SOURCE: Axis Technologies Group, Inc.

April 23, 2008 07:51 ET

Axis Technologies, Inc. Announces Selection of Axis Ballast in Rebate Programs With Pasadena Water and Power, Los Angeles Department of Water & Power and Southern California Edison

Momentum in Rebate Programs and Real Estate Management Firms Supports Expectations for Record Year in Revenue and Net Income

LINCOLN, NE--(Marketwire - April 23, 2008) - Axis Technologies Group, Inc. (PINKSHEETS: AXTG), a designer, manufacturer and marketer of a proprietary line of energy saving and daylight harvesting electronic dimming ballasts for the commercial lighting industry, announced today that Energy Innovation Group (EIG), a key marketing partner with Axis Technologies, Inc., has started multiple installations of the Axis daylight harvesting and dimming ballast system for cities and major commercial users with initial installation locations in California.

EIG (www.energyinnovation.net) has been awarded a contract with Pasadena Water & Power (PWP) to complete a pilot project for the installation of selected emerging energy efficiency technologies for PWP customers as part of a major energy rebate program announced by PWP during March 2008. The Axis ballast qualified as one of the selected technologies. Under the pilot program, PWP reimburses 100% of the cost to the customer for the supply and installation of the ballast.

EIG has estimated that the market in Pasadena for the Axis ballast under the PWP rebate program exceeds 60,000 ballasts. The first 3,000 ballasts for supply to customers in Pasadena were shipped to EIG in April 2008.

EIG has arranged with the Los Angeles Department of Water & Power (LADWP) for a payment of a $40 per ballast rebate for LADWP customers to install the Axis ballast. In addition, Southern California Edison (SCE) has approved the ballast to be used under the emerging technologies rebate program, which EIG operates under contract with SCE. EIG is also in negotiations with Pacific Gas & Electric (PG&E) and San Diego Gas & Electric (SDG&E) to operate rebate programs in their service territories.

Separately, significant new business is developing in California. The first two contracts for almost 2,000 ballasts (in only two office buildings) has also been received by EIG for commercial office buildings managed by Cushman & Wakefield (C&W), one of the nation's major property management companies. C&W manages over 30 million sq. ft. of properties in California and operates nationally. EIG has been authorized and is in the process of reviewing the entire C&W portfolio in California for the application of the Axis ballast.

Additionally, other contracts for installation of the Axis ballast have been received by EIG from Cabi Developers, which owns and operates over 5 million sq. ft. of commercial office and retail space in California; and from BT Infonet (British Telephone), the City of El Segundo and the City of Santa Clarita.

EIG has selected the Axis ballast as their lead-in product in developing energy savings strategies for large commercial buildings under the SCE, PG&E and SDG&E rebate programs.

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About the Axis Ballast:

A standard "ballast" is an electronic component that regulates voltage in light fixtures. Axis Technologies Group, Inc. has developed an innovative new ballast with the aim of expanding daylight harvesting into mainstream 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 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 keeps lighting "tuned" to the desired level in a designated area.

About Axis Technologies Group, Inc.:

Axis Technologies Group, Inc. conducts its business through this 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 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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