LIVONIA, Mich., April 6, 2004 (PRIMEZONE) -- Power Efficiency Corporation (PEC) (OTCBB:PEFF), manufacturers and international marketers of patented electric energy-saving devices, announced today agreements to install over 150 of its energy-saving motor controllers at Los Angeles International Airport (LAX), and is in final arrangements with two other large California transit facilities following extensive testing by these facilities. PEC's controllers, which it manufactures for major elevator/escalator manufacturers as well as under its own label, deliver up to 40% energy savings in AC motors, and also provide significant motor life extension and downtime reduction benefits. PEC's controllers are URL compliant and CE and CSA certified; they are available for single-phase and three-phase motors up to 250 horsepower, and PEC recently won a Department of Energy grant to develop controllers for medium voltage high HP motors.
PEC today also announced a nationwide service to help its industry and public-sector customers to identify and obtain federal, state and utility energy incentives and rebates for installation of its products. Power Efficiency's subsidiary, DesignEfficient Energy Services, LLC, manages the entire application process for energy efficiency incentive and rebate payments that can amount to 50% or more of the installed cost of qualifying equipment.
Energy efficiency incentive and rebate programs are available in many states, but eligible participants are often not aware of their existence or do not have dedicated resources to apply for them. PEC recently assisted a major governmental customer in obtaining a $300,000 low-interest loan for investment in energy conservation equipment, and has had excellent success in working with its customers to get them quicker paybacks and faster energy savings.
About Power Efficiency
Power Efficiency Corporation is a world leader in providing proprietary energy management technology solutions. The PEC Performance Controller enables AC induction motors to perform at their optimum efficiency without affecting speed. Cost of operation in these motors can be reduced by up to 40% in energy (kWh) costs alone. www.powerefficiencycorp.com.
Safe Harbor Statement under Private Securities Act of 1995: The statements contained in this release, which are not historical facts, may be deemed to contain forward-looking statements, including, but not limited to, deployment of new services, growth of customer base, and growth of service area, among other items. Actual results may differ materially from those anticipated in any forward-looking statement with regard to magnitude, timing or other factors. Deviation may result from risk and uncertainties, including, without limitation, the Company's dependence on third parties, market conditions for the sale of services, availability of capital, operational risks on contracts, and other risks and uncertainties. The Company disclaims any obligation to update information contained in any forward-looking statement.