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No. : ) The stock seems to be on life support. Speaking of which, I'd like to see Walter and Balak on life support.
Bernard Walter's signature Skunkbutt pie. eom
Firefly article ...
Bibo: Former worker, investor still hope for Firefly encore
By TERRY BIBO (tbibo@pjstar.com)
Journal Star
Posted Mar 24, 2010 @ 10:37 PM
"Ya got trouble, my friend. Right here, I say trouble right here in River City."
- Professor Harold Hill from "The Music Man"
As the guys at the top prepared to launch Firefly Energy Inc., the sky was the limit on a technological breakthrough touted to save energy, the local manufacturing base and the dwindling number of head-of-household jobs in central Illinois.
"On behalf of the Firefly team, I sincerely appreciate the community's support, and I think you'll be excited by the next couple of years and what we'll be able to deliver to the local economy," Firefly CEO Ed Williams said as the Peoria County Board OK'd its part of a deal to underwrite a $6 million loan in May 2007.
Tan-ta-ra!
Considering that the county and the city of Peoria were acting on the threat that the Caterpillar Inc. spinoff would leave town with its magical - but as yet unseen - new products, there was more than a whiff of "The Music Man," even then. Fast forward a couple of years.
When Firefly flickered and burned out before ever leaving the ground, the sky had fallen and the economy was to blame.
"After 15 months of unsuccessful attempts to raise $20 million in equity capital, in the midst of this worldwide financial crisis, funds that would have enabled the company's transition to full production and commercial sales, the Firefly Energy board has decided to cease operations and voluntarily file for Chapter 7 bankruptcy," Williams said in mid-March.
Bleah. Cancel the brass band.
In part, such statements are not too surprising. Marketing is what companies do on the way up; spin control is what they do on the way down. A $13.5 million bankruptcy is about as down as it gets. Expect some blame shifting.
But the guys who were not at the top have a different view of what really happened at Firefly over the last few years. A couple of them would like to clear some smoke. They don't want their names used; this mess is headed to court, and jobs are hard to find. But based on what they say, here's where to figure on fog as the blame game commences: It wasn't Caterpillar Inc. It wasn't Joe O'Neill. It wasn't the product. And it wasn't the economy.
"The economy hit us. I can't say it didn't. But we were in trouble long before the economy tanked," says one former employee.
It will take months, if not years, for the full story to come out. For starters, he would have picked a different market than trucks. Firefly's new technology involved the creation of lighter and more powerful lead-acid batteries by replacing the lead plates with graphite foam. It could have been applied to many different products, produced in other places and gradually demonstrated its worth by starting small. But the decision was made to produce a portion of that battery here - and not in a small way.
"Instead, we built a $6 million machine that can build 240,000 at a time," he said. "And we've never built one for a customer."
To this day, he says, there are only 150 or so prototype Firefly batteries out there in use.
"That manufacturing line?" corroborates one of the investors. "It's like the treadmill in your basement that you never use."
The former staffer said they complained they weren't given enough resources and advised the brass to proceed step by step: Get Firefly's name out there, keep prices low, and let the buzz build. They were told to make do and blast ahead because there was no other option: Venture capitalists demanded almost immediate results, profit margins needed to be high, and a $450 battery would sell.
"We nicknamed the whole thing the 'bet-the-farm' plan from Day One," he says. "To think it's going to be perfect from Day One is to set yourself up for failure. . . . I've never done so much flying by the seat of my pants in my life."
For a while, it looked like Firefly might take off anyway. There were major contracts and offers on the table, including ones from the U.S. Army as well as the aircraft manufacturer Hawker Beachcraft. There were major players on board, including Caterpillar and its former CEO Glen Barton, as well as P. Joseph O'Neill of G&D Integrated.
But all the hoopla and hype never quite converted into reality. Even with backing from the city and county, by last summer there were layoffs and reduced wages.
Where did all the money go?
"I don't know. He won't show me his books and never would," the staffer says of Williams. "It's above my pay grade."
According to the bankruptcy filing Tuesday, the higher pay grades got a chunk of their money. Williams got $78,000 in salary for 2009-2010, as well as a $75,648 expense reimbursement for the same period.
In the bankruptcy filing, O'Neill/G&D Integrated is listed as a creditor for well more than $2 million. Caterpillar is listed as a 19.36 percent stakeholder in Firefly. O'Neill prefers not to comment; Caterpillar doesn't say much.
"The technology for Firefly came from Caterpillar, but the company was independent of Caterpillar in its operations and decision making," Caterpillar spokesman Jim Dugan said via e-mail. "Caterpillar is one of several minority shareholders in the company."
Dugan encouraged a call to Ed Williams. Two were made; neither was returned.
If there is good news in all of this, it probably lies in that technology. According to all accounts so far, it works.
"The battery is good. It is. I firmly believe it will be the norm," says the ex-staffer.
"I'm still hoping, a year from now, you can do an article on Firefly - that it's a phoenix," says the investor.
It would be a pleasure, and it could happen. For those who are familiar with "The Music Man," much to the surprise of Professor Harold Hill, the think system actually worked, too.
In the meantime, my friends, we got trouble.
TERRY BIBO is a columnist for the Journal Star. She can be reached at tbibo@pjstar.com, 686-3189, or 1-800-225-5757, Ext. 3189.
Copyright 2010 pjstar.com. Some rights reserved
Steve, didn't you mean worthless ass balak? lol Yes, he was the king cheater. At least he lost his golden parachute. : )
Thanks for that update Gary. As in our case (pwtc), looks like cheaters didn't win.
Is grade school off today or are you just using the library computer?
A new beverage for Corr ...
Corr
"Maybe theyll produce some of our batteries?"
lol Chris, you are a funny guy. lol
The only way that could happen would be if Walter received a new brain, heart, and courage from the Wizard of Oz. lol
Thanks Deafchild for the contact info. Maybe logman will agree to put it in the info box.
Don
Walter is such a pathetic loser. Obviously totally giving up on the battery and screwing all of the investors and himself in the process. Walter had no business in trying to operate this business. All he brought to the table was incompetence. Now he's wallowing in self pity probably thinking that PT's failure was not his fault. Loser's don't accept blame thus losers don't learn thus loser's don't win and that's why they're losers.
Yea, only a few years too late. : ) eom
Hi today of 0.0008 Sometimes this stock does weird things or maybe Walter kicked the bucket. That would probably make it go up. lol
Interesting article. Thanks Chris. eom
US DoE Battery and Electric Vehicle Grants Announced
East Penn is an interesting receiver.
Poor Bernie Walter Madoff no doubt worked his butt off to get some of that free money - NOT!
Worthless loser.
http://www1.eere.energy.gov/recovery/pdfs/battery_awardee_list.pdf
Maybe when Rip Van Walter wakes up. eom
I wonder if the worthless slug Walter applied for any of these free gov. monies. Probably not, that would take effort.
White House to unveil battery grants
David Shepardson / Detroit News Washington Bureau
Washington -- The White House plans to unveil the first group of grants from a $2 billion fund for battery research in the next few weeks with some of the funds directed to states like Michigan, a top economic adviser said tonight.
As part of the $787 billion stimulus package approved in February, Congress agreed to include $2 billion in battery research grants. Unlike the $25 billion advanced vehicle retooling program, the grants for battery research do not have to be repaid.
Ed DeSeve, the president's special adviser on the stimulus program, said an announcement on the first round of battery grants would happen shortly. But he declined to say what automakers, suppliers or battery companies might be receiving the grants.
"I think you'll see over the next week or so ... some industrialization focus for example on the battery grants that are coming," DeSeve told regional reporters this evening during a roundtable meeting, noting that there are also Energy Department loan guarantees in the works. "It makes sense to put those in places where there is productive working capacity -- people who can do the jobs -- there are plants where the jobs can exist, and I think you are going to start to see more and more of that over time."
General Motors Co., Ford Motor Co. and Chrysler Group LLC have all applied for battery grant funding, as have some other battery companies and suppliers.
In March, President Barack Obama renewed his campaign pledge to push for 1 million plug-in electric hybrid vehicles on U.S. roads by 2015, promoting a $2 billion battery research program, saying it "will spark the manufacturing of the batteries and parts that run these cars, build or upgrade the factories that will produce them, and in the process, create thousands of jobs right here in America."
Michigan lawmakers pushed hard for the research money during the debate over the stimulus package, saying it was crucial to helping the auto industry develop next-generation plug-in electric hybrid vehicles.
Obama's call for 1 million plug-in hybrids by 2015 was first made in a Lansing campaign speech last year. Auto manufacturers have said they worry the plan is too ambitious.
GM plans to begin production of its extended range electric vehicle, the Chevrolet Volt, late next year; Ford said in January it will bring a fully electric vehicle to market by 2011 and a plug-in hybrid in 2012. Chrysler will have produced 100 all-electric vehicles by year's end, and in January said it plans to have four electric models on the road in 2013. The company says it expects to have 500,000 electric vehicles on the road in four years; Toyota Motor Corp. will have a test fleet of 150 plug-ins on U.S. roads by the end of this year.
The White House said in March the Department of Energy will offer $1.5 million in competitive grants to U.S. developers of advanced batteries, and $500 million for development of other components needed for plug-in hybrids, such as electric motors.
Another $400 million will be used to demonstrate the infrastructure needed to make such vehicles practical, such as plug-in stations for owners to recharge their cars.
Hi Lou, hope all is well with you. I still check out the board here now and then, usually to needle Bernie Walter Madoff. lol
Other than that, I learned my lesson on pennies. Can't trust the moron management. I only buy real stocks now. : )
Take Care,
Don
I like how you guys think. lol eom
Bernard Madoff sentenced to 150 years for vast fraud, likely to remain imprisoned for life
NEW YORK (AP) -- A federal judge rejected Bernard Madoff's plea for leniency Monday, sentencing the 71-year-old swindler to spend the rest of his life in prison for an "extraordinarily evil" fraud that took a staggering toll on thousands of victims.
U.S. District Judge Denny Chin cited the unprecedented nature of the multibillion-dollar fraud as he sentenced Madoff to the maximum of 150 years in prison, a term comparable only to those given in the past to terrorists, traitors and the most violent criminals. There is no parole in federal prison so Madoff will most likely die there.
"Here, the message must be sent that Mr. Madoff's crimes were extraordinarily evil and that this kind of irresponsible manipulation of the system is not merely a bloodless financial crime that takes place just on paper, but it is instead ... one that takes a staggering human toll," Chin said.
The massive Ponzi scheme run by Madoff since at least the early 1990s demolished the life savings of thousands of people, wrecked charities and shook confidence in the U.S. financial system.
The actual loss so far has been put at $13.2 billion. But the judge said that was a conservative estimate and noted that even Madoff told his sons in December it was a $50 billion fraud.
The sentence reflected a growing tendency over the last decade to give white-collar criminals lengthy prison terms. But nothing before has come close to the time given Madoff -- an outcome that prompted scattered applause and whoops from a group of burned former clients in a packed Manhattan courtroom.
The judge noted that not one of the more than 100 letters he received supported Madoff or described any good deeds he had done.
"The absence of such support is telling," Chin said.
Chin announced the sentence with Madoff standing at the defense table, wearing a dark suit, white shirt and a tie, and looking thinner than his last court appearance in March. He gave no noticeable reaction when the sentence was announced.
He also showed no emotion though he looked down earlier in the hearing as he listened to nine victims spend nearly an hour venting their despair and anger. Some openly wept or raised their voices, labeling Madoff a "monster," "a true beast" and an "evil low-life."
"Life has been a living hell. It feels like the nightmare we can't wake from," said Carla Hirshhorn.
"He stole from the rich. He stole from the poor. He stole from the in between. He had no values," said Tom Fitzmaurice. "He cheated his victims out of their money so he and his wife Ruth could live a life of luxury beyond belief."
Dominic Ambrosino called it an "indescribably heinous crime" and urged a long prison sentence so he "will know he is imprisoned in much the same way he imprisoned us and others."
He added: "In a sense, I would like somebody in the court today to tell me how long is my sentence."
Sheryl Weinstein, a certified accountant, said Madoff was effective because he seemed normal.
"But underneath the facade is a true beast," she said. "He should not be given the opportunity to blend so seamlessly into our society again."
When asked by the judge whether he had anything to say, Madoff slowly stood, leaned forward on the defense table and spoke in a monotone for about 10 minutes. At various times, he referred to his monumental fraud as a "problem," "an error of judgment" and "a tragic mistake."
He claimed he and his wife were tormented, saying she "cries herself to sleep every night, knowing all the pain and suffering I have caused," he said. "That's something I live with, as well."
He then finally looked at the victims lining the first row of the gallery.
"I will turn and face you," he said mechanically. "I'm sorry. I know that doesn't help you."
His immediately family did not attend the sentencing. But Ruth Madoff -- often a target of victims' scorn since her husband's arrest -- broke her silence afterward by issuing a statement through her lawyer. She said she, too, had been misled.
"I am embarrassed and ashamed," she said. "Like everyone else, I feel betrayed and confused. The man who committed this horrible fraud is not the man whom I have known for all these years."
Prosecutor Lisa Baroni said Madoff deserved a life sentence because he "stole ruthlessly and without remorse."
Outside court, some victims said it was time to move on.
"He stole my money. He didn't steal my life," said Ron Weinstein, whose wife spoke in court. "I'm not going to sit around and mope about it."
Madoff, who has been jailed since March, already has taken a severe financial hit: Last week, a judge issued a preliminary $171 billion forfeiture order stripping Madoff of all his personal property, including real estate, investments, and $80 million in assets his wife Ruth had claimed were hers. The order left her with $2.5 million that couldn't be tied to the fraud.
The terms require the Madoffs to sell a $7 million Manhattan apartment where Ruth Madoff still lives. An $11 million estate in Palm Beach, Fla., a $4 million home in Montauk and a $2.2 million boat will be put on the market as well.
Before Madoff became a symbol of Wall Street greed, he earned a reputation as a trusted money manager with a Midas touch. Even as the market fluctuated, clients of his secretive investment advisory business -- from Florida retirees to celebrities such as Steven Spielberg, actor Kevin Bacon and Hall of Fame pitcher Sandy Koufax -- for decades enjoyed steady double-digit returns.
But late last year, Madoff made a dramatic confession: Authorities say he pulled his sons aside and told them it was "all just one big lie."
Madoff pleaded guilty in March to securities fraud and other charges, saying he was "deeply sorry and ashamed." He insisted that he acted alone, describing a separate wholesale stock-trading firm run by his sons and brother as honest and legitimate.
Aside from an accountant accused of cooking Madoff's books, no one else has been criminally charged. But the family, including his wife, and brokerage firms who recruited investors have come under intense scrutiny by the FBI, regulators and a court-appointed trustee overseeing the liquidation of Madoff's assets.
The trustee and prosecutors have sought to go after assets to compensate thousands of victims who have filed claims against Madoff. How much is available to pay them remains unknown, though it's expected to be only a fraction of the astronomical losses associated with the fraud.
The $171 billion forfeiture figure used by prosecutors merely mirrors the amount they estimate that, over decades, flowed in and out of the principal account to perpetrate the Ponzi scheme. The statements sent to investors showing their accounts were worth as much as $65 billion were fiction.
The investigation has found that in reality, Madoff never made any investments, instead using the money from new investors to pay returns to existing clients -- and to finance a lavish lifestyle for his family.
NEW YORK (Reuters) – Bernard Madoff, who became a symbol of greed in the financial crisis for masterminding Wall Street's biggest investment fraud, faces the rest of his life in prison in one of the stiffest punishments for white-collar crime when he is sentenced on Monday.
The courtroom drama will unfold with the swindler hearing angry defrauded investors speak of their financial ruin. As he makes what could be his final appearance in public, Madoff, 71, will read a statement before a judge hands down a decision.
"Mr. Madoff has been very stone-faced throughout the whole process. He doesn't seem to have a lot of remorse," said Anthony Sabino, professor of law and business at St. John's University in New York. "To date, he has refused to implicate anyone else."
More than six months after Madoff's arrest, U.S. prosecutors remain uncertain how much was involved -- such was the complexity of the financial web he wove around the world to operate his Ponzi scheme.
In a Ponzi scheme early investors are paid with money from new clients.
About 1,341 account holders lost about $13 billion in the classic "cash in, cash out" fraud, according to court papers. They also say $170 billion flowed through Madoff's principal account over decades and last November, Madoff claimed accounts held nearly $65 billion, when in fact he had never traded any securities, investigators said.
Madoff, a former nonexecutive chairman of the Nasdaq stock market, pleaded guilty in March to 11 charges, including securities fraud, money laundering and perjury that carry a combined maximum sentence of 150 years. The only other person charged so far is his outside accountant.
LIFE TERM SOUGHT
"It is unlikely that he will come back out," Jayne Barnard, a law professor at the College of William & Mary in Williamsburg, Virginia, said, echoing the view of several legal experts on the likely sentence for an audacious scheme.
U.S. prosecutors argued in court papers on Friday that sentencing Judge Denny Chin should make sure Madoff spends the rest of his life in prison because of the "unique scope and duration" of his crimes.
"Madoff's crimes were the product of a series of decisions made over the course of years, and it was within his power to stop his crimes at any point in time," the government said ahead of the 10 a.m. EDT proceeding in Manhattan federal court.
The arch thief and his wife of 45 years, Ruth Madoff, have been stripped of all their luxury homes and possessions. His wife is being allowed to keep $2.5 million in cash, according to an agreement with prosecutors.
Madoff's lawyer Ira Lee Sorkin asked the judge to impose a sentence of less than life, suggesting a 12-year term or 15 to 20 years as sufficient.
Victims have sent more than 100 letters to the judge, most demanding the maximum punishment allowed. They describe entire savings lost for several generations of families, mortgages unpaid and elderly people unable to pay for medical coverage.
Madoff's wife, two sons and his brother, who have all been the target of swindled investors' vitriol and suspicion, were not expected to attend the hearing. Since his arrest by the FBI in December, the gray-haired Madoff has made all of his court appearances alone, except for his lawyers.
The sentence could be one of the longest handed down in a corporate crime case since a string of scandals this decade.
Among the heftiest punishments were a 25-year term for Former WorldCom Chief Executive Bernard Ebbers and 24 years for former Enron CEO Jeffrey Skilling. Skilling is set to be resentenced next month.
A stock trader of modest origins from the New York City borough of Queens, Madoff built his own firm and used personal connections to orchestrate his investment scheme. His seemingly consistently high returns attracted thousands of customers from all walks of life.
The fraud was missed by U.S. Securities and Exchange Commission regulators and led to calls for tighter oversight.
The SEC had "an investigations system not sufficiently sophisticated or in-depth to uncover the fraud," said George Jackson, an attorney with Bryan Cave LLP in Chicago and a former prosecutor.
"I would suggest that he can provide a wealth of information and more importantly how they missed it."
Jailed next door to the courthouse since his guilty plea, Madoff met for several hours recently with David Kotz, the inspector general of the SEC, but government court papers said it would not be helpful in terms of future regulation.
Kotz is examining the agency's handling of information over the years on Madoff and is due to publish a report in August.
The case is USA v Madoff 09-213 in U.S. District Court for the Southern District of New York (Manhattan)
"He was always scrambling!" Ya, and we were thinking he was a short order cook, turns out he was an egg-sucking lowlife. lol
"fully retired yet?" lol I was retired for a grand total of 3 yrs. I shouldn't have put so many eggs in the pwtc basket. Never thought that Bernard Walter Madoff would have been so dumb as to eat all the eggs.
Compared to my fire dept. days, I'm doin' hard time now. lol
But I hope to have a new gig soon. I've come up with a new design for a cat tree that's patent pending. I'm hoping to bring it to market soon. So, maybe with some hard work and innovation I can re-retire in a few years. : )
Thanks for asking Chris!
"This can be said for so many products these days."
It creates mountains of waste at the gargage dumps also.
High-Tech Lead-Acid Batteries for China’s Electric Scooters
Applied Intellectual Capital says its bipolar lead-acid batteries can outperform advanced lithium-ion batteries on power density and price, and it's aiming at the Chinese electric scooter market to prove it.
Stephen Clarke thinks that lead-acid batteries have gotten a bum rap, and he wants to revive their fortunes via the $3 billion and growing Chinese electric scooter market.
Clarke is CEO of Applied Intellectual Capital, an Alameda, Calif.-based electrochemical technology development company that's funded itself through consulting work and a number of spinouts since its 1994 founding.
Among its more recent projects, AIC is working on bipolar lead-acid batteries, a technology that he believes can easily outperform advanced lithium-ion batteries on power density – the amount of power it can deliver in a set period of time – as well as on price.
"Everything you think you know about lead-acid is wrong," Clarke said Thursday at the Opportunities in Grid-Connected Mobility conference in San Francisco.
That's because the lead-acid batteries most people are familiar with – car batteries – are built as cheaply as possible, with a lifespan just long enough to outlast their warranty, he said.
They're also monopolar batteries, the design that still makes up the vast majority of most types of batteries now available today, he said. Monopolar batteries consist of a number of plates stacked in serially coupled negative and positive electrodes and connected by current collectors. This results in a high resistance current path and unnecessary weight, he said.
But AIC's lead-acid batteries are bipolar, meaning that the cells within are stacked in a sandwich construction that utilizes the materials within more thoroughly, he said. That cuts internal resistance a hundred-fold and halves the weight required for the same performance, he said.
Other companies, such as Firefly Energy and Atraverda (where Clarke once worked), are seeking to improve lead-acid batteries. Johnson Controls and Volvo spinout Effpower has been working on bipolar lead-acid batteries.
The problem for bipolar batteries so far has been stability, Clarke said. That is, they tend to have shorter cycle lives than monopolar batteries. AIC has overcome that problem, Clarke said, though he wouldn't reveal just how.
Proof may come in the coming months, when AIC intends to launch a joint venture with an unnamed Chinese company to start manufacturing its bipolar lead-acid batteries for what Clarke called "the world's biggest electric vehicle fleet that no one has heard of" – the 60 million or so electric scooters and bicycles populating China's roadways.
With a typical top speed of 40 miles per hour and ranges of 30 to 40 miles, these aren't the fanciest of vehicles. But with an average price of $800 and a charging cost of about 25 cents per day, they're economical - and China's government has made a big push to see them replace the two-stroke gasoline engines that have played a role in polluting the country's air, he said.
Clarke estimated the battery market for those scooters at $3 billion a year and growing about 15 percent annually. He also said he can supply those batteries at about $70 apiece, compared to the $650 or so he said a comparable performance lithium-ion battery would cost.
Given all the other components that make up a complete battery, he said the weight difference between heavy lead and light lithium wouldn't make that much of a difference.
An emerging battery market for which weight is far less important is for storing energy on the electricity grid, he said, and AIC is hoping to target that market as well.
Lead-acid batteries have been used by utilities for more than a century, but their lower energy density and short cycle life have kept them from wide-scale use, according to a September report by the Electric Power Research Institute.
Clarke disputed that, saying AIC's bipolar design does away with the energy density drawbacks of lead acid batteries. As for cycle life, he cited a lead-acid grid storage battery from Exide Technologies that lasted three years beyond its eight-year projected lifespan – with five years still left in it.
"By talking to him, how would this change the companys condition?"
What is the Company's condition?
This is the last communication that shareholders received from Walter. ...
"Power Technology intends to post unaudited balance sheet and income statements on the Pink Sheets on a quarterly basis to keep shareholders informed of it's financial condition."
http://www.bloomberg.com/apps/news?pid=conewsstory&refer=conews&tkr=PWTC:US&sid=aIL6wp9VP0Vo
The stock still trades. Sometimes in volume. Why? Is there anything going on?
If Walter had any gonads, he would provide at least some closure if not hope.
Walter must be hawking his shares at the local AA meetings.
For Otterman ...
Shareholder sentiment toward CEO Walter ...
Walter
Axion Power Enters Worldwide Supply Agreement With Exide Technologies for PbC(R) Batteries
Monday April 13, 2009, 5:36 pm EDT
NEW CASTLE, Pa., April 13 /PRNewswire-FirstCall/ -- Axion Power International Inc (OTC Bulletin Board: AXPW - News), announced today that it has signed a definitive Memorandum of Understanding for a multi-year, global supply relationship with Alpharetta, GA-based Exide Technologies (Nasdaq: XIDE - News) for the purchase of Axion PbC® batteries and other Axion Technologies(TM). Axion is a developer of advanced batteries and energy storage products that incorporate patented lead carbon battery PbC Technology(TM). Exide Technologies is a global leader in stored electrical energy solutions.
According to the terms of the agreement, three consecutive phased purchase- and test-periods will commence immediately, with Axion supplying an escalating number of batteries to Exide on a monthly basis. The first two phases will span 18 months and if successful the parties will move to the final 2 phases of the agreement. The quantity of the products supplied will need to achieve certain defined milestones, commensurate with what the market potentials could be, over the remaining 2.5 year period of the agreement if exclusivity is to be maintained. Shipments delineated under the agreement would begin in Phase I, which is scheduled to last 10 months and would ramp up at each phase point, assuming successful testing. No further details on anticipated shipments and schedules were released.
The agreement will make Exide Axion Power's principal battery original equipment manufacturer (OEM) customer. Axion will still retain the limited ability to market its PbC battery to one other lead-acid battery manufacturer under an existing agreement and Axion will be able to sell all its products to current customers, and into certain large potential markets on which they have chosen to concentrate.
If sales increase to a point where Axion cannot provide the quantities required, Axion agrees to grant a license and to sell certain materials to Exide to make a co-branded product. Axion expects its capacity to be exceeded, but plans to produce its proprietary carbon electrode for use in the batteries, whether the batteries are manufactured by Axion or Exide. This is in keeping with Axion's long-stated business plan of "providing carbon electrodes to lead-acid battery manufacturers to make their products better."
The agreement envisions Fields of Use for the Axion Technologies to include batteries for automobiles and light trucks (OEM and aftermarket); hybrid electric vehicles (HEVs): plug-in hybrid electric vehicles (PHEVs); electric vehicles (EVs); fuel-cell vehicles; marine, military, and heavy-duty transport applications; off-road machines; power-sport vehicles; and lawn and agricultural vehicles. It also foresees major applications for battery back-up; power quality; load leveling and peak shaving; storage for wind and solar; and storage for network grid applications.
"Exide is one of the largest battery manufacturers and recyclers in the world, and the Company's recognition of the 'game changing' potential of Axion's products - including the PbC Battery, PbC Technology, embossed grid technology, carbon additive technology and other technologies that we develop in partnership with Exide underscores their appreciation of our carbon expertise and research and development history. Together, we believe we can compete effectively with other battery chemistries that have dominated today's headlines," commented Tom Granville, Axion Power International's Chief Executive Officer. "Whether the market is electric vehicles, defense applications, utility and industrial energy storage needs or enablement of renewables including wind and solar, we believe that Axion's lead-carbon products present one of the best potential solutions. Axion's developing and maturing technology, combined with Exide's highly respected research and development team and proven ability to market and distribute batteries globally for transportation and industrial energy applications, provides all the necessary ingredients for winning big in the very substantial markets we target."
Axion Power has developed several technological improvements to traditional lead-acid batteries, and owns numerous patents covering them. Its best-known development is the PbC battery, which substitutes activated carbon for lead on the negative electrode of an otherwise traditionally manufactured absorbed glass mat (AGM) lead-acid battery.
"We believe 2009 is a year when real attention - and dollars - are turning to advanced chemistries and alternative energy sources. Certainly, our new collaboration with Axion Power strengthens Exide's ability to develop and provide additional products and technologies that can shape the world's changing energy storage systems," said Dr. Paul Cheeseman, Vice President, Global Engineering and Research for Exide Technologies. "As partners, Exide and Axion combine deep and broad understandings that can effectively infuse technological innovation into practical applications. Together, we believe we're well positioned to offer dependable, affordable, and advanced energy solutions for the global marketplace."
In concluding Granville added, "We believe our batteries can compete with the more expensive and exotic battery chemistries. In the end, our relatively low cost, when compared to the battery chemistries that appear to dominate today's headlines, along with our ease of integration into existing manufacturing lines, will be telling advantages when novelty wears thin and cost-consciousness and practicality move center stage."
Conference Call / Webcast
On Tuesday, April 14 at 1:00PM EDT, Axion Power will hold a conference call and webcast to discuss this news; interested parties should call 866-700-7477 (domestic) or 617-213-8840 (international), with 41924610 to access the call. You may also access this call via the Internet at:
http://phx.corporate-ir.net/playerlink.zhtml?c=155732&s=wm&e=2159945
For those who are unavailable to listen to the live broadcast, a replay will be available for seven day and can be accessed by dialing 888-286-8010 (domestic), and 617-801-6888 (international). The passcode is 88400108.
About Exide Technologies
Exide Technologies, with operations in more than 80 countries, is one of the world's largest producers and recyclers of lead-acid batteries. The Company's four global business groups -- Transportation Americas, Transportation Europe and Rest of World, Industrial Energy Americas and Industrial Energy Europe and Rest of World -- provide a comprehensive range of stored electrical energy products and services for industrial and transportation applications.
Transportation markets include original-equipment and aftermarket automotive, heavy-duty truck, agricultural and marine applications, and new technologies for hybrid vehicles and automotive applications. Industrial markets include network power applications such as telecommunications systems, electric utilities, railroads, photovoltaic (solar-power related) and uninterruptible power supply (UPS), and motive-power applications including lift trucks, mining and other commercial vehicles.
Further information about Exide, including its financial results, are available at www.exide.com.
About Axion Power International Inc
Axion has developed and patented a next generation energy storage device that won the prestigious Frost & Sullivan Technology Award for North America in the field of lead-acid batteries. According to Frost & Sullivan, Axion's new PbC® batteries have "the potential to revitalize the lead-acid battery industry by breathing new life into an established technology that is not well suited to the requirements of important new applications like hybrid electric vehicles and renewable power."
Axion Power International Inc is the industry leader in the field of lead-acid-carbon energy storage technologies. Axion believes this new battery technology is the only class of advanced battery that can be assembled on existing lead-acid battery production lines throughout the world without significant changes to production equipment and fabrication processes. It also believes it will be able to manufacture carbon electrode assemblies in volume at low cost using standard automated production methods that are commonly used in other industries. If and when its electrode manufacturing methods are fully developed, Axion believes it will be able to sell carbon electrode assemblies as virtual plug-and-play replacements for lead-based negative electrodes used by all other lead-acid battery manufacturers. Axion's future goal, after filling their plant's lead-carbon battery production, is to become the leading supplier of carbon electrode assemblies for the lead-acid battery industry.
For more information, visit www.axionpower.com.
We did have viral management at PWTC. We had the Balak Bug, Bubonic Bernard, and Contagion Connolly.
Otterman, whatcha think about yesterday's 11.5 mil volume? It's puzzling to me.
CityLink Signs on as First Public Transit Customer of Firefly Energy Battery Technology
PEORIA, Ill., Mar 23, 2009 (BUSINESS WIRE) -- Firefly Energy announced today that its advanced technology battery will be used in public transit for the first time. CityLink, the mass transit provider for the greater Peoria area, has signed on as the company's first public transportation customer. Firefly and CityLink are hosting a joint press conference at CityLink headquarters in Peoria at 2:00 p.m. today to witness the first battery installation.
In its initial roll-out, CityLink has purchased 36 of Firefly's patented microcell foam Group 31 batteries, known as the Oasis. The batteries will equip nine CityLink buses, replacing traditional batteries that have a much shorter life on the new technologically-sophisticated buses that CityLink employs in its fleet.
"CityLink is excited to be the first bus company in the nation to experience the advantages of the new Firefly Oasis battery," said Tom Lucek, General Manager. "Like modern automobiles and trucks, our newer buses have many more onboard electronic systems which are increasingly putting stress on our traditionally-utilized batteries. Keeping our buses running optimally is imperative in serving our riders, and so is saving on maintenance costs. We're looking forward to powering-up our buses with Firefly," Lucek concluded.
"Making all of our vehicles--be they cars, trucks, or buses--more energy efficient is a national imperative," said Mil Ovan, Sr. VP and Co-Founder of Firefly Energy. "The fulfillment of this objective requires both advanced battery technology and enlightened customers who want to be at the forefront of vehicle efficiency. We're therefore delighted to be deploying our Oasis batteries on CityLink buses as our first step toward bringing 21st century battery technology to the world of metropolitan transit buses."
Firefly's advanced battery technology comprises the use of lightweight, non corroding and non sulfating microcell foam plates to replace the heavy non conductive lead metal plates typical of traditional lead acid batteries. The result is that the Oasis battery's performance and reliability rise dramatically, making these advanced batteries more attractive in terms of total cost-of-ownership compared to the more frequent costs incurred in replacing traditional lead acid batteries. This makes the Oasis battery a much more prudent option for bus companies.
The wide-ranging hot and cold weather in Central Illinois presents challenges to all modes of ground transportation, including CityLink's bus lines. Battery life is severely reduced, and when the temperature dips below zero, this leads to more frequent no-starts. Firefly's battery has a much higher tolerance for weather extremes, making transportation more reliable.
CityLink also employs many more electronics on its bus line, compared to buses previously operated. This is taxing on traditional batteries because the many onboard electronics keeps batteries in a constant partial state-of-charge. This leads to sulfation or "memory," which is detrimental to a battery - causing decreased battery run times, and dramatically reducing its lifespan. The Oasis battery, with its microcell foam technology, eliminates this sulfation problem, hence providing ample reserve power and much longer cycle life.
For more information on Firefly Energy and its Oasis battery, visit www.FireflyEnergy.com. For more information on CityLink, please visit http://www.ridecitylink.org.
About CityLink ( www.ridecitylink.org)
The Greater Peoria Mass Transit District (CityLink) was formed in 1970 by a vote from area residents. At that time the federal government gave Peoria a grant to purchase new buses (33 to start). Currently CityLink has 56 vehicles and serves transportation to eight communities on 22 routes. 12,000 rides are provided daily. Tom Lucek, General Manager for the past two years is leading CityLink into the future with proposed stimulus packages and grants.
About Firefly Energy ( www.fireflyenergy.com):
Firefly Energy Inc. ("Firefly") is a Peoria, Illinois-based battery technology company developing a portfolio of lead-acid battery technologies and products to enhance performance within major portions of the $30 billion worldwide battery marketplace. The company's first applied technology is a microcell foam-based battery technology, which can deliver a unique combination of high performance, low weight and low cost, all within a battery that unleashes the full power potential of lead acid chemistry while overcoming its performance drawbacks. Firefly's battery products and their patented microcell technology deliver to battery markets a level of performance achieved with advanced battery chemistries (Nickel Metal Hydride and Lithium) but at one-fifth the cost. Firefly's microcell battery products can be manufactured as well as recycled within the existing lead acid battery industry's vast infrastructure. Firefly is backed by multi-billion-dollar product companies such as Caterpillar ( www.cat.com, NYSE: CAT), BAE Systems ( www.baesystems.com) (London Stock Exchange over the counter symbol: BAESY), and Husqvarna ( www.husqvarna.com, other OTC: HSQVY.PK). Additional investors include Chicago-area Venture Capital firm KB Partners ( www.kbpartners.com), Quercus Trust, Khosla Ventures ( www.khoslaventures.com), Infield Capital and the Illinois Finance Authority.
SOURCE: Firefly Energy Inc.
Total loss (knee-deep in B.S.) lol eom
Cousin Clem has been too busy making guest appearances on the Jerry Springer show. : )
Or under some slimey rock. Oh wait, that's where the first CEO came from. lol
Apparently no one replaced Bernard Madoff as CEO. Probably because he was going to assist in finding his replacement, thus dooming the process to fail due to his unwaivering incompetence.
"Power Technology CEO Announces Plan to Retire
AUSTIN, Texas, Sept. 17 /PRNewswire-FirstCall/
Power Technology (OTC Bulletin Board: PWTC) announced today that the company's CEO, Bernard J. Walter, has announced his intention to retire as CEO when a new successor is found. The Board of Directors will begin an immediate search for a new CEO on behalf of Power Technology.
Bernard J. Walter commented, "During my three years as CEO we have successfully obtained and defended our patents, built a prototype facility to manufacture our unique technology, and now need to take the company's technology to the market. A new CEO with the experience and resources to accomplish this will be a welcome addition to Power Technology, and I look
forward to assisting the company in finding my replacement."
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/09-17-2007/0004663697&EDATE=
Looks bigger than I imagined. lol eom