Power Technology Introduces a Strategic Business Transformation
LAS VEGAS--(BUSINESS WIRE)--Aug. 7, 2002--Power Technology Corporation (OTC BB: PWTC - News) announces a strategic business transformation.
After five years of developing advanced technology from patent to beta testing, Power Technology has laid the necessary ground work to make the transition from research and development to manufacturing and sales.
Power Technology will manufacture the advanced battery technology that has been incubated over the past years. Power Technology has invested significant ongoing resources to assess the changing business environment, identify competitive opportunities, and either capture or create those opportunities.
As part of their ongoing Strategic Plan, Power Technology will attempt to grow and enhance the value of their business through strategic acquisitions. In conjunction with one of the largest battery equipment providers and a fifty million plus automotive distribution group, Power Technology will enhance their ability to compete in the markets.
"Our approach is to focus on strategic key value drivers affected by shifting business paradigms with the aim of re-positioning the company and developing creative strategies to enhance sustainable shareholder value," said CEO Lee Balak.
"We have identified two companies that will open major market doors," stated Balak. "Our first proposed acquisition will be a specialized technology company that services major utility corporations. The company comes with over five million in booked business, over twenty major utility customers and expects to generate over nine million in sales in 2003. The proposed acquisition would result in positive cash flow almost immediately."
The Company's second acquisition target caters directly to the automotive world. The targeted company will provide an avenue for battery distribution. The slated product has already been endorsed by a major Fortune 100 company, which is assisting in the marketing and manufacturing efforts.
"Together with the proposed acquisitions and the shift into manufacturing the battery technology, Power Technologies has redirected their infrastructure to reflect the business transformation," said Balak. "This transformation then leads to the creation of clear competitive advantages within the industry which fuels further increased profits and asset utilization resulting in dramatic improvements in shareholder value."
About Power Technology
Power Technology Inc. (OTC BB: PWTC - News), a Nevada Corporation, is engaged in the development of advanced battery technology. Power Technology, Inc. holds several patents in the power generation and storage fields; and is working to provide innovative and practical technology solutions for commercial, governmental, and industrial applications worldwide. www.powerpwtc.com.
Safe-Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein that are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including but not limited to certain delays beyond the company's control with respect to market acceptance of new technologies or products, delays in testing and evaluation of products, and other risks detailed from time to time in the company's filings with the Securities and Exchange Commission. This information is not a recommendation to buy or sell securities of Power Technology, Inc (the Company).
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Contact:
Princeton Research, Inc.
Mike King, 702/650-3000
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