USA.: Consolidated Power & Alexander Technologies sign letter of intent

Advanced Battery Technology, Sep 1999

Consolidated Power Battery Corp. of Oak Harbor, Washington, has signed a letter of intent to merge with Alexander Technologies, Inc. (ATI), a privately held, $30-million-per-year battery pack manufacturer headquartered in Mason City, Iowa.

"ATI is a long-standing company, highly respected for quality in this industry, whose management and competencies exactly fit and greatly strengthen roll-up strategy. We are enthusiastic about joining forces with ATI to march forward with our strategy," said Larry Azure, chairman and CEO, Consolidated Power Battery Corp.

ATI assembles rechargeable battery packs and state-of-the-art charging systems, and is the only company in this industry with a proprietary systems approach to manufacturing. It supplies OEMs in the portable power industry, including manufacturers of portable computers, cellular phones, power tools, camcorders and digital cameras. ATI's 1998 sales revenues in the U.S. were $30 million.

Meanwhile, Consolidated Power Battery Corp. also is continuing to move toward the completion of the merger with Portable Energy Products, Inc. Shareholder meetings to vote on the transaction are planned. In addition, Consolidated Power Corp's accounting and administrative functions are moving to Portable Energy Products' offices in Scotts Valley, California.

Portable Energy Products designs, manufactures and markets small, proprietary rechargeable batteries and battery packs to the OEM and consumer markets for powering PCs, CD players and other handheld battery-operated products, and for standby power backup of file servers and other computer systems.

For more information, contact Paul Busse, vice president and CFO, Consolidated Power Battery, (360) 679-4900.