| [December 10, 2009] |
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Power Efficiency Corporation Technology Validated by Independent Test Lab
LAS VEGAS --(Business Wire)--
Power Efficiency Corporation (OTCBB: PEFF - News), a clean tech company focused on efficiency technologies for electric motors, announced today that a nationally recognized independent laboratory that performs testing for the electrical utility sector was commissioned to test the company's Motor Efficiency Controllers with E-Save Technology. The products were tested for energy savings, motor temperature and power quality. The test results validated that E-Save Technology reduces energy consumption and motor temperature on variably loaded electric motors and that the company's Motor Efficiency Controllers can meet the harsh environmental demands required for industrial, commercial and residential products.
The California Energy Commission (News - Alert) (CEC) and the New York State Energy Research and Development Authority (NYSERDA) were among the entities that commissioned the test, which was completed in November. A final report is expected to be released in the near future.
Steve Strasser, CEO of Power Efficiency, said, "Power Efficiency's efficiency technology was chosen by one of the premier energy testing organizations to be tested and validated for state and utility financial incentive programs. We were one of five companies out of many to be chosen by an independent panel and the first to be tested."
Strasser continued, "We have already gone through technology measurement and verification testing with, and been approved for rebates by, a number of utilities. As an example, NV Energy in Nevada and Anaheim Utilities in California have issued rebates to customers who have installed Motor Efficiency Controllers with E-Save Technology. The rebates have reduced by up to 33% the net price of the products to end buyers. This test report should allow more utilities to approve the technology for rebates and other incentive financing programs. Having the report available to two of the most important entities, CEC and NYSERDA, as well as other participating utilities, will enhance our efforts. We plan to start working with state regulators and utilities in the first quarter of 2010 to have our E Save Technology mandated and to seek financial incentives to broaden its deployment."
Strasser concluded, "We believe the economic and political climates are very favorable for Power Efficiency's business plan. For example, California recently announced a $3 billion energy efficiency program. Also, the EPA has declared greenhouse gases harmful to humans and will shortly begin regulating carbon dioxide emissions. Finally, the Copenhagen Climate Conference that runs the next couple of weeks illustrates how seriously world political leaders are taking the need for conservation."
About Power Efficiency Corporation
Power Efficiency Corporation is a clean tech company focused on efficiency technologies for electric motors. Power Efficiency is incorporated in Delaware and is headquartered in Las Vegas, Nevada. The Company has developed a patented and patent-pending technology platform, called E-Save Technology, which has been demonstrated in independent testing to improve the efficiency of electric motors by up to 35% in appropriate applications. Electric motors consume over 25% of the electricity in the U.S. and many operate inefficiently. E-Save Technology can be licensed to motor, controls and equipment manufacturers. Power Efficiency's products, based on E-Save Technology, include an Industrial Motor Efficiency Controller for three phase applications, such as escalators, crushers, granulators, mixers, saws and MG elevators, and a new Appliance Motor Efficiency Controller for small single phase applications such as residential and light commercial appliances. For more information, go to http://www.powerefficiency.com.
For more news and information on Power Efficiency Corporation, please visit http://www.IRGnews.com/coi/PEFF where you can find the CEO's video, a fact sheet on the company, investor presentations, and more.
As a cautionary note to investors, certain matters discussed in this press release may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such matters involve risks and uncertainties that may cause actual results to differ materially, including the following: changes in economic conditions; general competitive factors; acceptance of the Company's products in the market; the Company's success in technology and product development; the Company's ability to execute its business model and strategic plans; and all the risks and related information described from time to time in the Company's SEC (News - Alert) filings, including the financial statements and related information. Power Efficiency assumes no obligation to update the information in this release.
Forward-Looking Statements
Statements contained in this release that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as "may," "will," "expect," "believe," "anticipate," "intend," "could," "estimate" or "continue" are intended to identify forward-looking statements. Readers are cautioned that certain important factors may affect the Company's actual results and could cause such results to differ materially from any forward-looking statements which may be made in this release or which are otherwise made by or on behalf of the Company. Factors which may affect the Company's results include, but are not limited to, product demand, market acceptance, impact of competitive products and prices, product development, completion of an acquisition, commercialization or technological difficulties, the success or failure of negotiations and trade, legal, social and economic risks. Additional factors that could cause or contribute to differences between the Company's actual results and forward-looking statements include but are not limited to, those discussed in the Company's SEC filings.
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