HOUSTON, Dec. 8, 2004 (PRIMEZONE) -- Corporate Strategies Merchant Bankers announced today that Power Technology, Inc. (OTCBB:PWTC) has qualified and closed on the second tranche of $250,000 towards a $5.5 million round of equity and debt recently announced by Power Technology, Inc.
Chairman and CEO Bernard J. Walter commented, "This round of capital funding is another major milestone in the life of the company and I would like to personally thank our shareholders and investors for their support. We are diligently pursuing the requirements necessary for the remaining $5,000,000 in funding and look forward to announcing new achievements for the Company."
Houston-based Corporate Strategies Merchant Bankers http://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 50% 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.
About Corporate Strategies, Inc. - Corporate Strategies, Inc. is a Merchant Banker in the traditional European sense of the word. As the term has evolved from the 18th Century to today, Merchant Banking describes an enterprise that not only finances a company's product or service, but also assists in developing a comprehensive business strategy. Corporate Strategies is comprised of seasoned executives with extensive experience in merchant banking, including business development and strategy, public and private company corporate finance, capital markets research, human resources, due diligence and transaction negotiation and execution. Corporate Strategies believes that solving the near term cash requirements of small businesses is a critically needed service but is rarely the total solution. We provide consulting services, working capital financing, and in select cases, we make direct equity investments in our client companies.
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.