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KONE Inc. and Power Efficiency (OTCBB:PEFF) Corporation Sign Agreement to Launch Digital EcoStart® for New, Modernized and Retrofitted Escalators
Companies Will Work in Partnership to Provide Customers Energy Savings
June 23, 2009 - Lisle, IL and Las Vegas, NV - KONE Inc. (OMX: KNEBV), one of the world's leading elevator and escalator companies, and Power Efficiency Corporation (OTCBB:PEFF.OB), a clean tech company focused on efficiency technologies for electric motors, announced today that they signed an agreement to launch the digital EcoStart®, to be included in new and modernized escalators, and offered to customers as a retrofit option.
The KONE EcoStart is a unique motor efficiency controller that incorporates Power Efficiency's proprietary E-Save Technology® to improve the efficiency of electric motors in escalators. The EcoStart is a complete motor control device that soft starts a motor, bringing it from rest to full speed, and then protects the motor from adverse conditions, such as voltage and amperage spikes. Furthermore, when the motor is operating at full speed, Power Efficiency's E-Save Technology in the EcoStart monitors the motor and improves its efficiency, typically reducing energy consumption by 20-35%.
The EcoStart is manufactured by Power Efficiency Corporation exclusively for KONE.
KONE and Power Efficiency have worked together with the analog version of the EcoStart on several high profile retrofit projects, including Denver International Airport, Boston Logan International Airport and a host of malls and department stores. The new dig ital EcoStart provides many improvements over the analog version, enabling it to be used in place of existing "standard" motor starting systems. The release of the digital EcoStart comes after approximately a year of the companies working together on extensive product development and testing.
As a result of the advantages of the digital EcoStart, KONE plans to include the digital EcoStart on new and modernized escalators, as well as for retrofit projects. The companies already have several large customers planning retrofit and modernization projects.
Vance Tang, KONE EVP and Area Director for the Americas, commented, "KONE has always been a leader in improving the energy efficiency of vertical transportation systems. With our company-wide Eco-efficiencyT initiative, we have gone further by establishing energy efficiency as a corporate priority in our solutions and our own operations. We are therefore very pleased to partner with Power Efficiency to develop and offer our customers the digital EcoStart. It is a valuable offering that will lower the total cost of ownership for our customers."
Steven Strasser, Chairman and CEO of Power Efficiency Corporation, said, "We are extremely pleased that KONE has selected Power Efficiency's digital motor efficiency controller across their escalator business lines, as an important energy efficiency feature. Although we have worked with KONE on a number of projects in the past using our analog product, this agreement represents an important milestone for our company. After extensive due diligence, KONE has now integrated our digital controller into their escalator offerings under their proprietary brand. We look forward to working in partnership with KONE to address the need by their customers to use energy more efficiently and address climate change issues."
"EcoStart®" is a registered trademark of KONE Inc. "E-Save Technology®" is a registered trademark of Power Efficiency Corporation.
About KONE
KONE's objective is to offe r 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 2008, KONE had annual net sales of EUR 4.6 billion and over 34,800 employees. KONE class B shares are listed on the NASDAQ OMX Helsinki Ltd in Finland. www.kone.com
About Power Efficiency Corporation
Power Efficiency Corporation is a clean tech 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 products, based on E-Save Technology, include an Industrial Motor Efficiency Controller for three phase applications, such as escalators, crushers, granulators, mixers, saws and MG elevators, and a new Appliance Motor Efficiency Controller for small single phase applications such as residential and light commercial 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 product s 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.
KONE Inc. Contact:
Kellie Lindquist, Marketing Manager
Tel: 630-955-4202
Power Efficiency Corporation Contact:
BJ Lackland, CFO
Tel: 702-697-0377
www.powerefficiency.com
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