Axis Technologies Completes Audits and Files Form 10 With SEC for Move to OTCBB

Axis Technologies Completes Audits and Files Form 10 With SEC for Move to OTCBB

Company Received $250,000 Order From Energy Innovation Group; Record Breaking Quarterly Revenue Already Assured: YTD Revenue Anticipated to Reflect More Than 300% Increase Compared to Nine Months, 2007

LINCOLN, NE–(EMWNews – August 20, 2008) – Axis Technologies Group, Inc. (PINKSHEETS: AXTG), a green technology 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

the company has completed an extensive audit of their 2007 financial

statements and have submitted their Form 10 to the Securities and Exchange

Commission, in compliance with Act 34, in order to complete the company’s

equity move to the OTC Bulletin Board.

Jim Erickson, President of Axis Technologies, Inc., stated, “We have spent

considerable time and energy, along with our accountants, auditors, and

securities attorneys to get to this point, and we are excited about the

benefits that being on a higher exchange will bring to our company and its

shareholders.”

Kip Hirschbach, CEO of Axis, also said, “Even though we spent a lot of

management’s time on getting our audits completed, we still have closed on

a number of important contracts for our ballasts. We just received a

$250,000 purchase order from our West Coast dealer, and several smaller

purchase orders from our major distributors.”

The large purchase order was issued by Energy Innovation Group,

(www.energyinnovation.net) who introduced the Axis ballasts to the Los

Angeles area in the fall of 2007. EIG made many smaller installations in

several LA communities, which led to them recently receiving a $5 million

order from the city of Pasadena for the retrofit of lighting fixtures with

the Axis ballasts. The company anticipates announcing more details on

these significant orders on an ongoing basis through the rest of 2008.

For further information on Axis Technologies, Inc., visit

www.axistechnologyinc.com.

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.

Contact: LC Group [email protected] 404 261-1196