HOUSTON, Dec. 22, 2004 (PRIMEZONE) -- Power Technology (OTCBB:PWTC) announced today that the Company is engaged in settlement negotiations with Alvin Snaper to resolve the patent ownership litigation. The Court has ordered that the trial of this lawsuit be commenced on January 31, 2005. The Company cannot assure shareholders that these settlement negotiations will result in a successful conclusion of the litigation. Bernard J. Walter, Chairman and CEO of Power Technology stated, "While we are confident of our legal position in the litigation against Alvin Snaper, the time and effort necessary to prepare for and try the case distracts us from our primary mission of commercializing the Company's battery technology. Regardless of the outcome of these negotiations, shareholders may be assured we will continue to act in their best interests in this matter."
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. -- Houston based Corporate Strategies Merchant Bankers (http://www.corporate-strategies.net/) advised the Company in its recent $5,500,000 capital funding transaction. 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.