Power Technology Acquires Patent Assignments

Power Technology, Inc. of Houston, Texas, has acquired formal written assignments from Joey Jung and Elod Gyenge, two inventors of the battery technology and improvements under application for a United States patent signed by them. Power Technology, Inc. now has the right to fully commercialize these patent rights and to sell battery products based on this technology.

Regardless of the outcome of the company’s lawsuit with Alvin Snaper, Power Technology, Inc. now has the legal right to manufacture and sell the battery without Alvin Snaper’s consent and will not be obligated to account to him for its profits. Specifically, the U.S. Patent Code, Article 35 USC 262, provides: “In the absence of any agreement to the contrary, each of the joint owners of a patent may make, use, offer to sell, or sell the patented invention within the United States, or import the patented invention into the United States, without the consent of and without accounting to the other owners.”

Bernard J. Walter, CEO of Power Technology, said, “The acquisition of the formal assignments of these patent rights for the company’s battery technology assures us of the opportunity to commercialize and sell our batteries. Prototype batteries for testing and sale are currently under development, and we expect to deliver the first units for industry testing by the first quarter of 2005.”

The patent applications are entitled, Current Collector Structure and Methods to Improve the Performance of a Lead-acid Battery, filed March 26, 2004, and assigned U.S. Serial Number 10/809.791, and to the inventions and improvements which are subject to International Patent Application Number PCT/US02/30607 filed September 25, 2002, at the World Intellectual Property Organization under the Patent Cooperation Treaty (PCT) entitled, Current Collector Structure and Methods to Improve the Performance of a Lead-acid Battery.