Key New Hires Will Accelerate Push Into Industrial, Vertical Transportation
Markets
LAS VEGAS--(Business Wire)--
Power Efficiency Corporation (OTCBB: PEFF), a clean tech company focused on
energy efficiency technologies for electric motors, announced it has recently
added a Chief Operating Officer and several highly experienced sales personnel
to lead commercialization of the Company`s products that were recently certified
by Underwriters Laboratory (UL).
The new employees are focused on developing sales channels to industrial
markets, such as plastics, mining and material handling, wood processing and
other industries. These people include Scott Johnson, Executive Vice President
and COO, Jitendra (Jay) Mistry, Director of Industrial Sales - Western Region,
and Jack Barrett, Director of Industrial Sales - Eastern Region. This group has
over 60 years of combined experience in senior management and sales positions in
large and entrepreneurial motor control and automation companies, including
Rockwell Automation, Parker Hannifin, Danaher Motion, Reliance Electric,
Compumotor and others.
This industrial markets group will complement sales efforts in the vertical
transportation (elevators and escalators) market, where the Company recently
signed agreements with two of the four largest OEMs of escalators, KONE Inc. and
ThyssenKrupp. Sales efforts in the vertical transportation market are led by
Alan Taylor, VP of Business Development for Vertical Transportation, who joined
the Company in January. Mr. Taylor has spent 30 years in the vertical
transportation industry, including as a VP of a division of ThyssenKrupp. In
early October, the Company added Grant Sherman as a Regional Sales Manager for
Vertical Transportation. Mr. Sherman previously spent 5 years in sales at
Mitsubishi Electric`s Elevator & Escalator division followed by experience in
vertical transportation consulting at HKA Elevator Consulting.
Scott Johnson joined the Company as Executive Vice President and Chief Operating
Officer in July. His initial focus has been developing a network of independent
representatives and distributors focused on sales to industrial customers and
OEMs. For over 25 years, Mr. Johnson has been a senior manager of a Fortune
1,000 company and has lead multiple automation and motor control companies from
early stage commercialization to tens of millions in revenue. His previous
positions and accomplishments include:
* Warner Electric: VP of Sales
* Compumotor Corporation: VP-Sales & Marketing, where he helped grow the company
from $2 million to $16 in revenue when it was acquired by Parker Hannifin
* Parker Hannifin: General Manager of the Compumotor Division, which he grew to
over $30 million in revenue, and subsequently Group Vice President with P&L and
worldwide sales and marketing responsibility for three of Parker`s divisions.
* Industrial Devices & AutomationSolutions International: President and COO,
later promoted to CEO. Through organic growth and acquisitions, grew the company
to $90 million in revenues.
* TrakitGPS and BMG Controls, Inc.: President of TrakitGPS and Director of
parent company, BMG Controls, Inc.
Jitendra (Jay) Mistry, Director of Industrial Sales - Western Region, joined
Power Efficiency in April after 18 years at Reliance Electric and Rockwell
Automation, the largest U.S. manufacturer of motor controls. His most recent
position was as Sales Manager, Channel and Component Sales, he led a sales team
covering the U.S. Southwest including Southern California, Arizona, New Mexico,
and East Texas. Mistry`s previous positions include Regional Commercial Manager,
Power Control; Area Manager, Drives and Power Products; and Account Manager.
Jack Barrett, Director of Industrial Sales - Eastern Region, joined Power
Efficiency in October and brings over 30 years` experience in sales and
marketing of automation products. Most recently, Barrett was at Danaher Motion,
where he held various positions including Director of OEM Sales for the
Kollmorgen division and VP of North American Sales for the Portescap division.
Prior to joining Danaher, Barrett was with Parrker Hannifin for 18 years where
his last position was Business Unit Manager, Servomotors.
Steve Strasser, Power Efficiency`s Chairman & CEO, said, "With the addition of
these highly experienced senior sales-oriented professionals over the past
several months, we have brought exceptional talent and many decades of
experience into the company. This group will help propel our sales in the
industrial and vertical transportation markets, working with independent sales
representatives, distributors and OEMs."
For more news and information on Power Efficiency Corporation, please visit
www.IRGnews.com/coi/PEFF where you can find the CEO`s video, a fact sheet on the
company, investor presentations, and more.
About Power Efficiency Corporation
Power Efficiency Corporation is a clean tech company focused on energy
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.
Forward-Looking Statement
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.
Power Efficiency Corporation
BJ Lackland, 702-697-0377
Chief Financial Officer
or
The Investor Relations Group
Investor Relations: Jason Strominger or Michael Crawford
Media Relations: Mike Graff
212-825-3210
Copyright Business Wire 2009
