Information Form for the year ended December 31, 2009 filed on SEDAR, and ISE's other filings with the Canadian securities regulatory authorities. These risks and uncertainties include, among others, risks associated with ISE's long and unpredictable sales cycle; risks associated with product liability and warranty claims and the safety of ISE's products; risks relating to ISE's need for additional capital; risks associated with variations in the size, type and timing of customer orders for ISE's products; risks associated with market acceptance and reliability of ISE's products; risks associated with entering into long-term contracts and contracts with governmental agencies; risks associated with the availability, level and terms of government subsidies and incentives; risks associated with customer concentration and ISE's dependence on a small number of suppliers and original equipment manufacturers ("OEMs"); risks associated with ISE's strategic relationships; risks associated with executing ISE's growth strategy in the United States and internationally and scaling up our manufacturing capacity; risks relating to the retention and recruitment of qualified personnel; risks resulting from competition with larger businesses with greater resources; risks associated with technological advancements in ISE's industry; and risks relating to the protection of ISE's intellectual property.

Although ISE believes that the expectations reflected in the forward-looking statements are reasonable, ISE cannot guarantee future results, levels of activity, performance or achievements. Except as required by law, ISE does not intend to update or revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release.

ISE, the ISE logo and Ultra-E are trademarks of ISE Limited. Other brand or product names are trademarks of their respective holders. Copyright © 2010 ISE Limited. All rights reserved.

Contact Information

  • ISE Limited
    David Morash
    Chief Financial Officer
    +1 858-413-1720