Power Technology Changes Name to Flipside International Towards New Global Branding Initiative
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."
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.
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 email@example.com
SOURCE Power Technology, Inc.