Power Efficiency solicits consents for convertible preferred stock

Issuer looking to pave way for $2.5 million sale of preferreds

By Jennifer Chiou

New York, Jan. 13 - Power Efficiency Corp. is soliciting consents from certain holders of its non-registered series B, series C-1 and series D convertible preferred stock, according to an 8-K filed Friday with the Securities and Exchange Commission.

The company has sent a cover letter and form of consent to those holders, disclosing the terms and conditions of a potential $2.5 million sale of new series E convertible preferred stock to an existing shareholder.

The proposed issue will be convertible into 250 million Power Efficiency shares.

San Diego-based Power Efficiency produces efficiency technologies for electric motors.

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