SOURCE: PowerGenix

April 10, 2006 08:00 ET

PowerGenix Hires Joseph A. Carcone as Vice President of Business Development; Battery Industry Veteran to Help Bring Innovative Nickel-Zinc Technology to Marketplace

SAN DIEGO, CA -- (MARKET WIRE) -- April 10, 2006 -- PowerGenix, Inc., a leading developer of high-rate discharge, rechargeable nickel-zinc (NiZn) batteries, today announced that Joseph A. Carcone has joined the company's management team as vice president of business development. In this role, Carcone will be responsible for bringing PowerGenix's battery products to market and overseeing the company's growth.

"With his extensive background in the battery industry, Joe has both the technical and business development expertise to guide our company into the markets and customers that will maximize long term company value," stated PowerGenix CEO, Dan Squiller. "Based on this experience and knowledge, his decision to join PowerGenix speaks to the strength of our technology and the potential for our cells to offer the first attractive alternative to nickel-cadmium (NiCd) and nickel-metal hydride (NiMH) in many large segments."

PowerGenix has developed and patented a next-generation NiZn rechargeable battery technology especially suited as a replacement in high power NiCd and NiMH applications. PowerGenix's initial products will target high rate discharge applications such as cordless power tools as well as military applications, with longer-term plans to enter other markets including the emerging Hybrid Electric Vehicle (HEV) and selected consumer product segments. The company's battery technology offers key strategic advantages including high performance, low cost and safety -- all without the toxic environmental impact associated with today's commonly used rechargeable nickel-cadmium batteries.

"While other companies have been working on perfecting the nickel-zinc chemistry for the past decade, PowerGenix is the first to overcome the technical hurdles that have kept this technology from moving forward in the past," said Joseph A. Carcone. "Nickel-zinc batteries have a great place in the marketplace and I'm excited to be on board to bring this environmentally friendly battery technology to a wide range of customers and applications."

Carcone brings more than 30 years of power and battery expertise overseeing engineering, manufacturing, strategic alliances, marketing and sales. He has held senior positions with some of the nation's leading corporations, including SANYO Energy (U.S.A.) Corp., General Electric and AT&T. Carcone holds a Bachelor of Science in Engineering from Fairleigh Dickinson University and a Masters of Science in Operations Research and Business from Rutgers University.

For more information on PowerGenix's innovative battery technology, visit www.powergenix.com or call 858.547.7300.

About PowerGenix:

Founded in 2000 and located in San Diego, Calif., PowerGenix has developed and patented a high-energy density, high-cycle life and low-cost nickel-zinc (NiZn) battery that is specifically designed to utilize existing nickel-cadmium (NiCd) manufacturing processes, techniques and equipment, thereby significantly reducing time-to-market and eliminating costly equipment design steps. With its patented rechargeable NiZn battery technology, PowerGenix is pursuing applications to replace existing NiCd and nickel-metal hydride (NiMH) batteries in the multi-billion dollar rechargeable battery market.

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