Power Technology Signs Letter of Intent to Sell Sentry Power Subsidiary for $1,000,000
Posted on: Tuesday, 22 May 2007, 18:00 CDT
AUSTIN, Texas, May 22 /PRNewswire-FirstCall/ -- Alternative energy company Power Technology (BULLETIN BOARD: PWTCE) announced today that the company has entered into a letter of intent to sell its back up power supply subsidiary, Sentry Power Technology. The non-binding letter of intent proposes to sell the subsidiary for $1 million in stock of the publicly traded purchaser's securities, and is subject to normal due diligence and the signing of a definitive agreement. The Company will terminate the letter of intent if a definitive agreement is not entered into by July 14, 2007.
Power Technology has previously stated that it has recently received inquiries from potential strategic partners regarding parts of the company's business, and the board is committed to exploring all alternatives to maximize shareholder value. CEO Bernard J. Walter commented, "The board of Power Technology is pleased to report this LOI. We are committed to realizing value from our previous investments, and will seriously examine all transactions that can leverage both our technology and our people."
About Power Technology -- Power Technology, Inc. (BULLETIN BOARD: PWTCE) is an alternative energy 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 commercializing its battery technology and has built equipment and systems to manufacture its proprietary electrodes for its patented batteries. Please visit our website at http://www.pwtcbattery.com/ for more information.
All statements included in this press release, other than statements of historical fact, are forward-looking statements. Although Management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors could cause actual results to differ materially from the expectations that are disclosed in this Press Release. While Power Technology, Inc. believes its forecasting assumptions are reasonable, there are factors that are hard to predict and influenced by economic and other conditions that are beyond Power Technology, Inc.'s control. Among the other important factors which could cause actual results to differ materially from those in the forward-looking statements are detailed in Power Technology, Inc.'s filings with the Securities and Exchange Commission.
Power Technology, Inc.
CONTACT: Bernard J. Walter, Jr. of Power Technology, Inc., +1-512-288-8528, bwalter@pwtcbattery.com
Web site: http://www.pwtcbattery.com/
Source: PRNewswire-FirstCall
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