Jeff, great news just out on PWTC, huge potential here, speaking from an Electrical Engineering point of you:
"Thursday May 20, 10:13 am Eastern Time
Company Press Release
Power Technology Inc. to Produce and Commercialize
its Patented Battery Technology throughout China
LAS VEGAS--(BUSINESS WIRE)--May 20, 1999--Power Technology, Inc. (OTC BB:
PWTC - news) announced today
that it has entered into an exclusive joint manufacturing and distribution agreement with
Aniche, Inc., a Phoenix based
international OEM manufacturing agent officially authorized by the Chinese Central
Government to represent Power
Technology in prototyping, OEM manufacturing planning, market development and sales
distribution throughout China of its
patented battery technology.
Through this agreement, Aniche will be initially targeting the automotive and electric bicycle
markets in China.
Power Technology has developed a more powerful, more efficient, environmentally friendly
battery for commercial use in the
automotive industry, for standby power stations, the burgeoning electric vehicle market, and
other existing battery applications.
Made of a lightweight nontoxic alloy with acid-free electrolyte, this battery technology offers
twice the power and half the
weight of a conventional battery, is applicable to all types of industrial and manufacturing uses
and solves major performance,
convenience and cost issues that are blocking electric vehicle consumer acceptance.
''China has 1.2 billion people and an economy that has been growing at almost 10 percent a
year over the past 18 years.
Power Technology's unique battery technology not only radically transforms the affordability
of mass transportation for China's
average citizen, but can become imminently competitive in both commercial and industrial
sectors as well,'' stated Mr. Philip
Liu, President of Aniche, Inc.
''A high performance, economical battery should find wide acceptance with major Chinese
auto manufacturers, especially with
sub-mini car manufacturers,'' Mr. Liu continued. ''This alone could be a US$50 million per
year market.
''Moreover, considering the expense of the automobile as a means of personal transportation,
the bicycle is considered one of
the top three items on every Chinese household's shopping list. This grants Power
Technology and its Chinese partners a mass
market for the electric bicycle.
''As such, a mere 10 million units over three years, priced at an affordable US$500 each,
represents US$5 billion in revenue.''
Mr. Lee Balak, President of Power Technology, Inc., stated: ''China's urban population
already considers the electric bicycle
the ideal means of transportation for daily commuters. Since we have resolved the
inefficiencies of current battery technologies,
the electric bicycle stands to gain rapid acceptance as a real alternative to standard bicycles,
motorcycles and automobiles.''
Power Technology, Inc. further announced today that it has entered into formal discussion
with a major North American utility
company for the development and commercialization of its Alloy Sensor Technology, a
proprietary patented metal alloy which
acts as continuous self-generating power source when introduced to any aqueous medium.
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.
POWER TECHNOLOGY, INC. is quoted on the OTC Bulletin Board as ''PWTC.''
Contact:
Power Technology
Information - USA:
Investor Communications Co.
888/345-0434 or 800/457-4874
or
Information - CANADA:
Seeds Capital Corp.
800/245-2340 or 604/689-2992"
**********************************************************************
Extremely undervalued,
Over Viewer |
