SAN LUIS OBISPO, Calif., Sept. 8 /PRNewswire-FirstCall/ -- Power-Save Energy Company (OTC Bulletin Board: PWSV), announced today that it has filed an 8K with the SEC disclosing the Entry into a Material Definitive Agreement with Vica Energy, Ltd.  The completion of this asset acquisition will be determined after conclusion of due diligence and a shareholder vote.

The 8K that was filed today with the SEC reads:

A.  Acquisition Agreement

On August 18, 2010, we entered into a Letter of Intent with Vica Energy, Ltd. (hereinafter "Vica"), an Alberta corporation pursuant to which the Company agreed to acquire all of the assets of Vica.  We are currently underway in the due diligence period requested under the Letter of Intent and we will prepare the Asset Purchase Agreement and anticipate a closing date by the end of September. The Company, concurrently with reviewing the due diligence material, is preparing a Solicitation of Proxies, pursuant to Regulation 14A under the Securities Exchange Act of 1934 and will hold a special shareholder meeting as soon as practicable thereafter.

The Asset Purchase Agreement will contain the customary terms and conditions for a transaction of this type, including representations, warranties and covenants, as well as provisions describing the consideration, the process of exchanging the consideration and the effect of the Acquisition Agreement.

B.  Material Relationships

There were no material relationships between the Registrant or its affiliates and any of the parties to the Letter of Intent, other than in respect to the Agreement.

About Power-Save Energy Co.

Power-Save Energy Company (http://www.power-save.com) is a marketing and manufacturing company focused on becoming the premier retailer of renewable energy and energy savings products in the United States. The company is dedicated to the mass-market sale of energy savings products and now renewable energy products direct to the homeowner and small business. The company not only provides both quality tested and certified products direct to the consumer, but also provides them at prices affordable to everyone.

About Vica Energy, Ltd.

Vica Energy, Ltd. owns and operates oil and gas mineral rights and working interests in cretaceous sandstones, siltstones and shale in the Cypress Lake area.

Safe Harbor Statement

This press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on the Company's current expectations as to future events. However, the forward-looking events and circumstances discussed in this press release might not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements.

SOURCE Power-Save Energy Company

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