Power Technology Announces Swedish License Negotiations

May 12, 2002 by Jeff Shepard

Power Technology Inc. (Las Vegas, NV) announced that it has entered into license negotiations with a Swedish consortium for its advanced battery technology. A preliminary agreement has been reached to establish a facility for the production of Power Technology's advanced lead-acid battery to verify the lead-acid battery's technical specifications. Following verification, the consortium is prepared to commence commercial production of Power Technology's advanced lead-acid batteries for the European market.

Power Technology President and CEO Lee Balak stated, "We believe our consortium partners have the track record and experience to successfully manufacture and sell our advanced lead-acid batteries in the European market to the automotive, e-vehicle, heavy equipment and telecommunications sectors."