Power Efficiency Corp. appoints Richard Koch CEO

ANN ARBOR, Mich., Aug. 1, 2003 — Power Efficiency Corp., developers and international marketers of patented electric energy-saving devices, announced the appointment of Richard J. Koch as Chief Executive Officer of the company. Raymond J. Skiptunis, who had been serving as interim President and CEO, remains in his capacity as Chief Financial Officer.

Koch said, “I was attracted to the Power Efficiency energy controller that can significantly reduce our customers’ power costs during this period of rapidly escalating energy costs. Power Efficiency holds a great deal of promise, and the product development groundwork has been done. I have spent my sales and operations career in rapidly growing small businesses that owed their success to building aggressive proactive selling teams, and Power Efficiency has reached the stage where it can benefit from my experience. The chance to build a sales and marketing organization to take this patented technology to market was an opportunity I could not pass up.”

Koch, age 56, is a director and shareholder in Innov-X Systems (www.Innov-Xsys.com), a Boston start-up that developed and manufactures a portable elemental X-ray analyzer, and at Petroleum Technologies Inc., a Kansas City oil & gas company that focuses on developing and drilling natural gas prospects.

Earlier in his career, he was the Executive in Charge of Operations and a Director for Arrow Truck Sales (www.arrowtruck.com), a $300 million wholesale-retail seller of used heavy-duty trucks that grew from eight to 17 locations during his tenure. Additionally, he has 14 years’ experience in publishing with American City Business Journals (www.bizjournal.com) where he was a founder and held various positions before leaving the Company as Senior Vice President. Koch is a Missouri Attorney, a former CPA, and used to hold a Series 7 license. He also co-founded Operation Breakthrough, a Missouri day-care facility that provides services to more than 400 inner-city families and served as a director and supporter for many years while he lived in Kansas City.

About Power Efficiency

Power Efficiency is providing proprietary energy management technology solutions. The Power Efficiency Performance Controller enables AC induction motors to perform at their optimum efficiency without affecting speed. Cost of operation in these motors can be reduced by 10% to 40%. www.powerefficiencycorp.com

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