LIVONIA, Mich., March 4, 2004 (PRIMEZONE) -- Power Efficiency Corporation (OTCBB:PEFF)(Formerly OTCBB:PREF), developer and international marketer of patented electric energy-saving devices, announced the appointment of Weiber Machine AB located in Malmo, Sweden, as the distributor of its controllers in Sweden.
Weiber Machine AB, established in 1963, is a leading supplier of machine tools and production equipment to the Swedish industry. They represent many well-known companies from Europe and the Far East, including such as Nakamura Tome, Topper, Farman, FAT, TUG, Poreba, Lagun, Geminis, Bauer, SMW-Autoblock, Allmatic, Microlock and others. Weiber covers Sweden nationwide with offices in Malmo, Orebro and Sundsvall.
Mr. Goran Weibull, President and owner of Weiber Machine, stated: "I am very excited about this opportunity as I see an excellent market in Sweden. There is a focus on energy savings and lowering of operating costs in industry. Power Efficiency Corporation's products provide this and assist companies in attaining these goals. The Performance Controller is an excellent energy saving device controlling AC motors. This product line will compliment our existing lines and represents an opportunity for our company to grow."
Mr. Richard Koch, Power Efficiency's President & CEO, stated: "We are gratified that such a well established company has agreed to distribute our Performance Controllers in Sweden. It represents an important step in our revised distribution strategy designed to expand sales beyond our established escalator & elevator markets and reduce our previous sole reliance on original equipment manufacturers (OEMs) for sales. This relationship was facilitated by the investments made in 2003 to obtain the CE mark (the designation that allows a electrical product to be sold in the European Common Market) and the hiring of a Director of Sales with extensive international expertise. Negotiations are currently being conducted with additional potential distributors in Mexico, Canada, Singapore and Turkey. These distributor relationships help us to establish a presence overseas, where the cost of energy is generally higher and where energy conservation is ahead of the United States."
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, Power Efficiency's dependence on third parties, market conditions for the sale of services, availability of capital, operational risks on contracts and other risks and uncertainties. Power Efficiency disclaims any obligation to update information contained in any forward-looking statement.