Power Air Corp Update to Shareholders
LIVERMORE, Calif., Sept. 22 /PRNewswire-FirstCall/ — Power Air Corporation (BULLETIN BOARD: PWAC) CEO, Remy Kozak, recently reviewed the company’s first year accomplishments and developments at the Equities Magazine Transatlantic Conferences in New York and London.
Mr. Kozak stated, “As we approach the one year anniversary of becoming a public company, it is important to take stock of what has been accomplished and what remains ahead of us.” Mr. Kozak noted that in the last 12 months the company has reached critical milestones, most notable of which are the following:
* Power Air entered into a collaboration agreement with Schrader Bridgeport International, a division of Tompkins plc, a world-class global engineering and manufacturing group. Under the terms of the Agreement, Power Air and Schrader will collaborate on the specifications, design, alpha and beta prototype build and test, field trial program, co-branding, and commercial launch of a cost-effective, refuelable backup generator that can operate indoors, safely, silently, efficiently, and emissions-free, with extended run capability. The generator will utilize PAC’s Zinc Air Fuel Cell as the power supply. Schrader’s strong affiliation with the many Automotive and Industrial aftermarket companies like NAPA, Pep Boys, Advance Auto, Home Depot, Lowes, and Sears, will be very important when the final product is approved and ready to launch. * Power Air took steps to broaden its geographical reach and product plans into the lucrative Asian markets, by signing a Memorandum of Understanding with H-Plus Group to establish a Korean-based joint venture company. Initial applications proposed to be developed and commercialized by the Joint Venture include Telecom and UPS back up power systems. All systems will utilize PAC’s Zinc Air Fuel Cell as the power supply. * Power Air has engaged a team of experienced fuel-cell executives and technical staff from companies such as Ballard Power Systems Inc., to commercialize the core technology originally developed at and now transferred from Lawrence Livermore National Laboratories (LLNL). * Power Air is a founding member of the Zinc Energy Storage Technology Consortium (ZESTec). ZESTec includes many of the World’s leading Zinc producers and suppliers and has a mandate to address the supply and recycling of Zinc to end users. * Power Air established a Canadian subsidiary and a development and demonstration lab at the National Research Council’s Institute for Fuel Cell Innovation (NRC-IFCI) in Canada, a new $20 million fuel cell development facility located in Canada. The subsidiary will be eligible for substantial government assistance going forward. * Power Air has completed two rounds of private equity financing, raising over $4 million in new capital from sophisticated investors who realize the commercial potential of its exclusive Zinc Air Fuel Cell (ZAFC) technology.
“Through 2007, management will build on these early accomplishments”, added Kozak. “Marketing and partnering activities are on track and we look forward to moving our core products through the various stages of development and testing and into pilot production.”
About Power Air Corporation
Power Air Corporation, with head office in Livermore, California, is engaged in the business of developing, manufacturing and marketing fuel cell based commercial products. Power Air has the exclusive worldwide license to zinc-air fuel cell technology that has been developed at the Department of Energy’s Lawrence Livermore National Laboratory, in Livermore, California, for all fields of use (portable, stationary, light mobility and transportation applications) and commercialization.
About Schrader Bridgeport International
Schrader Bridgeport International is a wholly owned subsidiary of Tomkins plc , serving the major players within the Industrial and Automotive markets based around the world. Tomkins plc is a world-class global engineering and manufacturing group with market and technical leadership across its two business groups: Industrial & Automotive and Building Products. Tomkins plc has 132 manufacturing facilities around the world with sales of $5.9 billion dollars in 2005, http://www.tomkins.co.uk/.
About H-Plus Group
H-Plus group is composed of three companies (H-Plus Bio Ltd., H-Plus Clean Air World Ltd., and H-Plus Eco Ltd.) whose main business is focused on the environment and alternative energy. H-Plus Group is aiming to be a total environment solution provider. H-Plus Eco Ltd. was founded in Nov. 2000 and is a leading company in environmental consulting, engineering and construction for contaminated soil and wastewater in Korea. H-Plus has an excellent business network with refineries, engineering companies and motor companies in Korea such as GS Caltex, GSE&C and Hyundai/Kia Motors. Recently H-Plus Eco has started business with Reliance and HPCL in India and FPC in Taiwan.
About ZESTec
ZESTec promotes the application and market development for all types of zinc based energy storage systems for a range of end uses from automotive to portable power, for consumer and business use. Membership of the ZESTec consortium includes Zinc Producers (Falconbridge, Grillo, Industrias Penoles, TeckCominco, Umicore and Zinifex) and Zinc Energy System Manufacturers (eVionyx, PowerZinc, SCPS and Power Air Corporation). The activities of the Consortium are being coordinated through the International Zinc Association. http://www.zincenergystorage.org/
About NRC-IFCI
The NRC Institute for Fuel Cell Innovation in Vancouver is a federal research and development lab, which provides research and innovation support in areas critical to the growth of Canada’s hydrogen and fuel cell industry. Among its services, the Institute operates an Industry Partnership Facility (IPF), which provides access to NRC-IFCI’s leading edge R&D equipment and facilities to companies in this sector. NRC-IFCI also conducts collaborative research with industry partners where there are common technical objectives or where the unique expertise of the Institute provides an effective match for industrial requirements. http://ifci-iipc.nrc-cnrc.gc.ca/main.html
For further information please call +1-925-960-8779 or visit http://www.poweraircorp.com/ .
Investor Relations call +1-866-734-7026 or e-mail to investors@poweraircorp.com
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Power Air Corporation
CONTACT: Investor Relations, +1-866-734-7026,investors@poweraircorp.com
Web site: http://www.poweraircorp.com/