Power Air Partners With Schrader Bridgeport International, a Division of Tomkins plc, to Commercialize Indoor Generator
Power Air Corporation (OTCBB: PWAC) today announced that it has entered into a Collaboration Agreement with Schrader Bridgeport International to commercialize a zero-emission, back-up power generator suitable for indoor and outdoor use and powered by Power Air's Zinc Air Fuel Cell (ZAFC) technology.
"With the signing of a major OEM Partner for the development and commercialization of an end-user generator product, Power Air has reached an important internal milestone," states Mr. Remy Kozak, President and CEO of Power Air. "Schrader Bridgeport International is the ideal Partner with high-volume, world class manufacturing and distribution capabilities."
Under the terms of the Agreement, Power Air Corporation and Schrader Bridgeport International will collaborate on the specifications, design, alpha and beta prototype build and test, field trial program, co-branding, and commercial launch of the Target Product, which is a cost-effective, refuelable backup generator that can operate indoors, safely, silently, efficiently, and emissions-free, with extended run capability.
"Schrader Bridgeport International, a division of Tomkins plc, Fluid System Group, is a leader in the design and development of new products to meet the changing needs of our Automotive & Industrial customers," states Brian Bauer, Vice President of Business Development at Schrader Bridgeport. "The adoption and commercialization of Power Air's environmentally friendly technology will allow us to offer an alternative to the growing back-up generator market, exploit a 'greenfield' generator opportunity -- indoor sites -- and at the same time help reduce dependence on imported fossil fuels."
"Schrader Bridgeport International's core competencies include full service engineering capabilities for prototyping and manufacturing, the ability to design and manufacture fully automated assembly and testing equipment, and the ability to manufacture high volume precision machined components with onsite testing and validation labs," adds Field Jones, Business Development Manager of Schrader Bridgeport. "We also have QS 9000 and TS16949 quality systems certification."
Schrader Bridgeport International will act as the systems integrator, using Power Air's ZAFC as the power supply for the end-user back-up generator product.
"Partnering with Schrader Bridgeport means access to technical capabilities and infrastructures that would be difficult and expensive to duplicate as we develop to a commercial offering," acknowledges Andy Turnbull, Director of Engineering for Power Air.
"Securing an OEM Partner to collaborate with on the development and commercialization of our fuel cell technology has been the key focus of our Sales and Marketing effort to date. Schrader Bridgeport is the perfect partner -- synonymous with high-quality products and services that solve problems and add value," adds Donald Ceci, VP Sales and Marketing at Power Air. "Our technology is attracting consistent interest from potential customers and distributors worldwide. Schrader Bridgeport's strong affiliation with the many Automotive and Industrial aftermarket companies like NAPA, Pep Boys, Advance Auto, Home Depot, Lowes, and Sears, will be very important when the final product is approved and ready to launch."
About Schrader Bridgeport International
Schrader Bridgeport International is a wholly owned subsidiary of Tomkins plc, serving the major players within the Industrial and Automotive markets based around the world.
About Tomkins plc
Tomkins plc is a world-class global engineering and manufacturing group with market and technical leadership across its two business groups: Industrial & Automotive and Building Products. Tomkins plc has 132 manufacturing facilities around the world with sales of $5.9 billion dollars in 2005, http://www.tomkins.co.uk .
About Power Air Corporation
Power Air Corporation, with head office in Livermore, California, is engaged in the business of developing, manufacturing and marketing fuel cell based commercial products. Power Air has the exclusive worldwide license to zinc-air fuel cell technology that has been developed at the Department of Energy's Lawrence Livermore National Laboratory, in Livermore, California, for all fields of use (portable, stationary, light mobility and transportation applications) and commercialization.
For further information please call +1-925-960-8779 or visit our website at http://www.poweraircorp.com .
Investor Relations call +1-866-734-7026 or e-mail to investors@poweraircorp.com or OTC Financial Network, Peter Clark, +1-781-444-6100 x629 or email peter@otcfn.com .
This news release has been prepared by management of the company who takes full responsibility for its contents. No exchange, over-the-counter market or federal or state securities administrator has in any way either reviewed, approved or disapproved of the contents of this news release.
This news release contains forward-looking statements within the meaning of section 27a of the United States securities act of 1933, as amended, and section 21e of the United States securities and exchange act of 1934, as amended. Statements in this news release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the timely completion of all material and non-material matters comprising the share exchange agreement and its related transactions, the belief that the company will raise sufficient funding for the company's projected business purposes and the expectation that the company may be able to secure joint venture partners in the development of its technology. These statements involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein. Such risks and uncertainties may include, but are not limited to, factors outside the control of the company. These forward-looking statements are made as of the date of this news release, and the company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the company's periodic reports filed from time-to-time with the United States securities and exchange commission.
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