Third International OEM agreement confirms worldwide appeal of PowerTech's PicBucket(R)
TERREBONNE, QC, Feb. 16 /CNW Telbec/ - Power Tech Corporation Inc. "PowerTech" (TSV-V: PWB) announced today that it has agreed on the licensing terms for a non exclusive "OEM (Original Equipment Manufacturer) type" white label agreement with OM Engineering ("OM") and received a $300 000 order for demo units and other licensing fees. Additional orders are expected in the short term to launch the program throughout its territory. OM will commercialize the complete PicBucket(R) product line under its own brand and colour in Turkey, Middle Eastern countries and nine (9) other neighbouring countries. Moreover, both PowerTech and OM are further evaluating potential synergies between the two companies. This "OEM type" agreement is the third such agreement for PowerTech in three years and is the logical continuation of a worldwide strategy aiming at identifying strong partners with established sales and distribution channels.
"This agreement reinforces PowerTech's current international network, which already includes partners such as NPK Construction Equipment in North-America and Montabert S.A.S, in Europe. This agreement aligns well with PowerTech's long term vision to partner with leaders in their respective markets" declared Carol Murray, President and Chief Executive Officer of PowerTech. "This agreement reinforces the value of the PicBucket(R) brand, which is becoming synonymous with substantial productivity gains and versatility on construction sites around the world."
This partnership will also benefit from the fact that the PicBucket(R) technology has obtained worldwide recognition by recently winning top honours for innovative new product design at Spain's Potencia 2009 awards and, was a finalist at the 2009 Matexpo heavy equipment show in Belgium.
"We are very pleased with this new partnership as it allows PowerTech to access new and promising markets with an established partner. We stand to benefit from OM's market knowledge and favourable cost structure, thus positioning the PicBucket(R) to rapidly gain market share" added Yves Sicotte, PowerTech's Vice President of Sales and Marketing.
"This partnership will allow OM Engineering to quickly bring to market a new and exclusive product line, taking full advantage of the PicBucket's(R) technological edge. It also creates a platform allowing to eventually produce and market other technologies", added Mr. Oguz Diken, President and Chief Executive Officer of OM Engineering.
About OM Engineering (www.ommuhendislik.com)
OM Engineering was founded in 1991 in Istanbul, Turkey by Mr. Oguz Diken; a well known figure in the Turkish and Middle East construction industry. OM currently stands as Turkey's largest manufacturer of construction buckets. Strategically located in Turkey, OM Engineering caters to many customers in Europe, North Africa, Turkish and CIS Countries (Commonwealth of Independent States,) and the Middle-East. Over the years, OM has built a solid engineering team and is specialised in the manufacturing and marketing of attachments used in the construction of mines and marble quarries. OM is also an authorised buckets manufacturer for the Turkish market of the Caterpillar, Hitachi, Kawasaki and the attachments supplier for Volvo, JCB, Doosan, Komatsu, Case, Sumitomo, New Holland and Hyundai brands.
About PowerTech (www.powertechci.com)
PowerTech is the only company in the world that manufactures and commercializes percussion technology with interchangeable tools and accessories for the construction, demolition and military industries.
PowerTech's percussion technology is a technological breakthrough that combines the power of a hydraulic hammer with the stripping force and manoeuvrability of a conventional bucket. PowerTech's products are marketed under the PicBucket(R) and PicHammer(R) names as well as under world renowned private label brands thru OEM agreements with large manufacturers.
The trademarks PicBuckets(R), PicHammer(R) and the PowerTech logo are registered trademarks of Power Tech Canada Inc.
Disclaimer in regards to forward-Looking Statements
Certain statements included herein, including those that express management's expectations or estimates of the future performance of the Company, constitute "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Investors are cautioned not to put undue reliance on forward-looking statements.
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SOURCE POWERTECH CORPORATION INC.
For further information: For further information: Mr. Carol Murray, President and Chief Executive Officer, Power Tech Corporation Inc., (450) 963-6400 #101, Fax: (450) 963-4411, email@example.com