SOURCE: Power Air Corporation

June 23, 2008 09:22 ET

Power Air and eVionyx to Cooperate on Commercialization of Zinc Air Products

LIVERMORE, CA--(Marketwire - June 23, 2008) - Power Air Corporation (OTCBB: PWAC), the clean energy zinc power company, today announced it has entered into a Memorandum of Understanding ("MOU") with eVionyx, Inc., a Reveo subsidiary and the leader in innovative metal fuel technology and products.

In accordance with the terms of the MOU, the companies will cooperate to shorten the time to market, introduction and shipment of Power Air's Zinc Air Fuel Cell (ZAFC) powered products for portable electronic devices, including the Z Series Powerpacks. eVionyx will provide its ultra-high performance air diffusion electrode, O-CAT™, and use its ISO certified manufacturing facility to produce Power Air's high performance Powerpacks according to Power Air's design and specifications. Following successful completion of the MOU activities, the parties plan to enter into a Definitive Agreement.

"Both Power Air and eVionyx possess Intellectual Property that, when combined, present a lucrative win-win opportunity," stated Donald Ceci, President and CEO of Power Air. "Moreover, this cooperative effort with eVionyx will reduce the time to commercialize our Powerpacks and other products, and avoid costly duplication of product development and manufacturing capabilities that eVionyx already has in place."

Sadeg M. Faris, Ph.D, founder, Chairman and CEO of eVionyx, added, "I have known Don Ceci for quite some time and have great confidence in working with him to successfully advance both of our missions. I believe in his vision and where he wants to take Power Air Corporation."

Power Air plans to position its ZAFC Powerpacks as the solution to bridge the 'power gap' and provide consumers with extended runtimes for their mobile devices. The demand for uninterrupted mobile power is only expected to increase as handheld devices continue to become more power hungry and offer users more converged applications, such as advanced color screens, wireless capabilities, GPS functions, TV broadband functions and other innovations.

"With each added innovation and capability in the mobile device market, more power output is required, and traditional batteries are struggling to maintain acceptable runtimes. Essentially, cell phones and laptops are increasingly becoming higher power carnivores, while the battery that runs them is challenged to keep pace with required extended runtimes," said Ceci. "Our opportunity is to fill the power gap with our Powerpacks."

Dr. Faris further noted, "Energy sovereignty for the United States and for the world is within reach by recognizing that zinc is the best alternative fuel. Both Power Air and eVionyx have been founded on this belief. We look forward to working closely with Power Air to help drive global market awareness and appreciation of this fact through our cooperative product development and commercialization efforts."

In January 2008, Power Air demonstrated its Powerpack prototypes at the 2008 International CES in Las Vegas and again in February at the 2008 Fuel Cell Expo in Tokyo, Japan. In addition, it has conducted several end user focus groups where users provide feedback on all aspects of the Powerpack. Power Air is applying the feedback from these events to improve the design and features of its Powerpacks before official commercial launch.

About eVionyx, Inc.

eVionyx, headquartered in Hawthorne, New York, has been engaged in pioneering nonflammable metal fuel technology that it believes will achieve energy sovereignty for this country and for humanity, in general. It has made breakthrough inventions and innovations that have been shown to fuel electric vehicles with ranges in excess of 500 kilometers. eVionyx has bucked the trend with betting on non-flammable metal technology now that it has been revealed that after billions of dollars of global investment, the hydrogen, biofuel and lithium battery industries are facing serious challenges that include limited reserves, safety issues and other growing mass production concerns. eVionyx, in addition to its Energy Innovation Center, has ISO certified manufacturing facilities in Taiwan and in New York that produce key fuel cell and battery components as well as nickel zinc batteries and zinc air fuel cells. eVionyx has been awarded over 100 patents issued and more are pending. For more information, please visit www.evionyx.com.

About Power Air Corporation

Headquartered in Livermore, California with offices and research facilities in Vancouver, B.C., Power Air is a forward-thinking clean energy company engaged in commercializing proprietary, high performance Zinc Air Fuel Cell (ZAFC)-based products for the mobile electronics, portable and stationary power generation, light mobility and transportation markets. Power Air holds the exclusive worldwide license for the development and commercialization of products utilizing ZAFC technology pioneered through an extensive joint collaboration effort with Lawrence Livermore National Laboratory and the United States Department of Energy. For more information, please visit www.poweraircorp.com.

This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect" or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, acceptance of the Company's current and future products and services in the marketplace, the ability of the Company to develop effective new products and receive regulatory approvals of such products, competitive factors, dependence upon third-party vendors, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.

Contact Information

  • FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
    ELITE FINANCIAL COMMUNICATIONS GROUP, LLC
    Dodi Handy
    President & CEO
    407-585-1080
    or via email at PWAC@efcg.net