Power Efficiency Corporation Updates Progress with Con Edison BQDM Program and Form 10 filing

The Consolidated Edison BQDM program will reduce electricity usage during peak summer hours in order to defer $1.2 billion in substation upgrades in certain areas of Brooklyn and Queens. Power Efficiency Corporation is appreciative of the opportunity to offer distributed energy resources to facilitate the implementation of this innovative solution.

Power Efficiency Corporation President and COO, R. Scott Caputo commented, "This was a big effort and coordination on the part of our team, our partners and the Con Edison staff.  I'd like to thank them all for the opportunity.  Now the hard work begins."

While we are highly confident in the skills and abilities of our partner and project team, there can be no assurance that the parties will be able to satisfy the terms of the BDQM program.

Power Efficiency Corporation CEO, Gary Weiss, stated "This is an important first step in the rebirth of the company.  We look forward to building our partner relationships while continuing to focus on bringing PEC back to fully reporting status." 

Power Efficiency filed a Form 8-K with the SEC on October 14, 2016 with a complete copy of the agreement with its financial and project partner, and a complete copy of the Consolidated Edison BQDM program agreements.

Update on SEC Reporting Requirements

Power Efficiency Corporation is continuing to work towards becoming a full reporting company with the SEC under the Securities and Exchange Act of 1934.  The company originally filed a Form 10 registration statement on August 11, 2016.  Under SEC rules, the Form 10 became effective 60 days thereafter (October 10, 2016), however, the company must update the Form 10 filing with an updated business description and more recent financial statements, as well as to respond to SEC comments received with respect to the original filing.  A Form 10Q for the quarter ended September 30, 2016 will also be filed on or before November 24, 2016, as required under SEC Rule 13a-13. 

About Power Efficiency Corporation

Power Efficiency Corporation (PEC) provides comprehensive one-stop solutions to the grid stability problems and takes advantage of large and actively growing market opportunity for energy storage, which is projected to reach $45 billion by 2020. PEC offers solutions to grid operators, utilities, and Commercial and Industrial (C&I) customers. Our focus is on renewable Distributed Energy Resources (DER) and Battery Energy Storage Systems (BESS) for grid balancing services to the Independent System Operators (ISOs); load shifting for utilities; energy management through storage for C&I customers; and micro grids for energy security. We intend to build, own, partner with third parties, enter into joint ventures and operate these facilities to develop a portfolio of income producing projects.

Forward-Looking Statements

In addition to historical statements, this press release contains statements relating to future events and our future results. These statements are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, and Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. While these forward-looking statements represent our judgments and future expectations concerning our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to: difficult economic conditions, the possibility of increased or adverse government regulation, and the risk that we may be unable to obtain necessary capital investment and financing to install generator and battery storage systems and otherwise complete projects, and other risks and uncertainties. As a result, these forward-looking statements may turn out to be incorrect. We are under no obligation to (and expressly disclaim any obligation to) update or alter these forward-looking statements whether as a result of new information, future events or otherwise. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Power Efficiency Corporation to be materially different from the statements made herein.

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SOURCE Power Efficiency Corporation