New Management to Spur Power Efficiency Corp. Growth

Business Wire,  Sept 17, 2002  

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Business Editors

ANN ARBOR, Mich.--(BUSINESS WIRE)--Sept. 17, 2002

Raymond J. Skiptunis, new president and CEO of Power Efficiency Corp. (OTC BB: PREF), in his first communication with shareholders, reported that a strong management team is now being put in place to fully capitalize on the company's huge worldwide market for its patented energy-saving motor controllers.

"Effectiveness of our products is proved by our credible client base which now exceeds more than 3,500 installations here and abroad," Skiptunis reported, adding that, "The market potential in commercial and industrial applications is enormous."

An experienced corporate executive with both large and small companies, Skiptunis is currently reviewing the company's entire operations to ensure it is fully prepared to take maximum advantage of this opportunity for growth. Announcements of key staff assignments and other positive business developments will be made shortly, he said.

He also reported that the company's common shares are expected to begin trading on the OTC Bulletin Board in the very near future. "Our goal," he added, "is to trade either on the NASDAQ Small Cap Exchange or the American Stock Exchange as soon as possible."

"We are very optimistic about our future and we will keep you informed of our progress," he concluded.

NOTE: Any statements contained in this release that are not statements of fact may be considered "forward-looking statements" as that term is defined in U.S. federal security laws. Forward-looking statements are only predictions and may differ materially from actual events or results.

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