NEW CASTLE, Pa., July 28, 2016 /PRNewswire/ -- Yesterday, in a planned and successful next step in the negotiation process for a licensing deal for Axion Power International, Inc.'s (OTCQB: AXPWD) proprietary PbC® Technology, executives from Axion Power and their potential exclusive collaboration partner from the People's Republic of China held meetings at the Axion Power facility in New Castle.
Axion Power shipped sample PbC Batteries to China in late June for testing and prototype development. Those batteries are scheduled to arrive at the Xingang Port, Tianjin China in early August and be transferred, by truck, to Baoding, China with an anticipated arrival date shortly thereafter.
A senior engineer from Axion Power will travel to China to assist with testing and prototype development. Once the process begins, critical aspects of the testing protocol will take place over a period of approximately four weeks.
"I anticipate traveling to China at the conclusion of testing," said Richard Bogan, CEO, Axion Power. "I also anticipate that at that time, long term contract negotiations will be in full swing. I will periodically provide progress updates."
Discussions to commercialize Axion Power's PbC Technology in China began in the second quarter of 2015. This week's meeting is a critical step forward in this collaboration process. Wednesday's meeting schedule also included a tour of Axion Power's facilities in New Castle.
About Axion Power International, Inc.
Axion Power is a technology leader in lead-carbon energy storage. Axion's patented lead carbon battery is the only advanced battery technology with an all carbon negative electrode. Axion's negative electrodes are designed to be directly substituted for lead acid negative electrodes producing the unique benefits of the Axion carbon technology. Axion Power's primary goal is to become the leading supplier of carbon electrode assemblies for lead-acid battery companies around the world. For more information, visit www.axionpower.com
Certain statements in this Press Release are "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. These forward-looking statements are based on our current expectations and beliefs and are subject to a number of risk factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such risks and uncertainties include the risk for the Company to complete its development work, as well as the risks inherent in commercializing a new product (including technology risks, market risks, financial risks and implementation risks, and other risks and uncertainties affecting the Company), as well as other risks that have been included in filings with the Securities and Exchange Commission, all of which are available at www.sec.gov. We disclaim any intention or obligation to revise any forward-looking statements, including, without limitation, financial estimates, whether as a result of new information, future events, or otherwise.
Axion Power International, Inc.
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SOURCE Axion Power International, Inc.