Axion Power International, Inc. (OTC: AXPW - News), announced today that is has been notified that its common shares will be traded on the Over The Counter Bulletin Board as of today under the unchanged ticker symbol, "AXPW." Prior to this the shares have been traded on the Pink Sheets.
CEO Thomas Granville commented, "Although we are committed to listing Axion Power on a national exchange as soon as possible and have been exploring that potential, we are very pleased that our shares will now be traded on the Bulletin Board. We believe this upgrade will provide our shareholders and potential investors with better liquidity and market-making."
AXPW shares were moved to the Pink Sheets in October of 2006 due to the company's decision to re-file certain of its results with the SEC. The Company's filings are now current and have been filed on time since the Company became current in the first quarter of 2008. The Company is totally committed to continuing to file on a timely basis.
Granville added, "Our PbC Technology(TM) is moving toward commercialization, and we believe that we will be able to provide energy storage and spot energy needs at a more cost-efficient price than any other battery technology yet developed. We are currently preparing to ship to a utility grid demonstration project and soon we expect to announce an HEV demonstration initiative."
About Axion Power International, Inc.
Axion has developed and patented a next generation energy storage device that won the prestigious 2006 Frost & Sullivan Technology Innovation Award for North America in the field of lead-acid batteries. According to Frost & Sullivan, Axion's new PbC batteries have "the potential to revitalize the lead-acid battery industry by breathing new life into an established technology that was not well-suited to the requirements of important new applications like hybrid electric vehicles and renewable power."
PbC(TM) batteries use sophisticated carbon electrode assemblies to replace the simple lead-based negative electrodes used by other lead-acid battery manufacturers. The resulting device offers energy storage approaching lead acid batteries, coupled with far longer cycle life and power output approaching super-capacitors. These low-cost devices recharge rapidly and are environmentally friendly because they use 40% less lead. Axion has been producing prototype PbC batteries at its lead-acid battery plant in New Castle, Pennsylvania for more than a year using the same cases, positive electrodes, separators, electrolytes and manufacturing equipment used in its other lead-acid battery lines. The only notable manufacturing difference is the use of Axion's proprietary carbon electrode assemblies instead of lead-based negative electrodes.
Axion's goal is to become the leading supplier of carbon electrode assemblies for the lead-acid battery industry.
"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995:
Certain statements in this Press Release are "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. These statements include, without limitation, statements concerning the effect of the staged investment by Quercus, the timing of the Company's future SEC reporting, the Company's belief that the funds from the completed investment would provide sufficient capital liquidity to complete its process development work, expand its manufacturing capabilities and bring its new PbC based battery products to market, the Company's belief that its completed products will be the only class of advance battery of its kind and that it will be viable replacements for older generation lead-acid batteries. These forward-looking statements are based on our current expectations and beliefs and are subject to a number of risk factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such risks and uncertainties include the risk that the Company does not receive the additional $14 million in investment funds, or that the funds do not prove sufficient for the Company to complete its development work, as well as the risks inherent in commercializing a new product (including technology risks, market risks, financial risks and implementation risks, as well as other risks and uncertainties affecting the Company), and other risks that have been included in filings with the Securities and Exchange Commission, all of which are available at www.sec.gov. We disclaim any intention or obligation to revise any forward-looking statements, including, without limitation, financial estimates, whether as a result of new information, future events, or otherwise.