SOURCE: Powersafe Technology Corporation

Powersafe Technology Corporation

July 06, 2010 08:00 ET

PowerSafe Technology Working to Bring Financial Reporting Current

NEW YORK, NY--(Marketwired - Jul 6, 2010) -  PowerSafe Technology Corporation (PINKSHEETS: PSFT) announced today that the company received an independent accountants' compilation report for the years ended December 31, 2008 and December 31, 2007 for its wholly-owned subsidiary Amplification Technologies Inc. ("ATI"). ATI was acquired by the Company in February 2009.

"PowerSafe is working diligently to bring its financial reporting current," said Jack Mayer, President of PowerSafe, "and obtaining this report was a necessary first step in this process." 

About PowerSafe Technology Corp. (PSFT)
Based in New York, PowerSafe Technology Inc. (www.psftotc.com), through its wholly owned subsidiary ATI (www.ampti.net), 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, drug development, 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. ATI's technology is 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, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of PowerSafe and Amplification. 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 those set forth in PowerSafe's SEC filings and such other matters as are contained therein. These risks and uncertainties could cause actual results to differ materially from those indicated in the forward-looking statements.

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