The Industrial Technology and Research Institute
and Power Technology Begin Joint Development Agreement Negotiations
November 28, 2005
``We were invited to Taiwan by
ITRI to meet with its Managers,
Senior Researchers and Engineers to discuss our technology.
Our discussions included a proposal for the construction of
manufacturing facilities in Taiwan specifically designed for the
mass production of the unique Power Technology batteries."
-- Bernard J. Walter, Chairman and CEO of Power Technology
Houston, Texas -- PRIMEZONE -- The
Industrial Technology and Research Institute (ITRI), a non-profit organization
founded by the Taiwan Ministry of Economic Affairs, has entered into discussions
with Power Technology, Inc. concerning a joint development agreement to produce
Power Technology batteries for a renewable energy plant project.
ITRI's functions include providing
funding for and accelerating the industrial development of Taiwan.
Bernard J. Walter, Chairman and CEO
of Power Technology, commented, ``We were invited to Taiwan by ITRI to meet
with its Managers, Senior Researchers and Engineers to discuss our technology.
Our discussions included a proposal for the construction of manufacturing facilities
in Taiwan specifically designed for the mass production of the unique Power
Technology batteries. Discussions with ITRI and other interested companies in
Taiwan continue for a project that would result in the mass production of our
unique battery technology.''
About The Industrial Technology Research
Institute
ITRI is a non-profit organization
engaging in applied research and technical service. It was founded in 1973 by
the Ministry of Economic Affairs (MOEA) to attend to the technological needs
of Taiwan's industrial development. ITRI has played a vital role in the transformation
of the economy from an agriculture-based model to an industrial one. By year
2001, it had grown to a 6000-person operation, and serves as the technical center
for industry and an unofficial arm of the government's industrial policies in
Taiwan. Backed by its broad research scope and close industrial ties, ITRI is
becoming an increasingly active member in the global industrial R & D community.
About Power Technology
Power Technology, Inc. is a Research
and Development Company engaged in activities regarding alternative battery
technology using patented, ultra light materials with up to 50% less weight
and significantly less lead content than conventional batteries. The Company
is in the early stages of commercializing its battery technology, and has designed
equipment and systems to manufacture its patent pending batteries.
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