Power Technology Signs MOU with Kung Long Batteries Industrial Co.

Power Technology Inc. has signed a memorandum of understanding with Kung Long Batteries Industrial Co. Ltd. of Taiwan concerning the commercialization of Power Technology’s advanced lead acid battery technology.

“While in Taiwan, we met with the management and engineers of Kung Long Batteries Industrial Co., Ltd. to discuss our battery technology. Our discussions included a proposal for Kung Long to construct manufacturing facilities in Taiwan specifically designed for the mass production of the unique Power Technology batteries. We have now signed agreements with Kung Long that will protect our proprietary technology,” commented Bernard J. Walter, Chairman and CEO of Power Technology.

Mr. Walter added: “We will provide Kung Long Batteries with our current collectors and Kung Long has agreed to assemble our collectors into a prototype battery which it will test and evaluate. We then intend to negotiate a technology transfer, license, and royalty agreement that would enable Kung Long to build a new manufacturing facility to produce Power Technology batteries.

"Representatives of the Industrial Technology and Research Institute (ITRI), a non-profit organization founded by the Taiwan Ministry of Economic Affairs, participated in our meetings with Kung Long. ITRI’s functions include providing funding for and accelerating the industrial development of Taiwan and ITRI has expressed its interest in supporting this specific project.”