Power Efficiency Corporation and ThyssenKrupp Elevator Corporation Americas BU Sign Agreement for Power Efficiency to Supply Digital Motor Efficiency Controllers for Escalators and MG Elevators

Wed Jun 24, 2009 9:15am EDT

* Reuters is not responsible for the content in this press release.

COLLIERVILLE, Tenn. & LAS VEGAS--(Business Wire)--
ThyssenKrupp Elevator Corporation N.A., the North American subsidiary of
ThyssenKrupp AG, a German company that is 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 for Power Efficiency to supply its
Motor Efficiency Controller (MEC) for use on escalators and MG elevators. 

ThyssenKrupp plans to incorporate the MEC as an energy saving option for
customers purchasing repairs and modernization for elevator and escalator
upgrades. 

Power Efficiency`s MEC is a unique motor control that incorporates Power
Efficiency`s proprietary E-Save Technology to improve the efficiency of electric
motors. The MEC soft starts a motor, bringing it from rest to full speed, and
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 monitors the motor and improves its efficiency, typically
reducing energy consumption by 20-35% in escalators and MG elevators. 

Stuart Prior, Executive Vice President Product Sales and Marketing for
ThyssenKrupp Elevator Corporation Americas Business Unit, said, "In this era of
climate change and rising energy prices, improving energy efficiency and
decreasing greenhouse gas emissions has become a priority for ThyssenKrupp and
for many of our customers. We are therefore very pleased to have Power
Efficiency as a supplier to offer our customers the Motor Efficiency Controller
for MG elevators and escalators. We believe energy saving solutions such as this
product are both good for our customers and good for the environment." 

Steven Strasser, Chairman and CEO of Power Efficiency Corporation, said, "We are
extremely pleased that ThyssenKrupp has selected Power Efficiency`s Motor
Efficiency Controller as an important energy efficiency feature for escalators
and MG elevators. We look forward to working with ThyssenKrupp to address their
customers` desires to save energy and reduce their CO2 emissions." 

E-Save Technology is a registered trademark of Power Efficiency Corporation. 

About ThyssenKrupp Elevator Corporation

ThyssenKrupp Elevator, Americas Business Unit, is the largest producer of
elevators in North America, with over 14,000 employees, more than 200 branch and
service locations, and sales of over 2.5 billion US dollars. ThyssenKrupp
Elevator, Americas Business Unit, oversees all business for the operations in
the USA, Canada, Central and South America. It is part of ThyssenKrupp Elevator
AG, one of the leading elevator companies in the world, represented at over 800
locations in more than 60 countries. With nearly 40,000 employees, the company
generated sales of approximately 5.0 billion euros in the fiscal year ended
September 30, 2008. Its capabilities include passenger and freight elevators,
escalators and moving walks, stair and platform lifts, and passenger boarding
bridges, as well as quality service for all products. 

ThyssenKrupp Elevator is one of five business segments of ThyssenKrupp AG, a
global conglomerate with business activities focused on the areas of Steel,
Capital Goods and Services. The conglomerate has some 199,000 employees in more
than 70 countries, with sales totaling over 53 billion euros. ThyssenKrupp
operations can be found in every state in the U.S. There are 70 ThyssenKrupp
companies in more than 400 locations accounting for 25,000 employees and more
than 9.7 billion US dollars in annual sales. 

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, Nev. 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 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. 



ThyssenKrupp Elevator Contact:
Richards Partners
Carrie Dyer
214-891-2948
carrie_dyer@richards.com
or
ThyssenKrupp Elevator
Americas Business Unit
Sasha Bailey, LEED AP
972-624-7185
sasha.bailey@thyssenkrupp.com
or
Power Efficiency Corporation Contact:
BJ Lackland, CFO
702-697-0377 

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