KONE Inc. and Power Efficiency Corporation Implement an Innovative Energy Efficiency Program Using E-Save Technology™ on Escalators at the Las Vegas Convention Center
August 18, 2008 – Las Vegas, NV – Power Efficiency Corporation (OTCBB: PEFF.OB), a green energy company focused on efficiency technologies for electric motors, announced today that KONE Inc. (OMX: KNEBV) installed Motor Efficiency Controllers (MEC) with Power Efficiency’s E-Save Technology™ on escalators at the Las Vegas Convention Center.
Power Efficiency’s patented E-Save Technology improves the efficiency of electric motors in escalators and other applications. E-Save monitors the load on an electric motor and reduces the amount of power consumed by the motor when it is lightly loaded. By conserving energy, E-Save Technology supports building owners’ sustainability programs, reduces CO2 emissions, and saves money by reducing energy bills.
The Las Vegas Convention Center, one of the nation’s busiest convention centers, is operated by the Las Vegas Convention Visitors Authority (LVCVA). In 2007 the Las Vegas Convention Center hosted 67 events and more than 1.5 million people.
Senate Majority Leader Harry Reid (D-NV) said, “I believe breakthroughs in energy efficiency are critical for our nation to achieve energy independence and reduce harmful greenhouse gas emissions. This project at the Las Vegas Convention Center is a good example of private and public entities working together to improve energy efficiency.”
Congresswoman Shelley Berkley (D-NV), said, “Energy independence is a vital economic and national security issue. Climate change is a real issue that must be addressed as well. This project is a shining example of what can be accomplished using innovative energy efficiency technologies to reduce energy consumption and carbon emissions. I am proud to support this Nevada project.”
“The LVCVA is committed to being environmentally responsible in the operation of our facilities, and this program helps achieve that goal,” said Rossi Ralenkotter, president and CEO of the Las Vegas Convention and Visitors Authority. “We will see a reduction in our energy usage while still maintaining the high level of service our customers have come to expect.”
“KONE Inc. is proud to play an important role in improving the energy efficiency of the Las Vegas Convention Center, said Vance Tang, President of KONE Inc. “Our focus at KONE is to bring our customers product and service offerings that consider the environmental impact throughout their entire life cycle. The increased efficiency gained by using this product will immediately benefit the Convention Center and the Las Vegas community.”
Steve Strasser, Chairman and CEO of Power Efficiency Corporation, commented, “We are very pleased to work with the LVCVA and KONE to implement our patented E-Save Technology™ in this innovative energy savings program. This project is an excellent example of how energy efficiency can be implemented into existing facilities and can positively impact the owners and the communities that they serve.”
About The Las Vegas Convention and Visitors Authority
The Las Vegas Convention and Visitors Authority (LVCVA) is charged with marketing Southern Nevada as a tourism and convention destination worldwide, and also with operating the Las Vegas Convention Center and Cashman Center. With more than 136,000 hotel rooms in Las Vegas alone and 9.7 million square feet of meeting and exhibit space citywide, the LVCVA's mission centers on attracting ever-increasing numbers of leisure and business visitors to the area. For more information, visit www.lvcva.com.
About KONE
KONE’s objective is to offer the best people flow experience by developing and delivering solutions that enable people to move smoothly, safely, comfortably and without waiting in buildings in an increasingly urbanizing environment. KONE provides its customers with industry-leading elevators, escalators and innovative solutions for modernization and maintenance, and is one of the global leaders in its industry. In 2007, KONE had annual net sales of EUR 4.1 billion and over 32,500 employees. KONE class B shares are listed on the OMX Nordic Exchange Helsinki in Finland. www.kone.com
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™, 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™ can be licensed to motor, controls and equipment manufacturers. Power Efficiency’s first product based on E-Save Technology™ 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™ 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.
Las Vegas Convention and Visitors Authority Contact:
Jeremy Handel, Public Relations Manager
Tel: 702-892-7640
Email: jhandel@lvcva.com
KONE Inc. Contact:
Kellie Lindquist, Marketing Manager
Tel: Ph: (309) 743-5050
Email: kellie.lindquist@kone.com
Power Efficiency Corporation Contact:
B.J. Lackland, CFO
Christine Toledo, Media Contact
Tel: 702-697-0377
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