Management views 2005 as a Successful Building Year
LAS VEGAS--Power Efficiency Corporation (OTCBB: PEFF), a developer and manufacturer of advanced energy savings technologies for electric motors, today announced results for its year ended December 31, 2005. Revenue was $276,000 resulting in a net loss of $2.57 million.
"The new management team took over the Company in late 2004, and 2005 was an important restructuring and building year for the Company," said Power Efficiency Corp.'s Chairman and CEO, Steven Strasser. "We achieved many important milestones necessary to build the Company's value in the future."
Key milestones attained in 2005 include:
- Significant development of the Company's new digital technology products
- Co-Marketing Initiative with KONE Inc. for elevator and escalator market
- Electric Utility Approval for Incentive Financing: New York Power Authority, Seattle City Light, Nevada Power
- Added Highly Experienced Board Members and Advisors: Gary Rado, former president of Casio USA, and Eric Naroian, former executive vice president of Sanmina SCI as board members; George Boyadjieff, Former CEO of Varco International (now National Oilwell Varco), as Senior Technical Advisor
- Completion of a $2.9 million equity financing and associated registration statement (Form SB-2) declared effective
- Re-staffing of key personnel in sales and engineering
The Company also outlines its goals for 2006:
Sales :
- Growing sales to elevator and escalator users and service providers
- Growing sales to target industrial markets: Mining, Recycling, Distribution Centers, Gypsum and others
Technology :
- Completing development of a digital product for residential and commercial appliances, such as refrigerators, washing machines, vending machines, and coffee grinders
- Completing development of the next generation, digital industrial product, with important new features such as displaying of the amount of energy savings, providing predictive maintenance, and integrating with industrial networks
- Filing several provisional patents on new technology developments
About 2006, Strasser stated, "In addition to our sales goals, we believe achieving our goals to advance our technology are extremely important for the Company's growth and value. With energy prices near record highs, we believe that the time is right for technologies that reduce energy consumption and costs."
