Power Technology, Inc. Announces Swedish License Negotiations for Advanced Lead-Acid Battery Production at New $5,000,000 Plant in Northern Sweden

    LAS VEGAS--May 10, 2002--Power Technology Inc. (OTC:PWTC) is pleased to announce that it has entered into license negotiations with a Swedish consortium for its advanced battery technology.
    The Swedish consortium is headed by Mr. Lennart Olofsson, the founder and former CEO of Duroc, Gunner Sundqvist and Sven Lantz, two former Volvo executives. The Duroc website is www.duroc.se.
    A preliminary agreement has been reached to establish a facility for the production of Power Technology's advanced battery.
    Power Technology's advanced lead-acid battery is currently on a test bed at the "Catella Test Lab" in Stockholm, Sweden. The rigorous testing is being supervised by Mr. Gunner Sundqvist, who is the lead researcher for the consortium. The purpose of the testing is to verify the lead-acid battery's technical specifications. Following verification of these specifications, the consortium is prepared to commence commercial production of Power Technology's advanced lead-acid batteries for the European market.
    The consortium has identified a 20,000 square foot plant in the UMEA area of northern Sweden. The consortium will invest a minimum of $5 million USD to build a fully automated production line to produce advanced lead-acid batteries that meet all specifications established by Power Technology.
    Mr. Wolf Meyerfeld, a newly appointed director of Power Technology Inc., stated: "I am very impressed with the collective backgrounds and successful track records of our new consortium partners in Sweden. The consortium has found an ideally suited and very modern plant in UMEA. Once the new plant in Sweden is in full operation, we will work with the consortium on pricing and branding. We will then finalize the terms of our license and royalty agreement."
    Lee Balak, President & CEO of Power Technology stated, "We believe our consortium partners have the track record and experience to successfully manufacture and sell our advanced lead batteries in the European market to the automotive, e-vehicle, heavy equipment and telecommunications sectors."

    This release includes projections of future results and forward looking statements as that term is defined in section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities exchange Act of 1934 as amended. All statements that are included in this release, other than historical fact, are forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct.