Power Technology Inc. Establishes Strategic Alliances in China
10 August 1999
Power Technology Inc. Establishes Strategic Alliances in China
LAS VEGAS--Aug. 9, 1999--Power Technology, Inc. (OTC BB: PWTC) announced today that that it has formed a strategic alliance with Aniche, Inc. and its affiliates, Eastern International Finance Ltd. (Hong Kong) and Tianjin Ningtai International (China) to commercialize Power Technology's unique battery design into commercial applications for the automotive, stationary, electric-vehicle and electric-bicycle market place.This strategic alliance, based on the exclusive joint manufacturing and distribution agreement with Aniche announced in May, will provide Power Technology with strong financial resources and local market know-how to empower Power Technology's new battery technology to commercialization in China.
In R&D: Power Technology and its strategic partners have engaged one of the top electrochemical research , development and testing institutions in China.
With a team of Ph.D.'s and Masters in battery technology, they will follow protocols developed by Mr. Alvin Snaper, Power Technology's Vice President and inventor, to prototype, test and evaluate two separate battery types and chemistries which will utilize Power Technology's patent pending application, process and structure, namely: nickel-ferrous and minimized lead-acid batteries.
In manufacturing: Power Technology's new alliance has identified more than 60 battery manufacturers in China as potential OEM suppliers to Power Technology. The alliance will jointly select the top five manufacturers for review by the alliance's technical team once the team has completed its product and application design.
Aniche, Inc., and its affiliates have identified six electric bike manufacturers as potential customers and strategic development partners for Power Technology's novel battery design and application. They have also targeted the automotive industry and established business relationships with the five top auto makers in China.
In business development: Aniche, Inc. and its affiliates are assisting Power Technology to select the best OEM partners as potential acquisition targets in order to establish Power Technology's in-house manufacturing capabilities and regional market footholds.
On Power Technology's behalf, executives of the alliance have established strong business relations with duty-free zones, major banks and potential OEM suppliers within China. The alliance is also in process of strategic market planning for the eventual commercial launch of our products.
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."