Power Efficiency Corp. appoints Keith Collin CFO

ANN ARBOR, Mich., Oct. 7, 2003 — Power Efficiency Corp., developers and international marketers of patented electric energy-saving devices, announced the appointment of Keith G. Collin, age 44, as its new chief financial officer, effective September 29, 2003, and Thomas A. Mills, Jr., age 47, to the newly created position of vice president for governmental operations, effective October 16th. Former CFO Ray Skiptunis, age 60, remains with the company as a director.

Collin has been an independent financial consultant, CFO and COO for Allegiance LLC, VP of Finance and Operations for HealthPlus of Michigan, Controller at St. Joseph Mercy Health System in Ann Arbor, MI, and began his career in finance with Ernst & Young in Detroit, eventually rising to senior manager. He is a CPA, holds an MBA from the University of Chicago and a BBA from the University of Michigan where he graduated with highest honors.

Collin said, “Power Efficiency has reached a very exciting stage in its development. As it implements its sales and marketing strategy, the financial challenges to the Company increase. It is vital to spend that money wisely and to leverage every dollar to return value to the shareholders. My experience in finance, especially in strategic planning, internal controls and business risk analysis, will prove invaluable at Power Efficiency.

Mills joins the Company from LECG, LLC, an international consulting firm, where he served as a Director in the energy practice. His responsibilities will include sales to government and other public-sector customers, and management of energy-efficiency incentive program services for Power Efficiency and other companies.

Mills has worked with the U.S. electric industry and its regulators for over ten years, and has significant working experience in the structuring of licensing and other strategic partnering agreements. He has current and past service on the boards of several small corporations.

A former banker, Mills’ corporate financing experience includes public debt and equity offerings, private placements of debt and equity, and structured financings, as well as restructuring and merger/acquisition/divestiture engagements for a range of companies, and he is qualified as a Registered Representative (Series 7/63). Mills holds a degree in chemical engineering from Princeton, an MBA in finance from Wharton, and he is a doctoral candidate in finance and logistics at George Washington University in Washington, DC, where Power Efficiency plans to open an office.

On joining Power Efficiency, Mills said, “I’m excited to be joining a company with Power Efficiency’s technical credentialing and strength of industrial partners. We see tremendous benefits just in elevator and escalator installations for governments, health care, and universities, generally with paybacks in the 2-3 year range even before incentive payments. In addition, we expect to build significant revenues from fee-based services to aid our customers and others in the application and verification process to qualify for utility and governmental energy incentive rebates – this is ‘found money’ even for many very sophisticated organizations.”

Richard Koch, president and CEO of Power Efficiency, commented, “I am very pleased that Keith and Tom have come on board. Their appointments mark significant milestones in the development of the Company. I have every confidence that their professionalism, experience and drive will result in across-the-board success for Power Efficiency.”

About Power Efficiency

Power Efficiency is a provider of 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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