ANN ARBOR, Mich., Nov. 24, 2003 (PRIMEZONE) -- Power Efficiency Corporation (OTCBB:PREF), developers and international marketers of patented electric energy-saving devices, announced today that it has appointed Bradley L. Gates, 64, as an additional member to its board of directors, increasing the board's size to 10 people.
Gates is best known as the Chairman of the Operations Management Council of Orange County, CA, during its bankruptcy in 1994. In that capacity, he and two other council members were responsible for coordinating the day-to-day operations of the County. He played a major role in the downsizing of County government, presentations to Wall Street firms and rating agencies, as well as negotiating with labor unions, cities, special districts and school districts, which ultimately led the way to a full rehabilitation of the County's finances sooner than expected.
The County looked to Gates, based on his long tenure in the Orange County Sheriff's Department, where he began as a jailer in 1961. In 1974, he won the first of his six terms as Sheriff-Coroner. In this capacity, Gates successfully managed a law enforcement agency involving over 3,000 employees, a $400 million budget and America's 11th largest jail system.
Over the years, Gates has been a board member or consultant with numerous firms, including eTrak Corp. of Newport Beach, CA; Global Health Sciences Corp. and Sun Cal Cos., both of Anaheim, CA; Dispatch & Tracking Solutions, LLC, Newport Beach, CA; Commonwealth Energy Corp., Tustin, CA; and Creekside Equestrian Center, Inc., San Juan Capistrano, CA. He has also served on the boards of the Orange County Retirement System and the Orange County Employees' Credit Union. In addition to earning a master's degree in criminology and a bachelor's in police science and administration from California State University at Long Beach, he was Class President of the FBI National Academy in 1974 and is a graduate of the FBI National Executive Institute.
Gates said, "I am very excited about joining the board of Power Efficiency. The Company's Three-Phase Controller offers any user of electrical motors huge potential savings in their energy costs. I have spent much of my career trying to squeeze budgets for a few extra dollars, and energy bills are always a significant cost. It makes no difference whether the customer is a private business, a charity or a governmental agency, Power Efficiency can help them reduce their expenses."
Richard Koch, president and CEO of Power Efficiency, added, "We are delighted to have Brad Gates join our team. His reputation as a strong manager is well-known, and his abilities are first-class. We are confident that his experience in the governmental sector will open doors to us and that his background with the financial community will stand Power Efficiency in good stead."
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%.
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.