Key Shareholders Lock Up Common Stock Holdings
Former CEO Lee Balak Returns 4 Million
Shares to Company
HOUSTON, TEXAS – January 17, 2005
- Vintage Wire
Power Technology, Inc. (PWTC:OTCBB)
announced today that certain key PWTC shareholders have agreed to lock up their
shares of the common stock of the company, and former CEO Lee Balak has returned
4,000,000 shares of his common stock to the Company. Bernard J. Walter, Chairman
and CEO of Power Technology, Inc. commented “In order to assist the Company
to settle the Alvin Snaper litigation and to resolve other potential claims,
Mr. Balak agreed to return these 4 million shares to the Company. Affirming
his faith in Power Technology, Mr. Balak has never sold a single share of his
common stock of the Company and all the remaining 23,657,483 shares owned by
him are subject to a “lockup” agreement. “
Mr. Walter added “I personally
own 7.5% of the outstanding shares of the Company and my shares are subject
to a “lockup” agreement, as are the 1,806,000 shares owned by our
directors, F. Bryson Farril and Hugo P. Pomrehn. Alvin Snaper, who owns 664,155
shares, in settlement of our lawsuit, signed a “lockup” agreement
that prevents him from selling any of his shares until January of 2006. The
actions by these shareholders clearly demonstrates their faith in the Company
and its future prospects. All told, currently there are restrictions on the
sale of 62,934,744 of the shares of the Company’s common stock.”
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 significantly less lead content
than conventional batteries.
The Company is in the early stages
of commercializing its battery technology, and intends to introduce its batteries
for sale in 2005. In a market with total annual sales estimated in excess of
$12 billion, major U.S. lead acid manufacturers include Johnson Controls, Exide
Technologies, Delphi Corporation, Fiamm, and East Penn Manufacturing Company.
Johnson Controls makes batteries for more than 35 million vehicles annually.
|
