August 27 , 2007
Power Efficiency Corporation Announces Progress in Utility Programs and Potential Benefits of Recently Passed Legislation
August 27, 2007 – Las Vegas, NV – Power Efficiency Corporation (OTCBB: PEFF.OB), a green energy company focused on efficiency technologies for electric motors, today commented on the recent energy legislation passed by the U.S. House of Representatives and its significance for Power Efficiency’s business. Earlier this month, the U.S. House of Representatives passed an energy bill that increases the profile of energy efficiency. Specifically, the bill requires all electric utilities to produce 15% of their electricity from renewable sources and allows energy efficiency to count toward this requirement. Many states already have a similar renewable resource requirement in place, but the federal legislation would establish a national standard.
Power Efficiency is involved in several programs in which the utilities pay for all or part of the Company’s technology in order to improve efficiency. Steven Strasser, Chairman and CEO stated, “The current regulatory environment is very beneficial for our company. Both state and proposed federal regulations regarding energy efficiency and climate change are having a very positive impact on green energy companies such as ours. esave Technology™ has been approved by a number of utilities for their incentive programs, resulting in a win-win for our customers, service providers and us.”
“As previously announced, Nevada Power Company, Sierra Pacific Power Company, and Southern California Edison have programs to provide incentives to customers who purchase our products. We believe these programs helped the Company achieve its second quarter sales results. Significant opportunities for revenues in the next two quarters are expected to result from these programs. We are also working with our customers and other utilities to qualify for and commence additional programs. A number of these utilities have expressed strong interest.”
Strasser continued, “We believe energy efficiency technologies are receiving more and more attention from lawmakers, utilities, customers and Wall Street. We believe this is due, in part, because efficiency is often the most cost effective solution to energy and emission problems. The cost per kilowatt hour of efficiency measures such as esave Technology™ is frequently much lower than alternative energy sources and, often, conventional sources of electricity generation.”
About Power Efficiency Corporation
Power Efficiency Corporation (OTCBB: PEFF) is a green energy company focused on efficiency technologies for electric motors. Power Efficiency is incorporated in Delaware and is headquartered in Las Vegas, NV. The Company has developed a patented and patent-pending technology platform, called esave Technology™, which improves the efficiency of electric motors by 15-35% in appropriate applications. Electric motors consume over 25% of the electricity in the U.S. and many operate inefficiently. esave Technology™ can be licensed to motor, controls and equipment manufacturers. Power Efficiency’s first product based on esave Technology ™ is a Motor Efficiency Controller for applications such as escalators, crushers, granulators, mixers, saws, and MG elevators. Power Efficiency is also developing a new product based on esave Technology™ for the tens of millions of small motors found in applications such as residential air conditioning, pool pumps, and clothes dryers. The company is working with manufacturers to incorporate this technology directly on new motors and appliances. For more information go to www.powerefficiency.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 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 filings, including the financial statements and related information contained in the Company’s SEC Filing. Power Efficiency assumes no obligation to update the information in this release.
Contact:
B.J. Lackland, CFO
Christine Toledo, Media Contact
702-697-0377
