Power Technology, Inc. (PWTC - OTC Pink)announced today that the Company has acquired Flipside USA & Snakebaorder.com. This news comes just weeks after Kara Guire purchased a controlling interest in the Company.
"As the new Director and CEO, I would like to make it perfectly clear that new company management will have no ties to former management or directors. Battery technology is an exciting space where I have already developed great relationships and I see a very synergistic relationship with Flipside, Snakeboarding, and extreme sports alike. Our primary business will continue to include research and development of improved technology for batteries to be used in electric vehicles, hybrid powered vehicles, solar power systems, electric motorcycles, electric bicycles, electric wheelchairs, electric power management, uninterruptible power supply systems, automobiles, aircraft, marine, submarine craft, and every day practical applications." stated Kara Guire.
Flipside USA & Snakeboarder.com are two assets which will give the company a steady revenue stream while providing an outlet for product testing & market research on the next wave of extreme sports applications.
The Company's mission is twofold. First, to develop batteries that are smaller and lighter than conventional batteries which produce the same electrical capacity while having a higher specific energy density and efficiency. Second, to apply this technology to new and exciting applications while focusing on niche markets where competition will be minimal. Quicker recharge rates, cost effectiveness, and environmentally friendliness will be cornerstones to development.
The importance of electric vehicles and hybrid vehicles in the United States and abroad has increased tremendously in the past decade. Primarily due to concerns regarding air pollution, global climactic changes, ozone layer depletion, noise abatement, increasing prices of gasoline, and dependence on imported oil, more and more people are seeking cleaner more affordable alternatives.
Kara Guire, CEO stated: "We will continue development on these technologies through a new corporate structure which will allow us to capitalize on strategic partnerships which we have spent years building. We are very excited for the year to come as we will be further developing this technology while continuing to build and grow the Snakeboarding community worldwide with new and exciting products that will be sure to rock the industry for years to come."
About the Battery Industry
Batteries represent about $36 billion in revenues today and are expected to grow to more than $50 billion over the next five or so years, with rechargeable batteries leading the way. The growth will take place worldwide.
The hybrid vehicle battery, which accounts for 1.7% of the world's rechargeable market, is expected to grow to 4.2% of the market by 2013. This surge is based on conservative assumptions about hybrid car growth.
The ultracapacitor and fuel cell battery growth forecast may also be low, given potential technology/performance breakthroughs in the next few years. Dependent on the performance of their materials, they store and release more energy faster than conventional batteries, and they have an almost limitless cycle life.
Growth in renewable energy, like solar and wind power, will drive additional demand for storage capacity, especially with increased smart grid electricity deployment all over the world.
Very few storage technologies have actually reached the scalable commercial deployment phase. Several companies produce lithium-ion batteries, but utilities have only begun to experiment with them for balancing loads or storing power. General Electric recently jumped into the market for sodium batteries, computer-sized batteries that can store large amounts of power at wind farms.
About Snakeboarding
Snakeboarding, a sport started in 1989 with the invention of the Snakeboard by college students James Fisher, Oliver Macleod-Smith, and Simon King, who were looking to simulate and combine the sensations of surfing, snowboarding, skiing and skateboarding, has a colorful history and has attracted riders from all across the world. The key advantage of the Snakeboard is that riders can generate a forward motion, even uphill, from a standstill position without their feet ever touching the ground. The Snakeboard's steerability makes it easy to maneuver and fun to ride.
Within 5 years from being invented, the sport gained a considerable amount of popularity and the First Annual World Championship was held in Guernsey, an island off the coast of England. The sport continued to spread globally under the name "Snakeboard International" from 1994 through 1998 when the founders sold their patent.
After 1998, the sport continued to increase ridership and build their fan base worldwide while gaining events coverage on top networks including Fox Sports Net, ESPN, and MTV Sports.
In 2001, in an effort to capitalize on the growth of the sport, Kara formed Flipside USA and began buying boards in bulk and whatever other boards she could get her hands on to keep up with the growing demand, many times selling out of inventory on pre-orders. Since 1998 the sport has retained its hard core rider base and hosted Annual World Championships in various cities all around the world. However it has yet to have a company step in with a coordinated marketing effort and a thorough enough understanding of the logistics necessary to significantly ramp up production and grow their audience. There are only currently three manufacturers of boards, and the industry is ripe for an aggressive campaign.
For more information visit www.flipsideusa.com and www.snakeboarder.com
Safe Harbor: This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approvals for anticipated actions.
SOURCE: Power Technology, Inc.
CONTACT: Power Technology, Inc. Kara Guire, (847) 796-0534 info@flipsideboards.com
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