HOUSTON, Sept. 15, 2004 (PRIMEZONE) -- Power Technology, Inc. (OTCBB:PWTC) announced today that the Company's former CEO, Lee Balak, has agreed to a share lock up agreement relating to his 27.6 million shares of the Company's common stock. Mr. Balak may not sell any shares until January 1, 2005 and is limited to selling 500,000 shares every six month period thereafter. Further details are available in the 8K previously filed detailing the Consulting Agreement with Mr. Balak and the Company.
Bernard J. Walter, CEO of Power Technology stated, "This lockup agreement will help to maintain an orderly market for the shareholders of the Company and we are pleased Mr. Balak entered into this agreement."
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 that 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.