SAN LUIS OBISPO, Calif., Oct. 22 /PRNewswire/ -- Power-Save Energy Company (OTC Bulletin Board: PWSV), an emerging leader in the renewable energy and energy efficiency products industry announces corporate updates on current commercial solar projects, our recently filed 8k, attendance at Solar Power International 2010 and our aggressive cost cutting measures recently enacted.
Our large solar project with our partner CA Power-Save is on track. The 1750 Ningbo solar panels have arrived into Los Angeles, CA and are awaiting delivery to the job site. The PV Powered commercial inverters have also arrived and concrete foundations have been poured and conduit has been laid to accommodate them. The final component, the roof mounted racking system from Unirac has left the factory and is scheduled to be onsite early next week for the installation process.
Chris Frye, Owner of CA Power-Save, stated, "So far we are on schedule to complete this project by the end of November".
On October 10, 2010 Power-Save issued an SEC 8k filing. The 8k stated "The Company terminated the Letter of Intent due to insufficient due diligence materials provided to ascertain whether or not VICA'S assets would bring value to the Company's shareholders". Although the Company was not successful in this attempt to acquire assets that were purported to be profitable, Power-Save will continue to review possible mergers and acquisitions within the traditional and renewable energy sector that would lead to immediate positive cash flow and investor value.
Power-Save attended the Solar Power International 2010 (SPI2010) on October 13, 2010. SPI2010 is the largest business-to-business solar conference and expo in North America. The Company visited with its primary suppliers within the Solar Industry and solidified our commercial arrangements for the following year 2011. The Company enjoys strong support from both Ningbo Solar, exclusive supplier to Power-Save of our solar panels and PV Powered, our exclusive supplier of inverters.
Power-Save has completed an aggressive cost cutting initiative. The Company has addressed all areas of operational costs, warehouse leases, employee costs, marketing and sales and infrastructure costs. Through this initiative, Power-Save has trimmed approximately $600,000.00 of expense. Power-Save will continue to focus on reducing costs and stimulating revenue growth to return to profitability.
About Power-Save Energy Co.
Power-Save Energy Company (http://www.power-save.com) is 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 saving 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 California Power-Save
CA Power-Save is a solar integrator based in Sonoma County California. CA Power-Save is also an authorized distributor for Power-Save Energy Co. products.
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