LIVONIA, Mich., March 25, 2004 (PRIMEZONE) -- Power Efficiency Corporation(PEC) (OTCBB:PEFF), developer and international marketer of patented electric energy-saving devices, announced the appointment of Ascengen Private Ltd as a Master Distributor for Singapore, Malaysia, the Philippines, Thailand, Indonesia and Brunei.
Ascengen Private Ltd, the major owner of Hygreens Systems Pte Ltd, is one of the leading companies in the Asia Pacific for the engineering and supply of facilities building automation energy management & metering systems, software and hardware, as well as components. They represent many major international companies such as CSI, Broadwin Technologies, Continental Control Systems, Smart Control and Distech etc.
Ms. Grace Wong Sook Yin, Managing Director/co-owner, said: "The collaboration with Power Efficiency Corporation is a real growth opportunity for us as the market for energy saving control devices is expanding in the region due to a focus on reducing energy costs both in the industrial and the commercial sectors, where we are very strong. We will have excellent synergy with our existing software and hardware product lines. Furthermore, there is a significant amount of wasted energy in the current practice of over sizing and under utilizing AC motors. Power Efficiency's controller is an excellent solution to this problem."
Richard Kochm, Chief Executive Officer of Power Efficiency, said: "The addition of Ascengen as the Master Distributor for South East Asia establishes an immediate presence in this critical region of the world. Ascengen's knowledge of the local market and existing relationships with major international companies presents many opportunities for us to collaborate and leverage the relationship. Further, this is a significant step in successfully implementing Power Efficiency's plan to have master distributors in all strategic world markets where energy costs are significant, by the end of 2004."
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.