HOUSTON, May 17, 2006 (PRIMEZONE) -- Alternative energy company Power Technology, Inc. (OTCBB:PWTC) announced today that it has acquired the assets of Sentry Power Systems LLC (http://www.sentrypowersystems.com) for a total consideration of $1,195,000, paid $960,000 in common stock of Power Technology and $235,000 in assumed debt. Sentry Power sells automatic battery back up uninterrupted power supply systems for commercial and residential use in states and municipalities throughout the northeast and southwest United States.
Bernard J. Walter, CEO of Power Technology, stated, "This acquisition will give Sentry Power the opportunity to expand its existing base market of customers from the Gulf Coast to the northeastern United States. Major builders are now examining the systems for installation in new home communities, and commercial users are eagerly waiting for Sentry to begin providing its clean power systems for office backup power and computer network continuity. We believe the Sentry acquisition is the perfect match for the Power Technology batteries, and we look forward to a growing, dynamic company with the acquisition of Sentry Power."
Bob Magyar, President of Sentry Power, added, "Power Technology brings improved technology, patent protection, and capital capabilities that allow us to expand Sentry Power much faster than we would have been able to as an independent company. We are enthusiastic about our growing future with Power Technology."
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.