Virium BV, VFR Holding B.V, Mas Arbos Invest B.V. and Alveni Holdings B.V. entered into a memorandum of understanding to acquire substantially all the assets of Lithium Technology Corp. (OTCPK:LTHU.Q) for $2.5 million on December 31, 2015. Under the terms, a deposit of $0.2 million will be paid in cash on closing with balance of $2.3 million shall be paid by credit bid. The assets in acquisition shall not include certain cash. The memorandum of understanding is subject to higher and better offers. The transaction is subject to due diligence, period for which will expire on January 15, 2016, and bankruptcy court approval. The purchaser has paid a deposit of $0.2 million to be applied toward the purchase price. Pursuant to which, as of April 4, 2016, the bankruptcy court has approved the sale of the assets of Lithium Technology Corp. (OTCPK:LTHU.Q) to Virium BV, VFR Holding B.V, Mas Arbos Invest B.V. and Alveni Holdings B.V. The sale of assets include, GAIA Holding BV, a Dutch entity and wholly owned subsidiary of Lithium Technology, to secure claims totaling at least $3.548707 million. The deal is expected to be closed within ten business days after the entry of the sale order, but in no event later than February 26, 2016. Janet M. Meiburger of Meiburger Law Firm PC acted as legal advisor to Lithium Technology Corp. while Melvin A. Simon of Cohn Birnbaum & Shea P.C acted as legal advisor to Virium BV, VFR Holding B.V, Mas Arbos Invest B.V. and Alveni Holdings B.V. and acting Chapter 7 Trustee in this case. The trustee, in case she attends the court on behalf of the purchaser, the purchaser shall compensate the trustee at a rate of $425 per hour. Virium BV, VFR Holding B.V, Mas Arbos Invest B.V. and Alveni Holdings B.V. cancelled the acquisition of substantially all the assets of Lithium Technology Corp. (OTCPK:LTHU.Q) on October 6, 2017.