March 8 , 2007
Power Efficiency Corporation Completes Further Equity Financing
LAS VEGAS--(BUSINESSWIRE)---March 8, 2007—Power Efficiency Corporation (OTCBB: PEFF), a developer and marketer of advanced energy savings technologies for electric motors, announced that on various dates from January through March 7, 2007, it closed on an additional $775,000 in equity financing. Through this offering, the Company previously closed on $3.2 million in equity financing on November 30, 2006.
The effective common stock purchase price in the offering was $0.30 per share. The equity financing included sales of units comprised of two shares of common stock and one warrant. The purchase price for each unit was $0.60. Each warrant has an exercise price of $0.40 per share.
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. Energy savings from these controllers are typically 20-40%. The controllers also reduce the operating heat of the motor, producing significant motor life extension and downtime reduction benefits. 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. 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 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 2005 Annual Report. Power Efficiency assumes no obligation to update the information in this release.
Contact:
Investor Relations:
B.J. Lackland, 702-697-0377
Chief Financial Officer
blackland(at)powerefficiencycorp.com
