HOUSTON, July 22, 2004 (PRIMEZONE) -- Power Technology, Inc. (OTCBB:PWTC) announced today that the Company has received a new round of working capital funding from Corporate Strategies Merchant Bankers.
Tim Connolly, Chairman of Corporate Strategies commented on the funding: "Power Technology is an exciting opportunity for us to fund. They are on the very leading edge of commercializing the next generation of battery power for years to come, and we are proud to be part of their future."
Bernard J. Walter, the newly appointed Chairman and CEO of the company, added: "We appreciate the faith Corporate Strategies has shown with this round of funding and look forward to a productive and profitable future with this outstanding organization of merchant bankers."
About Corporate Strategies, Inc. Merchant Bankers
Corporate Strategies is a Merchant Bank in the traditional European sense of the word. As the term has evolved from the 15th Century to today, Merchant Banking describes an enterprise that not only finances a company's product or service, but also assists in developing a comprehensive business strategy. Corporate Strategies is comprised of seasoned executives with extensive experience in merchant banking, including business development and strategy, mortgage lending, public and private company corporate finance, capital markets research, human resources, due diligence and transaction execution. We provide consulting services, working capital financing, and in select cases, we make direct equity investments in our client companies.
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 than 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 that could cause actual results to differ materially from the expectations are disclosed in this Press Release, including, without limitation, in conjunction with those forward-looking statements contained in this Press Release.