Power Technology Signs MOA's With Two Manufacturers.LAS VEGAS--(BUSINESS WIRE)--April 1, 1999--Power Technology, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:PWTC PWTC Putra World Trade Centre (Kuala Lumpur, Malaysia) PWTC Positioning and Wireless Technology Centre ) announced today that it has entered into two memorandums of understanding with two separate entities for advancement of the Company's patented technologies. Power Technology has entered into an initial arrangement with an Asian consortium that has manufacturing and distribution resources in Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. and mainland China. The arrangement provides for financing, technical support and joint cooperation in completing the prototyping and testing of Power Technology's nickel-iron battery Noun 1. nickel-iron battery - a storage battery having a nickel oxide cathode and an iron anode with an electrolyte of potassium hydroxide; each cell gives about 1. . The consortium is especially interested in manufacturing and distributing Power Technology's battery for the existing automotive industry The automotive industry is the industry involved in the design, development, manufacture, marketing, and sale of motor vehicles. In 2006, more than 69 million motor vehicles, including cars and commercial vehicles were produced worldwide. and the emerging electric vehicle industry, as well as marketing a new configuration battery for the exceptionally large bicycle market in Asia. Secondly, Power Technology has entered into a memorandum of understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. with an Eastern Canadian electronics company that manufactures and distributes electronic equipment specific to water measurement for hydro utilities and government agencies such as Environment Canada. This arrangement will provide financing for the continued development of Power Technology's alloy sensor technology, which generates a continuous 1.5 volts when in contact with an aqueous environment. The electronics firm intends to market this alloy sensor technology to their existing client base. The two companies are also discussing the formation of a new company, which would be an R & D arm to further test the theoretical potentials of Power Technology's sensor alloy technology and search out other marine and industrial applications. Power Technology, Inc. is a Las Vegas-based technology development company, which holds several patents in the power generation and power storage fields, and is working to provide innovative and practical technology solutions for commercial, government and industrial applications worldwide. Certain statements in this news release may constitute "forward looking" statements within the meaning of section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve risks, uncertainties, and other factors which may cause the actual results, performance, or achievement expressed or implied by such forward-looking statements to differ. Power Technology, Inc. is quoted on the OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. as "PWTC" |
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