September 30, 2008
Power Efficiency Corporation Announces CEO and CFO Purchase Shares on Open Market
Power Efficiency Corporation (OTCBB: PEFF), a green energy company focused on efficiency technologies for electric motors, today announced that its CEO, Steven Strasser, and CFO, BJ Lackland, recently purchased 135,000 shares in the Company on the open market, at prices ranging from $0.28 to $0.30.
These purchases are in addition to the 250,000 shares Mr. Strasser purchased in May on the open market between $0.31 and $0.38 per share.
Steven Strasser, Chairman and CEO, stated, "We decided to purchase shares in the Company at this time because we believe the Company has progressed significantly in executing its business strategy. The marketplace for energy efficiency continues to be very robust. We believe that the company's products and our patented E-Save Technology(TM) are very timely."
After these recent stock purchases, Mr. Strasser and Mr. Lackland combined have purchased 10,628,569 shares of common stock (including preferred shares as if converted to common shares), and own a total of 13,124,100 common stock warrants and stock options.
About Power Efficiency Corporation
Power Efficiency Corporation is a green energy company focused on efficiency technologies for electric motors. Power Efficiency is incorporated in Delaware and is headquartered in Las Vegas, Nevada. The company has developed a patented and patent-pending technology platform, called E-Save Technology(TM), which has been demonstrated in independent testing to improve the efficiency of electric motors by up to 35% in appropriate applications. Electric motors consume over 25% of the electricity in the U.S., and many operate inefficiently. E-Save Technology(TM) can be licensed to motor, controls and equipment manufacturers. Power Efficiency's first product based on E-Save Technology(TM) is a Motor Efficiency Controller for applications such as escalators, crushers, granulators, mixers, saws and MG elevators. Power Efficiency is also developing a new product based on E-Save Technology(TM) for the tens of millions of small motors found in applications such as residential air conditioning, pool pumps and clothes dryers. The company is working with manufacturers to incorporate this technology directly into new motors and appliances. For more information, go to www.powerefficiency.com.
As a cautionary note to investors, certain matters discussed in this press release may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such matters involve risks and uncertainties that may cause actual results to differ materially, including the following: changes in economic conditions; general competitive factors; acceptance of the Company's products in the market; the Company's success in technology and product development; the Company's ability to execute its business model and strategic plans; and all the risks and related information described from time to time in the Company's SEC filings, including the financial statements and related information contained in the Company's SEC filing. Power Efficiency assumes no obligation to update the information in this release.