Power Efficiency Corporation Announces Completion of Initial Digital Motor Efficiency Controllers and Patent Filed on Core ESAVE Technology™
LAS VEGAS--Power Efficiency Corporation (OTCBB: PEFF), a developer and manufacturer of advanced energy savings technologies for electric motors, today announced it has successfully completed certification testing and the manufacturing of initial units of its new motor efficiency controllers. The Company also announced it has filed a utility patent on its core energy saving technology, which it is branding “ESAVE Technology”.
The newly completed units are being sent to major Original Equipment Manufacturers (OEMs), mostly Global 1,000 corporations. These OEMs are evaluating the units for inclusion as a standard component to improve the efficiency of their electric motors that power their products.
“OEMs are looking for ways to make their products more efficient and green, and many of these OEMs have been expecting these controllers,” said Steven Strasser, Power Efficiency Corporation’s Chairman and CEO. “These OEMs have the potential to purchase tens of thousands of motor efficiency controllers per year, representing tens of millions of dollars in potential revenue. After testing by the OEMs, we expect to enter into price and quantity negotiations.”
The digital motor efficiency controllers have passed all tests for Canadian Standards Association (CSA) and Underwriter Laboratories (UL) certification.
The Company also filed a utility patent in the U.S. on its core energy saving technology and made an international patent application under the Patent Cooperation Treaty. This technology is being branded ESAVE Technology™ and the Company has filed for a Trademark on the name.
Strasser continued, “This utility patent and the ESAVE Technology brand are cornerstones to the future of our business. We plan to incorporate the ESAVE Technology brand in licensing and private label agreements as the mark for its technology, so third party products will have ‘ESAVE Inside’”.
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, 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.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.