CHICAGO, Sept. 16, 2011 /PRNewswire/ -- Power Technology,
Inc. (Pinksheets: PWTC), which recently acquired Flipside USA &
Snakeboarder.com, announces today that the Company has filed its
application with FINRA to officially change the company name from
Power Technology, Inc. to Flipside International Inc.
The announcement comes amidst a new branding initiative which
the company says will focus on its core values while strengthening
its image worldwide to both the Snakeboarding Community & the
Alternative Energy Market.
The company will be divided into three divisions: Flipside USA,
Snakeboarder.com, and Flipside Technologies.
Flipside USA will continue its successful and profitable online
store where it will continue to cater to its extreme sports
clientele. Snakeboarder.com will serve as an online magazine for
the sport while providing an outlet for the company's hybrid
battery infused initiatives. Flipside Technologies will concentrate
on research, marketing, and distribution of battery based products
to niche markets which the company will be announcing in the coming
weeks.
Company CEO Kara Guire stated:
"This is an exciting time for the company, we have a lot going on
and it is important that our branding and marketing initiatives are
built on the proper foundation. We just launched our new corporate
website www.FlipsideInternationalInc.com to give current and
potential investors a better understanding of who we are as a
company and where we are going this year. We have a solid and
focused team and we are looking forward to building long term
shareholder value while doing what we do best and utilizing all
synergies within out marketplace."
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.FlipsideInternationalInc.com ,
www.flipsideusa.com and www.snakeboarder.com.
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.
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.
CONTACT: Power Technology, Inc. Kara
Guire, (847) 796-0534 kara@flipsideinternationalinc.com
SOURCE Power Technology, Inc.