Power Efficiency Corp. Reports Q1 2007 Financial Results
Power Efficiency Corp. (PEC) announced its first quarter 2007 financial results on Form 10-QSB. Power Efficiency’s Chairman and CEO, Steven Strasser, commented, "Although sales for the first quarter of 2007 were roughly in line with past quarters, as we previously announced, we expect sales for the second quarter to show a very significant improvement. Furthermore, the company made great strides in areas we believe are important for developing long term shareholder value."
Strasser noted that the company entered Q2 with purchase orders that exceed all of fiscal year 2006 sales, and that it recently received notification that its digital products passed all Canadian Standards Association (CSA) and Underwriters Laboratories (UL) tests. The company expects to receive formal reports from these certification agencies soon and will make a more complete product announcement at that time. PEC has entered testing and negotiations with several original equipment manufacturers of motors and motor-driven equipment, with the goal of making its technology a standard component on many thousands of pieces of new equipment and motors. The company also made two patent filings around energy savings for constant speed motors, and completed an equity financing at an effective purchase price of $0.30 per share.
"More recently we have commenced product sales under the previously announced utility financing program with a major utility in California, and have hired two very experienced executives to focus on large strategic accounts and product management. I am very optimistic about the company’s opportunities in 2007. Together with very knowledgeable and accomplished investors, I have recently made a substantial investment in the company reflecting my confidence in its future success. I believe we have excellent technology, a great team of people, and the market continues to get better and better." stated Strasser.