SOURCE: Powersafe Technology Corporation

PowerSafe Technology Corporation

October 11, 2010 08:07 ET

PowerSafe Announces Successful Completion of Contract With Lockheed Martin

NEW YORK, NY--(Marketwired - Oct 11, 2010) -  PowerSafe Technology Corporation (PINKSHEETS: PSFT) announced today that its wholly owned subsidiary Amplification Technologies Inc. (ATI) (www.ampti.net) has successfully completed its research contract with Lockheed Martin awarded in April '10. This contract provided ATI funding to demonstrate the feasibility of certain improvements to ATI's highly sensitive detectors to meet Lockheed Martin's requirements. 

"The results of our feasibility study demonstrated that the sought after improved characteristics would very likely be achieved," said Avery Kornbluth, COO of ATI. "We are very optimistic that we will move forward to a much more extensive program to develop and produce enhanced devices."

"The success of this project is a testament to ATI's scientific team and our breakthrough technology," said Jack Mayer, President of PowerSafe. "We believe that the results demonstrated have applicability to a broad range of applications." 

About PowerSafe Technology Corp. (PSFT)
PowerSafe Technology Inc. (www.psftotc.com), seeks to transform the field of low-level signal detection. The company's patented platform semiconductor technology has the potential to offer unparalleled and far-reaching benefits to industries such as medical diagnostics, remote sensing, aerospace, scientific instrumentation and homeland security. The technology has been successfully used to develop extremely sensitive detectors of low levels of light and the company believes its detectors will be used in many existing applications as well as open up new markets. The technology is also patented to encompass detection of signals other than light, and could in principle be used to create highly sensitive biological, radiological, electrical, and chemical sensors.

Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of PowerSafe. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties inherent herein and in PowerSafe's SEC filings. Such risks and uncertainties could cause actual results to differ materially from those indicated in the forward-looking statements.

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