March 22 , 2007
Power Efficiency Corporation Files Two Provisional Patents On a New Technology to Improve the Efficiency of Appliance Motors
LAS VEGAS--(BUSINESS WIRE)---Power Efficiency Corporation (OTCBB: PEFF), a developer and manufacturer of advanced energy savings technologies for electric motors, today announced it has filed two new provisional patents on the Company’s new digital single phase motor efficiency controller for reducing energy consumption on residential and commercial appliances.
“This opens up a new door through which Power Efficiency Corporation has many opportunities for growth in new markets,” said Steven Strasser, the Company’s Chairman and CEO. “These provisional patents are a significant stepping stone as they give the Company potential to increase sales through large volume customers”.
Small single phase motors typically used in appliances are inherently more inefficient than larger commercial and industrial motors. To date there has been very little cost effective energy saving technology applied to these small fractional horsepower motors.
Strasser continued: “These provisional patents will allow us to actively pursue licensing the technology to original equipment manufacturers of residential and small commercial appliances such as refrigerators, air conditioners, clothes dryers, heat pumps, and shop tools.”
“These patent filings are a key milestone in our company’s technology development. The inventions protected by these provisional patents were developed by our Director and Senior Technical Advisor, George Boyadjieff. We believe that these new inventions are a significant improvement over the NASA technology originally designed for improving a motor’s efficiency.
“This proprietary technology will be a significant asset to the Company. It will also be a driver for future sales in the appliance market. There is an ongoing movement by both federal and state governments to prescribe more stringent energy efficiency standards for appliances. The amount of savings projected by our technology could enable appliance manufacturers to meet these standards in the most cost effective manner.”
As an example of these markets, in 2005 a total of 11 million refrigerators, 17 million washers and dryers, and 14 million air conditioners were sold in the U.S., according to the Association of Home Appliance Manufacturers.
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 is typically 20-40% in appropriate applications. 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, such as refrigerators, residential air conditioning and shop tools. 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:
Power Efficiency Corporation
Investor Relations:
B.J. Lackland, 702-697-0377
Chief Financial Officer
blackland(at)powerefficiencycorp.com
