Memorandum of Understanding Signed With Kung Long
Batteries Industrial Company Concerning Commercialization Of Power Technology's
Battery Technology
December 6, 2005
``While in Taiwan, we met with
Kung Long Batteries Industrial Co., Ltd. to discuss our battery technology.
Our discussions included a proposal for Kung Long to construct 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
Kung Long Batteries Industrial owns
and operates two manufacturing facilities in Taiwan and one in Vietnam. It manufactures
more than 200 different types of batteries, including batteries for electric
vehicles, uninterrupted power supply systems, alternative energy systems, solar
energy systems, mobile energy, motorcycle and automotive uses.
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HOUSTON, TEXAS – (PRWEB/PRIMEZONE)
– Power Technology, Inc. (PWTC) announced today that it had signed a memorandum
of understanding with Kung Long Batteries Industrial Co., Ltd. of Taiwan (Taiwan
Stock Exchange – Code 1537) concerning the commercialization of Power Technology’s
advanced lead acid battery technology.
Bernard J. Walter, Chairman and CEO of Power Technology, commented “While in
Taiwan, we met with the management and engineers of Kung Long Batteries Industrial
Co., Ltd. to discuss our battery technology. Our discussions included a proposal
for Kung Long to construct manufacturing facilities in Taiwan specifically designed
for the mass production of the unique Power Technology batteries. We have now
signed agreements with Kung Long that will protect our proprietary technology.”
Mr. Walter added: “We will provide Kung Long Batteries with our current collectors
and Kung Long has agreed to assemble our collectors into a prototype battery
which it will test and evaluate. We then intend to negotiate a technology transfer,
license, and royalty agreement that would enable Kung Long to build a new manufacturing
facility to produce Power Technology batteries. Representatives of The Industrial
Technology and Research Institute (ITRI) (See http://www.itri.org.tw/eng/index.jsp),
a non-profit organization founded by the Taiwan Ministry of Economic Affairs,
participated in our meetings with Kung Long. ITRI’s functions include providing
funding for and accelerating the industrial development of Taiwan and ITRI has
expressed its interest in supporting this specific project.”
Kung Long Batteries Industrial Co., Ltd. is a publicly traded expert manufacturer
of lead acid batteries. It owns and operates two manufacturing facilities in
Taiwan and one in Viet Nam. It manufactures more than 200 different types of
batteries, including batteries for electric vehicles, uninterrupted power supply
systems, alternative energy systems, solar energy systems, mobile energy, motorcycle
and automotive uses.
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