Power Technology Announces Agreement With Major Battery Manufacturer
LAS VEGAS--(BUSINESS WIRE)--Aug. 26, 1999--Power Technology, Inc. (OTC BB: PWTC - news) has entered into an initial joint agreement with Douglas Battery Manufacturing Company of Winston-Salem, N.C. (www.douglasbattery.com) to evaluate, test and develop a battery based on Power's unique battery structure and methods.
Work is currently in progress by both parties. Douglas Battery has technical personnel assisting Power Technology in further development, prototyping and evaluating the battery design for performance and capacity testing against industry standards.
Douglas' evaluations will be based on Power's Electrochemical Battery Structure and Method patent application. The patent application includes claims for a magnitude of increased surface area; weight reduction; benign chemistries and minimized material usage. The patent application remains the sole property and trade secret of Power Technology.
Douglas is a family owned, 78 year old, proven original equipment manufacturer (OEM) that operates one of the nation's state-of-the-art battery manufacturing facilities and produces over 4 million units annually. Their client list includes BMW (AG, NA, MC), Mitsubishi, Caterpillar (NYSE:CAT - news), JLG Industries (NYSE:JLG - news), Volvo Heavy Duty Truck (NASDAQ:VOLVY - news), Porsche Car of NA, and Kubota Manufacturing (NYSE: KUB [ADR]).
``We look forward to this venture with Douglas. We believe that their expertise will assist us with our quest of industry acceptance and commerciality,' stated Lee Balak, President of Power Technology. ``I am looking forward to the relationship with Douglas and am encouraged by the opportunity for both of our companies.'
Power Technology, Inc. is a Las Vegas-based technology development company, which holds several patents in the power generation and power storage fields, and is working to provide innovative and practical technology solutions for commercial, government and industrial applications worldwide.
Certain statements in this news release may constitute ``forward looking' statements within the meaning of section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve risks, uncertainties, and other factors, which may cause the actual results, performance, or achievement expressed or implied by such forward-looking statements to differ. |
