May 3, 2007
Power Efficiency Announces Two Experienced Executives from Leading Motor Control Companies Join Management Team
LAS VEGAS--(BUSINESSWIRE)---May 3, 2007—Power Efficiency Corporation (OTCBB: PEFF), a developer and marketer of advanced energy savings technologies for electric motors, announced that two executive level professionals have been brought on board to join the Company’s management team. Kevin Shannon has joined the Company as Vice President of Strategic Accounts and Brian Taylor has joined as Vice President of Product Management.
“In anticipation of the commercial launch of our digital product, we have augmented our technical and sales capabilities,” said Steven Strasser, Power Efficiency’s Chairman & CEO. “Brian Taylor and Kevin Shannon have extensive experience working for some of the leading controls companies in the world. Both have held senior positions in sales and product management. Mr. Taylor will lead the product development and all R&D for the company. Mr. Shannon will focus on large customers and original equipment manufacturers to develop licensing, private label and strategic sales relationships. I am extremely pleased to have them join our management team.”
As Vice President of Product Management, Mr. Taylor is responsible for managing the product development process and preparing products for availability to its respective markets. Prior to joining Power Efficiency Corporation, Mr. Taylor was Business Manager, Standard Drives of Rockwell Automation and was responsible for the $360M global standard drives business. In his 19 years with Rockwell Automation he held various positions of increasing responsibility, including management positions in the Company's Industrial Controls and Presence Sensing Businesses. Mr. Taylor started his career as a Software Engineer in the PLC business with Rockwell Automation in 1988. Mr. Taylor earned a bachelor’s degree in Computer Engineering from Case Western Reserve University and an M.B.A. from Northeastern University.
As Vice President of Strategic Accounts, Mr. Shannon is responsible for creating and maintaining relationships with clients of large volume purchases through businesses or organizations with potential strategic partnering opportunities, including OEM sales. Prior to joining Power Efficiency Corporation, Mr. Shannon worked for Schneider Electric for 12 years. His most recent position was Senior Product Marketing Manager where he was responsible for a $300M portfolio of Electrical Equipment products. Prior to Schneider Electric, Mr. Shannon was the Regional Director for Strategic Accounts and Energy Management Services for MagneTek Inc. Mr. Shannon holds a B.S. in Industrial Engineering from Clarkson College of Technology in Potsdam, NY.
About Power Efficiency Corporation
Power Efficiency Corporation develops and markets advanced energy saving technologies for electric motors. The Company’s first product is an energy saving soft start. The product gradually brings an electric motor from rest to full speed. Once at full speed, the Company’s patented technology works like cruise control for a car; it delivers the motor just enough electricity to maintain a constant operating speed, whether the motor is heavily or lightly loaded. The technology saves energy on motors found in applications such as escalators, elevators, grinders, granulators, mixers, saw mills and more. The controllers have also been shown to reduce the operating heat of the motor. Power Efficiency’s products are CE Marked and CSA certified. The Company is also developing products to reduce the amount of electricity used by appliances and light commercial equipment, such as refrigerators, residential air conditioning and shop tools.
For more information visit 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 2006 Annual Report. Power Efficiency assumes no obligation to update the information in this release.
Contact:
Power Efficiency Corporation
Investor Relations:
B.J. Lackland, 702-697-0377
Chief Financial Officer
blackland(at)powerefficiencycorp.com
