SOURCE: Axis Technologies Group, Inc.

December 21, 2009 07:00 ET

Axis Technologies, Inc. Distributor, Energy Innovation Group, Provides Update on Ballast Demand

Proposal to California Energy Commission Includes Installation of 58,000 Ballasts

LINCOLN, NE--(Marketwire - December 21, 2009) - Axis Technologies Group, Inc. (PINKSHEETS: AXTG), a green technology designer, manufacturer and marketer of a proprietary line of energy-saving daylight harvesting electronic dimming ballasts for the commercial lighting industry, has been informed by California-based Energy Innovation Group (EIG), one of the company's marketing affiliates, it is submitting a $20 million proposal on December 18, 2009 to the California Energy Commission (CEC) for grant funding through the American Recovery and Reinvestment Act of 2009 to operate an EIG energy efficiency program for the purpose of job creation and stimulating economic activity. EIG has operated a previous CEC energy program which, due to its great success, was featured on the CEC website. The EIG proposal will encompass four 'Best Practice' technologies, including the Axis Daylight Harvesting ballast. The installation of Axis Technology ballasts under the proposal represents the installation of an estimated 58,000 ballasts. EIG has already taken delivery of 26,000 Axis ballasts for installation in a number of commercial buildings.

In addition, EIG has also been selected by a number of utilities to operate energy efficiency incentive programs and has arranged with Los Angeles Department of Water & Power for significant incentives to be paid to customers using the Axis ballast.

The cities of Beverly Hills, West Hollywood, West Covina and San Fernando have provided letters of interest to participate in the EIG program in the event that the EIG proposal is accepted. The Los Angeles Community College District, Santa Monica College, and the National Electrical Contractors Association-Los Angeles have also provided letters of interest to participate in the program and support the program's workforce development requirements. Southern California Edison has issued a letter to support the EIG program in the event the proposal is accepted by the CEC. Schneider Electric, a $24 billion revenue energy equipment supplier, has committed to establish a special pricing structure to support EIG programs. The selection of bidders by the CEC is expected by the end of February 2010.

EIG is also in advanced stage discussions to enter into a major joint venture in New York with one of New York's long established real estate owner and management companies. Recently the New York City Council has legislated that commercial building owners must conduct energy audits to identify energy efficiency requirements. New York has developed one of the most ambitious energy incentive programs and has among the highest electric rates in the nation. As noted in a recent article in the New York Times, "Large commercial buildings will also be required to switch to more energy-efficient lighting, which usually accounts for about 20 percent of their energy use." (http://www.nytimes.com/2009/12/10/nyregion/10green.html?scp=6&sq=New%20Yor k%20City%20Council&st=cse).

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About Axis Technologies Group, Inc. (www.axistechnologyinc.com)

Axis Technologies Group, Inc., through its wholly owned subsidiary, 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 patented Axis Dimming/Daylight Harvesting Ballast is a new technology that transforms the standard ballast into a dynamic energy saving system that can reduce lighting energy costs by up to 70%. The company's target market is small to large commercial users of fluorescent lighting to include office buildings, wholesale and retail buildings, hospitals, schools, and government buildings. The Axis 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. The Axis Ballast avoids "over-lit" conditions that increase energy costs by harvesting and utilizing free daylight from windows or skylights. As the amount of available daylight fluctuates, the Axis Ballast automatically keeps lighting "tuned" to the desired level in a designated area (www.axistechnologyinc.com/products.html). Underwriters Laboratories has approved Axis products for sale in both the United States and Canada. The Axis Dimming/Daylight Harvesting ballast is priced competitively and is the only daylight harvesting ballast system that can be marketed as a replacement for a standard ballast. Numerous utilities have included the Axis ballast in their rebate programs offered to their commercial and government customers.

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.

Contact Information

  • Contact:

    Investor and Media Relations for Axis Technologies
    404-261-1196