HOUSTON, Aug. 31, 2004 (PRIMEZONE) -- Power Technology, Inc. (OTCBB:PWTC) announced today that the Company has closed on a new $5.5 million round of equity and debt. The transaction closed on Friday, August 26, 2004, and the first round of funding was received by the company yesterday. Chairman and CEO Bernard J. Walter commented, "This round of capital funding will allow the company to begin the commercialization of its unique, patented technology for batteries. We intend immediately to begin pre-production engineering and development, and we expect to begin producing batteries for sale by 2005. This is a major milestone in the life of the company and I would like to personally thank our shareholders for their support." Houston based Corporate Strategies Merchant Bankers www.corporate-strategies.net advised the Company on the $5,500,000 transaction.
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 75% less weight and 90% 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.
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.