Power Technology to Produce its Battery Technology throughout China
20 May 1999
Power Technology Inc. to Produce and Commercialize its Patented Battery Technology throughout China
LAS VEGAS--May 20, 1999--Power Technology, Inc. (OTC BB: PWTC) 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."