BOULDER, Colo., March 31, 2009 (GLOBE NEWSWIRE) -- Energy Conservation Technologies, Inc. (Pink Sheets:ENYC), a Boulder, Colorado-based energy-conserving product marketing company, today provided a business update.
2008 Annual Report: The company has posted financial statements for fiscal year 2008 on Pink Sheets on March 11, 2009. Please go to http://pinksheets.com to review the financial results.
Funding: To take advantage of the current and future market opportunities for its products, the management of Energy Conservation Technologies, Inc. (ECT) is moving forward on a $600,000 manufacturing and marketing expansion program through equity investments, convertible notes, and debt financing backed by Small Business Administration (SBA) loans. SBA recently announced raising guarantees on some 7(a) loans up to 90 percent.
Manufacturing: Fazle Quazi, CEO of ECT recently traveled to East Asia to meet with manufacturers of labor-intensive components to be used in its electronic lighting ballasts.
Notable developments: ECT is in discussions with a sustainable community development and energy services company to form a partnership for marketing its electronic lighting ballasts in outdoor and indoor lighting retrofits.
U.S. Department of Energy (DOE) recently announced plans to invest $3.2 billion in energy efficiency and conservation projects including energy efficiency retrofits in residential and commercial buildings, and streetlights. DOE funded projects will certainly create opportunities for ECT's energy-conserving lighting ballast sales as well as grant money for its new product developments.
The city of Boulder, Colorado has agreed to install in a city building ECT's electronic ballasts for ceramic metal halide lamps to monitor and generate an energy saving report. ECT plans to submit this report to the Colorado Governor's Energy Office (GEO) and major utility companies.
About Energy Conservation Technologies, Inc. (http://www.econpower.com/)
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 and solar panels. 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, and provide better visibility. In replacement and new installations, 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 many uncertainties, including our ability to secure funds, market our products, and other technological developments in ballasts and lighting in general, which could cause actual results to differ materially from those stated in this release.