SOURCE: Axis Technologies Group, Inc.

November 05, 2007 07:45 ET

Axis Technologies Group, Inc. Completes Financial Audits for Pending OTCBB Listing Application

Move to OTCBB Instrumental in Advancing Business Plan and Broadening Investor Interest

LINCOLN, NE--(Marketwire - November 5, 2007) - Axis Technologies Group, Inc. (PINKSHEETS: AXTG), a green technology company which designs, manufactures and markets a proprietary line of energy-saving daylight harvesting electronic dimming ballasts, announced today that the company has completed the necessary financial audits for an application to list on the Over the Counter Bulletin Board (OTCBB).

Pursuant to OTCBB eligibility requirements, the company is in the process of preparing its Form 10-SB Registration Statement for filing with the Securities and Exchange Commission (SEC). The company anticipates that its Form 10-SB Registration Statement will become effective in 60 days from date of filing. Once effective, Axis Technology Inc. will become a Securities Exchange Act of 1934 reporting company, as is required for securities quoted on the OTCBB. The OTCBB is a regulated quotation service owned by NASDAQ, and whose broker/dealer members are governed by the National Association of Securities Dealers (NASD).

Jim Erickson, President of Axis Technolgy, said, "The move to the OTC Bulletin Board is an integral part of our company's long term business plan to develop into a major participant in the Green Technology movement to reduce energy consumption in North America and, starting in 2008, in Europe. As a growing public company in a rapidly growing industry, we believe that the more stringent disclosure requirements imposed by the SEC and increased transparency of the Bulletin Board will be of benefit to both our current shareholders and new investors that require, at the minimum, an OTCBB listing for their investments."

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About the Axis Technologies Ballast

Axis Techhnologies Group, Inc. has developed an innovative new ballast, an electronic component that regulates voltage in fluorescent lighting, that focuses on expanding daylight harvesting into mainstream fluorescent lighting applications. The patented Axis Dimming/Daylight Harvesting Ballast is a new technology that transforms the ballast, a once standard lighting industry staple, into a dynamic energy saving system that can reduce lighting energy costs by up to 70%. The Axis DDH Ballast utilizes an individual photo sensor to automatically adjust the amount of electrical current flowing to the light fixture, and then dims or increases lighting in conjunction with the amount of available sunlight that may be harvested from available windows and sunlight. The Axis DDH Ballast avoids "over-lit" conditions that increase energy costs by keeping lighting "tuned" to the desired level in a designated area.

About Axis Technologies Group, Inc.

Axis Technologies Group, Inc. (www.axistechnologyinc.com) conducts its business through a wholly owned subsidiary, Axis Technologies, Inc., a Delaware corporation headquartered in Lincoln, Nebraska. Axis Technologies, Inc. designs, manufactures and markets a proprietary line of energy-saving and daylight harvesting electronic dimming ballasts for the commercial lighting industry. The company's target market is small to large commercial users of fluorescent lighting including office buildings, wholesale and retail buildings, hospitals, schools, and government buildings. In 2002, Underwriters Laboratory (UL) approved Axis products for sale in both the United States and Canada. The Axis Dimming/Daylight Harvesting (DDH) ballast is priced competitively and is the only daylight harvesting ballast system that can be marketed as a replacement for a standard ballast.

Safe Harbor

Statements about the Company's future expectations and all other statements in this press release other than historical facts, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. The above information contains information relating to the Company that is based on the beliefs of the Company and/or its management as well as assumptions made by and information currently available to the Company or its management. When used in this document, the words "anticipate," "estimate," "expect," "intend," "plans," "projects," and similar expressions, as they relate to the Company or its management, are intended to identify forward-looking statements. Such statements reflect the current view of the Company regarding future events and are subject to certain risks, uncertainties and assumptions, including the risks and uncertainties noted. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, intended or projected. In each instance, forward-looking information should be considered in light of the accompanying meaningful cautionary statements herein. Factors that could cause results to differ include, but are not limited to, successful performance of internal plans, the impact of competitive services and pricing and general economic risks and uncertainties.

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