SOURCE: Powersafe Technology Corporation

PowerSafe Technology Corporation

September 14, 2010 17:13 ET

PowerSafe's Amplification Technologies Selected by US Army for SBIR Grant Related to Night Vision

NEW YORK, NY--(Marketwired - Sep 14, 2010) -  PowerSafe Technology Corporation (PINKSHEETS: PSFT) announced today that its wholly owned subsidiary Amplification Technologies Inc. (ATI) (www.ampti.net) has been selected by the US Army for a new Small Business Innovation Research (SBIR) Phase I grant. The grant proposal, entitled "Novel Low Light Level Solid State Imaging Arrays," is to study the feasibility of utilizing ATI's breakthrough technology, as a replacement for image intensifier (II) tubes, currently the mainstay of the very large night vision market.

"This SBIR award demonstrates the value of the unique technology that ATI has developed over the last few years," said Jack Mayer, President of PowerSafe. "The replacement of II tubes with solid state devices has thus far not been accomplished. We are cautiously optimistic that this preliminary study will result in approaches to accomplishing this very important goal that we will be able to pursue with further funding."

The grant calls for approximately $70,000 in research and development funds for the Phase I study. If the results are promising, the Company could receive up to an additional $730,000 in transitional and Phase II funding.

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.

Contact Information

  • Contact
    Avery Kornbluth
    COO
    Amplification Technologies Inc.
    (718) 951-8021
    Email Contact

    PR Contact
    Jack Mayer
    Pres.
    PowerSafe Technology Corp.
    (718) 951-8021
    Email Contact