Power Technology Inc. (Houston, TX), a research and development company engaged in alternative battery technology, announced that the company's former CEO, Lee Balak, has agreed to a share lock-up agreement relating to his 27.6 million shares of the company's common stock.
Balak may not sell any shares until January 1, 2005, and is limited to selling 500,000 shares every six month period thereafter. Further details are available in the 8K previously filed detailing the consulting agreement with Balak and the company.
Power Technology CEO Bernard Walter stated, "This lock-up agreement will help to maintain an orderly market for the shareholders of the company, and we are pleased Mr. Balak entered into this agreement."
