HOUSTON, Feb. 6, 2006 (PRIMEZONE) -- Power Technology, Inc. (OTCBB:PWTC) announced today that it has signed a letter of intent to acquire the assets of Sentry Power LLC (http://www.sentrypowersystems.com) for total consideration of $1,252,500, paid $960,000 in the common stock of Power Technology and $292,500 in cash to be contributed as capital to the new subsidiary. Sentry Power sells battery driven back up uninterrupted power supply systems for commercial and residential usage. The letter of intent is non binding and subject to the completion of customary due diligence and an audit of the Sentry Power's previous operations.
Bernard J. Walter, CEO of Power Technology, stated "Sentry is already selling battery powered backup uninterrupted power supply systems into the market, and it can definitely benefit from the battery technology developed by our company. Sentry is a good example of a truly complementary transaction matching technology with an existing customer base and distribution system. We believe the transaction will be accretive in 2006, and look forward to incorporating our battery technology into Sentry Power products as soon as possible."
Michael Julian, President of Sentry Power, added, "We believe this transaction is a great marriage of our product and customer base with Power Technology's ability to improve the performance of the batteries necessary to provide reliable, long lived back up power supply systems. We look forward to consolidating our operations and growing our companies together."
About Power Technology: Power Technology, Inc. is a Research and Development Company engaged in activities regarding alternative battery technology using patent-pending, 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.