Just found this cool news on RB...
LAS VEGAS - DECEMBER 2, 1999. POWER TECHNOLOGY, INC. (OTC BB:PWTC) announced today that it has signed a Memorandum of Cooperation with Societe Generale de Financement du Quebec (SGF) in order to facilitate the closing of an Alliance between them and a recognised Industrial Partner for the final development, manufacturing and subsequent commercialization of Power Technology?s proprietary Nickel Ferrous battery technology and the construction of a pilot manufacturing concern within the Province of Quebec.
The nature of the Memorandum of Cooperative states the potential of Power Technology?s patents and other proprietary rights and innovations relating to its advanced battery technology as it may apply for use in the existing automotive, stationary back-up and electric vehicle industries, as well as Power Technology?s need for a significant investment and the creation of an Alliance with a recognised and well-established Industrial Partner for the manufacturing and marketing of said technology. Power Technology announced on August 26th, 1999, that it has entered into an Initial Joint Agreement with Douglas Battery Manufacturing Company to evaluate, test and develop a battery based on Power's unique battery structure and methods.
As such, SGF expressed its interested, by way of this Memorandum, to facilitate the closing of an Alliance and take reasonable steps to induce such potential Partners to establish a Pilot Plant and/or a Plant in the Province of Quebec, at which point SGF will review the opportunity of entering into a Memorandum of Understanding (MOU) with the Alliance to collaborate with the Alliance in order to further the development, manufacturing and marketing of the Power Batteries by way of studies, structure and financing. Financing options and equity distribution would be considered upon completion of this MOU.
Mr. Lee Balak, President of Power Technology stated: ?I am looking forward to developing our relationship with SGF. SGF?s mission and objectives clearly complement Power Technology?s current initiatives: to pinpoint, develop and carry out industrial projects by sharing risk, obligations and rewards through equity participation in its partner-companies and by exercising its rule on the board of directors. This Memorandum of Cooperation is a first step and a clear signal to all concerned that Power Technology?s short and long term economic, technological and commercial development is attracting the attention from Industry leaders of the highest caliber.?
Societe Generale de Financement du Quebec (www.sgfqc.com) is a financial and industrial holding company based in Montreal, Quebec, purposed to provide both development capital as well as advisory expertise with respect to feasibility studies, legal and financial structure, pinpointing of growing markets, trade agreements, technology transfers, recruiting of key personnel, project engineering, and access to local and international networks. It engages in projects with its partners and assumes its share of risk and management in order to contribute to the development and commercialization of technologies and products.
The SGF?s mission is to carry out economic development projects in cooperation with partners and in accordance with accepted requirements of profitability, in particular in the industrial sector. Since 1985, the SGF has produced investments in the region of $6.7 billion, thereby enabling the creation of 22,000 jobs, directly and indirectly. As of December 31st 1998, the consolidated assets of the SGF totaled $1,8 billion, the aggregate assets of the sixty companies in which it holds equity participation now totaling
more than $10 billion. With consolidated assets of all companies in which the SGF holds a share currently representing approximately $10 billion, SGF is a recognized industrial and financial holding company whose strategy has, since 1962, strengthened the industrial fabric of Qu‚bec and its 33 international partners.
Douglas Battery Manufacturing Company of Winston-Salem, N.C. (www.douglasbattery.com), with whom Power Technology has entered into an Initial Joint Agreement to evaluate, test and develop a battery based on Power's unique battery structure and methods, has been one of North America?s leading battery manufacturers and distributors for 75 years. Currently producing approximately 5,000,000 units per year and employing close to 1000 employees, Douglas Battery is likewise a proven original equipment supplier (OEM) for such Industry BMW (AG, NA, MC), Mitsubishi, Caterpillar (NYSE:CAT), JLG Industries (NYSE:JLG), Volvo Heavy Duty Truck (NASDAQ:VOLVY), Porsche Car of NA, and Kubota Manufacturing (NYSE: KUB [ADR]).
Power Technology, Inc. (www.powerpwtc.com) is a US based technology development company which holds several patents in the power generation and power storage fields and is working to provide innovative and practical technological solutions for commercial, government and industrial applications worldwide. |
