COMPANY NEWS
May 27, 2009
Power Efficiency Corporation Announces Kenneth H. Dickey, Motor Industry Leader, Appointed to the Company's Board of Directors
May 27 , 2009 – Las Vegas, NV – Power Efficiency Corporation (OTCBB:PEFF.OB), a clean tech company focused on efficiency technologies for electric motors, announced today that Kenneth Dickey was appointed to the Company’s Board of Directors, as of May 14, 2009. Mr. Dickey was previously a senior advisor for sales and marketing matters to the company.
“We are extremely pleased to have Ken Dickey join our board of directors,” said Steven Strasser, the Company’s Chairman and CEO. “Ken has decades of experience leading motor and motor control companies, which has been a great asset to the company, so we are pleased to appoint him to the board and increase his involvement with the company. Ken enhances our already exceptionally strong set of directors and we believe his industry knowledge and advice will be a great benefit to the company and our stockholders.”
Kenneth Dickey said, “I know of no other technology today that is as effective as Power Efficiency’s technology for providing real, verifiable electrical energy savings for constant speed motors. Controlling the quality of power at the motor terminals allows energy-concerned users to target energy intensive machines in their facilities and provide a cost efficient energy savings alternative. This technology is exactly what is needed in an era of increasing energy prices, productivity demands and limited capital budgets.”
Mr. Dickey is the co-founder of The Institute of Strategic Mapping, and has spent his extensive career learning how superior results can be achieved from very average businesses and how to translate this winning process into an understandable, reusable format. Mr. Dickey has been retired since February 2002. From October 1999 to February 2002, Mr. Dickey was Vice President Sales-Marketing for Saftronics, where he developed sales and marketing strategies, completed Saftronic’s acquisition of Fincor Electric, a manufacturer of variable frequency drives, and ran the Fincor business unit. Prior to this, Mr. Dickey was the President/CEO of Cleveland Motion Control, Dynact Inc., and Motion Science, Inc., from February 1997 to October 1999. Prior to this, Mr. Dickey served as Senior Vice-President Sales for Reliance Electric/Rockwell Automation from 1994 thru 1996. His responsibilities included Sales/Marketing with 76 sales offices (located in the Americas), which generated more than $900 million in revenue. He also spent 9 years as the Operating General Manager of the Industrial Motor Division at Reliance Electric from 1986 to 1994. Mr. Dickey earned his Bachelor of Science degree in Marketing/Finance from the University of Akron and an Executive MBA from Case-Western Reserve University.
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 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.
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