HOUSTON, Nov. 28, 2005 (PRIMEZONE) -- 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, has entered into discussions with Power Technology Inc. (OTCBB:PWTC) concerning a joint development agreement to produce Power Technology batteries for a renewable energy plant project. ITRI's functions include providing funding for and accelerating the industrial development of Taiwan.
Bernard J. Walter, Chairman and CEO of Power Technology, commented, "We were invited to Taiwan by ITRI to meet with its Managers, Senior Researchers and Engineers to discuss our technology. Our discussions included a proposal for the construction of manufacturing facilities in Taiwan specifically designed for the mass production of the unique Power Technology batteries. Discussions with ITRI and other interested companies in Taiwan continue for a project that would result in the mass production of our unique battery technology."
About The Industrial Technology Research Institute
ITRI is a non-profit organization engaging in applied research and technical service. It was founded in 1973 by the Ministry of Economic Affairs (MOEA) to attend to the technological needs of Taiwan's industrial development. ITRI has played a vital role in the transformation of the economy from an agriculture-based model to an industrial one. By year 2001, it had grown to a 6000-person operation, and serves as the technical center for industry and an unofficial arm of the government's industrial policies in Taiwan. Backed by its broad research scope and close industrial ties, ITRI is becoming an increasingly active member in the global industrial R & D community.
About Power Technology
Power Technology, Inc. is a Research and Development Company engaged in activities regarding alternative battery technology using patented, ultra light 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 battery 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.