HOUSTON, Jan. 6, 2005 (PRIMEZONE) -- Power Technology (OTCBB:PWTC) announced today that the Company has settled all litigation related to the ownership of patents developed by the company. The Company has received assignments from Alvin Snaper of all the battery technology rights and patent rights that were in dispute. The Company paid Alvin Snaper $20,000.00 to settle the litigation. Alvin Snaper is bound by a "share lockup agreement" and for a period of one-year, he will not be permitted to sell or transfer ownership of any of his shares of Common Stock of the Company. Power Technology now has undisputed, complete ownership to the intellectual property and patent rights of its revolutionary battery technology.
Bernard J. Walter, Chairman and CEO of Power Technology stated: "We are pleased to report to our shareholders that all disputes with Alvin Snaper have been settled and the Company unquestionably owns its unique battery technology. We can now pursue the manufacturing and sales of our batteries without the distraction or the cost of continued litigation. Further announcement concerning material agreements will be forthcoming." Additional details concerning the settlement are available on the Company's website www.pwtcbattery.com
About Power Technology, Inc.
Power Technology, Inc. is a Research and Development Company that is engaged in activities regarding alternative battery technology using patented, ultra light materials with up to 50% less weight and 90% less lead content than conventional batteries. Exide Technologies (NASDAQ: XIDE) recently reported that lead is one third of the commodity cost of its batteries and that increasing lead cost was a major factor in its reduced earnings. Power Technology's intends to introduce its low lead content batteries for sale in 2005.
This press release includes projections of future results and "forward-looking statements" as that term is defined in Section 27A of the Securities Act of 1933 as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934 as amended (the "Exchange Act"). All statements included in this press release, other that statements of historical fact, are forward-looking statements. Although Management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors could cause actual results to differ materially from the expectations are disclosed in this Press Release. While Power Technology, Inc. believes its forecasting assumptions are reasonable, there are factors that are hard to predict and influenced by economic and other conditions that are beyond Power Technology, Inc.'s control. Among the other important factors which could cause actual results to differ materially from those in the forward-looking statements are detailed in Power Technology, Inc.'s filings with the Securities and Exchange Commission.