Power Technology to Receive Funding
Thursday September 5, 12:57 am ET
LAS VEGAS--(BUSINESS WIRE)--Sept. 4, 2002--Power Technology (OTCBB:PWTC - News) announced that they have secured the necessary funding to proceed with the production process for their advanced battery technology.
This announcement comes after a thorough and complete test of the pre-production batteries by the Cattella Generics Test Lab in Stockholm, Sweden. Cattella Generics is a world-leading consultancy in the field of battery and fuel cell technology that provides testing and evaluations of performance in their state-of-the-art laboratories, www.cgr.se
Cattella Generics was very helpful for Power Technology to demonstrate its patents and as a result attracted third party investors to make substantial contributions and investments in the company's viable technology. The estimated cost to design and build the first set of tooling and manufacturing machinery will range between three million ($3,000,000) and five million ($5,000,000) dollars. The commitment for the funding comes from battery professionals who have acknowledged the superior technology of the structural aspects of the power battery.
Manufacturers and production tool designers have already begun the process of review for determining the cost for manufacturing the new battery. The company estimates that the battery beta testing testing program from full production equipment should take less than a year.
"We feel that the recent test results by the Cattella Test Lab continue to validate our strategic business and technology innovation," stated Lee Balak, CEO. "The results will help enhance the deployment of our advanced technology in specific market contexts. We view this validation as a market-related valuation benchmark for maximizing value on the realization of our investments to date in the company."
About Power Technology
Power Technology Inc. (OTCBB: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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Source: Power Technology Inc.
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