BOULDER, Colo., Sept. 28, 2004 (PRIMEZONE) -- Energy Conservation Technologies, Inc. (Pink Sheets:ENYC), a Nevada-based corporation originally founded in 2000, announced today that it has become a public company on the Electronic Pink Sheets under the ticker symbol ENYC.
The reason for its going public is to commercialize newly developed technology owned by the Company in the $10 billion national and international market for HID (high intensity discharge) ballasts and the bulbs they light. Of significant note, the company's patent and new patent filings will also serve a multitude of uses for the telecommunications industry.
The management team consists of Fazle Quazi, Chairman of the Board, and Jay Lutsky, President. Mr. Quazi developed 12 U.S. and international patents for electronic ballasts for the fluorescent lighting industry, revolutionizing the conversion from inefficient magnetic ballasts to energy-saving electronic ballasts in the 1990s. This technology is still being used today. Ballasts are the component necessary to ignite and light fluorescent bulbs. Besides manufacturing and sales, he licensed his patents to U.S. and international manufacturers, generating over $3,000,000 in royalty income.
Mr. Lutsky is an experienced private investor and entrepreneur who brings over 25 years of experience in helping mature private companies develop financing and assist management to take their technology to the public arena in the U.S. and Europe.
The company's inventions will soon create a worldwide revolution in HID lighting. Although rarely discussed in the mass media, they are used in department stores, warehouses, airports, stadiums and street lighting throughout the world. Currently there are no commercially feasible electronic ballasts, only inefficient magnetic ballasts serving the $2 billion U.S. market. Energy Conservation Technologies expects its current patent and new patent filings will make HID magnetic ballasts obsolete as is happening in the fluorescent magnetic ballast market. The primary reason for this is the market is driven by the cost of a product. Products using our technology will be comparable to magnetic ballast costs and will offer more benefits including energy savings.
(The Department of Energy has mandated only electronic ballasts for most commercial fluorescent lighting be used in new buildings beginning April 1, 2005:
Goals of the Company:
We are actively developing and patenting technology making electronic devices more energy efficient and cost competitive with existing products. Rather than enter the manufacturing marketplace, we will license our new patent designs to major manufacturers, as Mr. Quazi has done in the past. As an added benefit of the technology, new electronic devices will be possible taking up less space, perform better with greater electrical energy savings. Eighty Five (85) percent of our revenues, after expenses, will be paid to shareholders in the form of dividends. Fifteen (15) percent of revenues, after expenses, will go towards continuing research and development.
About Energy Conservation Technologies, Inc.
Energy Conservation Technologies, Inc. holds a patent for "Control Circuit for power factor corrected electronic ballasts and power supplies," patent No: 6,359,395, granted on March 19, 2002 developed by its founder, Fazle Quazi. The current patent covers power factor corrections and controlling energy into bulbs and power supplies such as: computer servers, copy machines, compact fluorescent lamps, power supplies to the telecom industry, inverters used to convert DC power to AC power (120 Volts), automobiles specialty lighting, solar and wind power generators, and fuel cells.
New patent applications involving the lighting industry are now being drafted after extensive testing. These new designs will revolutionize the HID lighting industry, a $2 billion dollar market in the United States and over $10 billion on an international basis, by making HID electronic ballasts available at costs comparable to magnetic ballasts, reducing ballast weight by a factor of 10 and saving as much as 35 percent of electrical energy over magnetic ballast usage.
Discussions are now in progress with a major lighting manufacturer in Mexico and with a Fortune 500 company regarding licensing our patents and future patent filings.
FORWARD LOOKING STATEMENT DISCLAIMER:
Statements describing objectives or goals or our future plans are forward-looking statements and are subject to certain risks and uncertainties, including among other factors our financial performance, our ability to market our new designs and the performance of those designs, the market for ballasts, other technological developments in ballasts and lighting in general, which could cause actual results to differ materially from those projected in this release.