HOUSTON, Texas, Jan. 18, 2005 (PRIMEZONE) -- Power Technology, Inc. (OTCBB:PWTC) announced today that certain key PWTC shareholders have agreed to lock up their shares of the common stock of the company, and former CEO Lee Balak has returned 4,000,000 shares of his common stock to the Company.
Bernard J. Walter, Chairman and CEO of Power Technology, Inc. commented "In order to assist the Company to settle the Alvin Snaper litigation and to resolve other potential claims, Mr. Balak agreed to return these four million shares to the Company. Affirming his faith in Power Technology, Mr. Balak has never sold a single share of his common stock of the Company and all the remaining 23,657,483 shares owned by him are subject to a "lockup" agreement."
Mr. Walter added, "I personally own 7.5% of the outstanding shares of the Company and my shares are subject to a "lockup" agreement, as are the 1,806,000 shares owned by our directors, F. Bryson Farril and Hugo P. Pomrehn. Alvin Snaper, who owns 664,155 shares, in settlement of our lawsuit, signed a "lockup" agreement that prevents him from selling any of his shares until January of 2006. The actions by these shareholders clearly demonstrates their faith in the Company and its future prospects. All told, currently there are restrictions on the sale of 62,934,744 of the shares of the Company's common stock."
About Power Technology, Inc.
Power Technology, Inc. is a Research and Development Company that is engaged in activities regarding alternative battery technology using patented, ultra light materials with up to 50% less weight and significantly less lead content than conventional batteries. The Company is in the early stages of commercializing its battery technology, and intends to introduce its batteries for sale in 2005. In a market with total annual sales estimated in excess of $12 billion, major U.S. lead acid manufacturers include Johnson Controls, Exide Technologies, Delphi Corporation, Fiamm, and East Penn Manufacturing Company. Johnson Controls makes batteries for more than 35 million vehicles annually.
This press 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 (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934 as amended (the "Exchange Act"). All statements included in this press release, other that statements of historical fact, are forward-looking statements. Although Management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors could cause actual results to differ materially from the expectations are disclosed in this Press Release. While Power Technology, Inc. believes its forecasting assumptions are reasonable, there are factors that are hard to predict and influenced by economic and other conditions that are beyond Power Technology, Inc.'s control. Among the other important factors which could cause actual results to differ materially from those in the forward-looking statements are detailed in Power Technology, Inc.'s filings with the Securities and Exchange Commission.