HOUSTON, Dec. 6, 2005 (PRIMEZONE) -- Power Technology, Inc. (OTCBB:PWTC) announced today that it had signed a memorandum of understanding with Kung Long Batteries Industrial Co., Ltd. of Taiwan (Taiwan Stock Exchange - Code 1537) concerning the commercialization of Power Technology's advanced lead acid battery technology.
Bernard J. Walter, Chairman and CEO of Power Technology, commented, "While in Taiwan, we met with the management and engineers of Kung Long Batteries Industrial Co., Ltd. to discuss our battery technology. Our discussions included a proposal for Kung Long to construct manufacturing facilities in Taiwan specifically designed for the mass production of the unique Power Technology batteries. We have now signed agreements with Kung Long that will protect our proprietary technology."
Mr. Walter added: "We will provide Kung Long Batteries with our current collectors and Kung Long has agreed to assemble our collectors into a prototype battery which it will test and evaluate. We then intend to negotiate a technology transfer, license, and royalty agreement that would enable Kung Long to build a new manufacturing facility to produce Power Technology batteries. Representatives of The Industrial Technology and Research Institute (ITRI), http://www.itri.org.tw/eng/index.jsp, a non-profit organization founded by the Taiwan Ministry of Economic Affairs, participated in our meetings with Kung Long. ITRI's functions include providing funding for and accelerating the industrial development of Taiwan and ITRI has expressed its interest in supporting this specific project."
Kung Long Batteries Industrial Co., Ltd. is a publicly traded expert manufacturer of lead acid batteries. It owns and operates two manufacturing facilities in Taiwan and one in Vietnam. It manufactures more than 200 different types of batteries, including batteries for electric vehicles, uninterrupted power supply systems, alternative energy systems, solar energy systems, mobile energy, motorcycle and automotive uses. More information concerning Kung Long Batteries is available on its website at http://www.kunglong.com/
About Power Technology: Power Technology, Inc. is a Research and Development Company engaged in activities regarding alternative battery technology using 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 technology, and has designed equipment and systems to manufacture its patent pending batteries.
Please visit our website at www.PWTCBATTERY.com for more information or call the company directly at 713-621-4310.
All forward-looking statements are, by necessity, only estimates of future results and actual results achieved by Power Technology, Inc. (PWTC) may differ materially from these statements due to a number of factors. PWTC assumes no obligations to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such statements. You should independently investigate and fully understand all risks before making investment decisions.