ANN ARBOR, Mich., Dec. 11, 2003 (PRIMEZONE) -- Power Efficiency Corporation (OTCBB:PREF), a developer and international marketer of patented electric energy-saving devices, announced today that it has entered into a distributor agreement with Draka Elevator Products of Rocky Mount, North Carolina.
Power Efficiency Corporation offers a Three-Phase Performance Controller that can reduce electricity consumption of alternating current induction motors by up to 40%. The Performance Controller also reduces motor wear and tear as it soft-starts the motor, cutting in-rush current by up to 50%, and protects the motor against over- and under- voltage conditions. All of these functions are performed automatically and electronically. The soft-start function is adjustable to the operator's needs from an instantaneous start to a full 20-second ramp-up. Installing the Performance Controller reduces both operating and maintenance costs for traction elevator motor-generator sets and for hydraulic elevator motors.
Draka Elevator Products' presence as a leader in the supply of components to the global elevator market provides an ideal sales channel for the Power Efficiency product line. Richard Koch, President of Power Efficiency, commented, "We are very pleased to have Draka Elevator Products join up with us as a distributor. Both our organizations are committed to helping American business cut energy costs and boost return on investment at the same time".
Koch concluded, "Recent events have made American businesses more sensitive to the need to control energy costs than ever before. Power Efficiency is committed to helping them achieve their energy-savings goals, and we are developing our presence in the marketplace to do that."
About Power Efficiency
Power Efficiency is a world leader in providing proprietary energy management technology solutions. The Power Efficiency 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 10% to 40%. www.powerefficiencycorp.com
About Draka Elevator Products
Draka Elevator Products is a world-wide leader in the manufacture of elevator compensation, hoistway, and traveling cable as well as the distribution of wire rope, wedge socket assemblies, trough & fittings, grooved hydraulic fittings, and more than 30,000 other elevator replacement components. www.draka-ep.com
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.