SOURCE:
Axis Technologies Group, Inc.
2008-08-20 06:30:00
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. (
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
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 |
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