NEWS!!!!!
Power Technology To Establish Pipelink Technology In China
WEDNESDAY, JANUARY 30, 2002 8:04 AM
- Internet Wire
LAS VEGAS, NV, Jan 30, 2002 (INTERNET WIRE via COMTEX) -- Power Technology, Inc. (PWTC) announced that the Partnership of the Company and China Asia-Pacific Mobile Telecommunications Satellite Company Limited ("APMT") has reached an Agreement with China National Petroleum Corporation ("CNPC"), Pipeline Welding Technology Centre of the Pipeline Bureau, of Beijing, PR China. The Agreement is to establish a tripartite body to investigate and develop Power Technology's patented Magnetic Pulse Pipe Joining Technology ("Pipelink").
The goal of the Agreement is to establish Pipelink's application and introduction to the Chinese market. The prime driving force of this work relates to the commercial viability of Pipelink. The parties acknowledge that time is of the essence to the achievement of this objective.
It has been confirmed that Pipelink meets or exceeds all the requirements of the Chinese Regulatory Authority for the joining of pipelines. Under the Agreement, the Technical Bureau of CNPC will now undertake the necessary verification work for Power Technology to achieve certification in China. In parallel with this exercise, APMT and Power Technology are establishing a dedicated department to prepare the Company's marketing strategy. Both tasks are deadlined for May 31, 2002, by which time the product will be ready for launch.
"With announcements almost daily from China concerning new oil & gas pipeline projects, new petrochemical plants and the refurbishment of existing plants and refineries, the recent opening of the Power Technology's office in the Oriental Plaza in Beijing, in Partnership with the highly influential APMT Company, is already proving a most timely move by the Company," stated Lee Balak, President and CEO of Power Technology
"The Partnership has reached a milestone agreement in its intention to make Power Technology's revolutionary and patented Magnetic Pulse Pipelink the specified technology for the joining of oil and gas pipelines in China. There is good reason for optimism about the future - the Chinese Government and its oil and gas related industries are currently investing in excess of five billion US Dollars, directly and with Western joint venture partners into new Pipeline construction, this level of investment is set to continue rising over the next five years," said Alan Rainbird, the Company's Manager for China
More than 6,000 Kilometers of pipeline construction are approved or in the planning stages, (4,200Km on the West East Gas project alone at more than 5.2 Billion US$). The Partnership is looking at future revenues based upon royalty payments, which will be negotiated on a percentage of the savings that Pipelink will provide.
"Of equal importance is the opportunity these developments bring with some of the biggest Global players in the Pipeline construction business. Companies, such as Shell, BP, ABB Lummus, and Amec, out of the UK, are very closely linked to Chinese contracts. With savings in excess of 33% on conventional welded joining costs, this technology is bound to quickly spill over into other major markets.
"Based upon the above savings, Pipelink guarantees a saving in the order of 10% on the overall total project cost; safer operations; and a vastly reduced on-going maintenance budget. Economic considerations alone would justify China replacing conventional welding and specifying Power Technology's unique and patented system as the only approved method of pipe joining in the near future. In this event, not only will Power Technology produce significant revenues from Chinese contractors, it would open the doors immediately to numerous European and American pipeline construction companies who already hold in excess of one billion dollars worth of contracts in China," added Mr. Rainbird.
About Power Technology -
Power Technology, Inc. is a Las Vegas, Nevada-based Development Company that 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.
URL: www.e-powertechnology.com
Research Report available at www.investorcommunications.net/reports/pwtc.
Certain statements in this news release may constitute ``forward-looking statements'' within the meaning of Section 21E of the Securities Act of 1934. Such forward-looking statements may involve risks, uncertainties, and other factors which may cause the actual results, performance, or achievements to differ from those expressed or implied by such forward-looking statements.
CONTACT: Peter Holeczek
800-632-6012
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