BOULDER, Colo., Nov. 17, 2008 (GLOBE NEWSWIRE) -- Energy Conservation Technologies, Inc. (Pink Sheets:ENYC) announced today that it filed with the Securities and Exchange Commission (SEC) for a Regulation "A" Offering Statement to raise up to $5 million in capital through the sale of its common stock.
In its filing with the SEC, Energy Conservation Technologies, Inc. (ECT) said it will use the proceeds of the offering primarily to expand its Boulder, Colorado-based manufacturing operation in order to meet growing demands for its electronic ballasts for high-intensity gas discharge lamps (HID) for streetlights and other applications.
Once the Offering Statement becomes effective and pursuant to the SEC rules and regulations, ECT plans to engage a brokerage firm to conduct the Offering on a best effort basis.
ECT invents, develops, and manufactures affordable energy-conserving products. The company is currently marketing its 20W through 400W electronic ballasts for HID lamps. Each and every day, hundreds of millions HID lamps and inefficient magnetic ballasts are used worldwide to illuminate streets, highways, shopping malls, parking lots, and parking garages. When compared to magnetic ballasts, ECT's patented electronic HID ballasts can provide as much as 50% energy savings; reduce maintenance costs by 30%; greatly improve quality of light; and, reduce light pollution.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.
About Energy Conservation Technologies, Inc. (http://www.econpower.com/)
ECT is located in Boulder, Colorado. ECT's energy-saving products and technology applications include patented dimming and non-dimming electronic ballasts for high-intensity gas discharge (HID) and fluorescent lamps, as well as inverters for wind generators, solar panels, and fuel cells. The annual market for each of these products is projected to be in the billions of dollars.
HID lamps are used for large area illuminations such as streetlights, parking garages, airports, shopping malls, and convention halls. ECT's electronic HID ballasts save as much as 50% energy, improve lumen maintenance, increase lamp life, reduce light pollution, and provide better visibility. In replacement and new installations, average payback can be as little as 2 months, with significant ongoing cash flow each year afterward.
Forward-Looking Statement Disclaimer:
Statements describing objectives or goals are forward-looking statements and are subject to certain risks and uncertainties, including among other factors our ability to market our products, the market for ballasts, and other technological developments in ballasts and lighting in general, which could cause actual results to differ materially from those stated in this release.