PowerSafe Announces Its Selection by NASA for Two Small Business Innovation Research Projects

PowerSafe Technology Corporation (Pink Sheets: PSFT), announced today that two Small Business Innovation Research (SBIR) projects submitted by its wholly owned subsidiary Amplification Technologies Inc. (www.ampti.net) (ATI) have been competitively selected by NASA. Phase I of each project has a value of approximately $100,000. With respect to each proposal, upon completion of Phase I, ATI will be eligible to seek up to an additional $600,000 in Phase II funding.

“We are extremely gratified that NASA continues to support our breakthrough near infra-red technology,” said Jack Mayer, President of PowerSafe. “We are proud of our highly talented team, and look forward with these projects to continue to develop solid state devices for a broad range of applications, including free space optical communication, remote sensing, and night vision.

The first project is titled “Very High Gain and Low Noise Near Infrared Single Photon Counting Detectors and Arrays.” Under this project, new photon-counting photodetectors and photodetector arrays will be developed to advance the state of the art in remote sensing and atmospheric sensing applications. The proposed detectors are to operate at 1550 nm to 1800 nm eye safe wavelengths and have very high internal gain, extremely low excess noise, high detection efficiency and potentially low cross-talk and after pulsing.

The second project is titled “High Performance Negative Feedback Near Infrared Single Photon Counting Detectors & Arrays.” Under this project, new photon-counting photodetectors and arrays are proposed, to advance the state of the art in long-range space optical communications. The proposed detectors are to operate at 1000 nm to 1600 nm wavelengths and have high detection efficiency, low jitter, high bandwidth, very high internal gain and extremely low excess noise.

About PowerSafe Technology Corp. (PSFT)

Based in New York, PowerSafe Technology Inc. (www.psftinc.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 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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