January 17 , 2006
Power Efficiency Corporation's Energy Saving Controllers Installed at New York's Fashion Institute of Technology
LAS VEGAS--(BUSINESS WIRE)--Jan. 17, 2006--Power Efficiency Corporation (OTC BB:PEFF - News), a leading U.S. manufacturer of energy-saving devices using a patented technology for alternating current induction motors, announced the installation of its energy-saving controllers at the Fashion Institute of Technology of the State University of New York (FIT/SUNY).
"These patented energy-saving controllers for alternating current induction motors were installed in virtually all the escalators and elevators at the facility," said Steve Strasser, Chief Executive officer of Power Efficiency Corporation (PEC). Strasser went on to say that the controller can produce savings of up to 45 percent while extending the motor and equipment life.
PEC controllers allocate power in direct proportion to the required workload, eliminating wasted energy. By reducing horsepower output, the system also keeps motor temperatures low, extending motor life and energy efficiency.
In June 2001, Governor George E. Pataki issued Executive Order 111 directing State facilities, which includes campuses of SUNY, to reduce energy use by 35 percent by 2010, so they would be more energy-efficient and environmentally sound. FIT/SUNY is participating in the Governor's initiative with a series of projects including this installation financed through a program provided by the New York Power Authority (NYPA) to its customers for implementing energy-saving projects. NYPA will recover its costs by sharing in the energy savings with FIT/SUNY during the initial years of the installation's operation, after which FIT/SUNY will keep all energy savings.
To date, NYPA has undertaken more than 1,400 energy-efficiency projects statewide at about 2,300 facilities. They've led to annual energy savings at tax-supported, public facilities of more than $92 million, the lowering of electricity use by about 192,000 kilowatts, and reduction of greenhouse gas emissions by about 705,000 tons. The Power Authority, the nation's largest state-owned electric utility, owns and operates 17 power plants and more than 1,400 circuit miles of transmission lines in various parts of the state. Its customers include, among others, state government agencies such as SUNY.
About Power Efficiency Corporation
Power Efficiency Corporation designs and manufactures controllers that reduce the amount of energy used by electric motors. The Company's core technology, which is based on patented improvements to NASA technology, is effective on motors that run at constant speeds and under variable loads. These motors are found in escalators, elevators, grinders, granulators, mixers, saw mills and many other applications. The savings from these controllers are typically 15-35%, but can be as high as 45%. The controllers also reduce the operating heat of the motor, which provides significant motor life extension and downtime reduction benefits. The controllers are UL compliant and CE and CSA certified. The Company also has a prototype unit applicable to single phase electronic motors that are found in applications such as clothes dryers, refrigerators, vending machines, mixers and coffee grinders.
For more information visit www.powerefficiencycorp.com
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 product 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 described from time to time in the Company's SEC filings. Power Efficiency assumes no obligation to update the information in this release.
Contact:
Power Efficiency Corporation
B.J. Lackland, 702-697-0377
Chief Financial Officer
blackland@powerefficiencycorp.com
