PWB, PEP Merger Details

Consolidated Power Battery Corp. (PWB, Oak Harbor, WA) announced that, pursuant to the proposed merger between PWB and Portable Energy Products (PEP, Scotts Valley, CA), PWB has decided to integrate its battery charger operations with those of Portable Energy Products. PWB closed down its battery charger operations in Issaquah April 2nd, 1999. PWB's proposed merger with the Specialized Battery Company is also proceeding, with valuations of the two companies expected to be completed this month. The companies have not yet completed a formal merger agreement, but since the letter of intent was signed, the two companies have been working together to integrate the production of certain rechargeable battery packs.