Power Air Corp., formerly Fortune Partners Inc., announced today its new name, chosen to emphasize its entry into the alternative energy sector. The company's change in name was effected with the Nevada Secretary of State on December 22, 2005 with the change in the company's trading symbol to PWAC.
On September 30, 2005, Power Air, through its acquisition of Power Air Tech, Inc., acquired exclusive fuel cell technology from Lawrence Livermore National Laboratories ("LLNL") that will allow it to generate safe, quiet, reliable, zero emission energy for portable, stationary and transportation applications. Since that time the Company has assembled a senior management team of industry veterans to undertake the commercialization of the LLNL technology.
"Power Air intends to be the first profitable player in the sector," states Power Air CEO Steve Williams. "Our technology will provide reliable power in a time of increased security risks, extreme weather conditions, and an aging energy infrastructure."
Unlike hydrogen fuel cells and internal combustion engines, Power Air's technology is fueled with zinc, which is safe (non-flammable and non- explosive), inexpensive and easy to transport and store. Exclusive licenses to related LLNL patents for all fields of use give Power Air several advantages over other companies trying to commercialize similar technology.
Adds Power Air Vice President, Sales and Marketing, Don Ceci, formerly of Ballard Power Systems, "Power Air's unique technology and potentially low manufacturing cost will allow us to compete with the incumbent generator and battery products, not simply with other fuel cell companies."
