Axis Technologies Group Inc (AXTG)

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Federal Energy Act Provides Tax Incentive for Energy-Efficient Lighting
Business Wire - November 21, 2006 16:01

LINCOLN, Neb., Nov 21, 2006 (BUSINESS WIRE) -- Axis Technologies Group, Inc. (Pink Sheets:AXTG) announced today that their product, the Axis Dimming/Daylight Harvesting (DDH) Ballast meets the criteria for Federal Energy Policy Act 1331 of the Energy Policy Act of 2005 that went in to effect January 1, 2006. This Act provides for a tax deduction of $0.60/square foot when energy-efficient lighting, that meets the criteria specified, is installed in new or existing buildings.

For example, the owner of a 100,000 square feet building that utilized the Axis DDH ballast system would be eligible to receive a $60,000 tax deduction. For non-tax paying entities such as schools and government buildings, this deduction may flow through to the lighting designer. This deduction is in addition to any state or utility rebates/incentives available for dimming/daylight harvesting products.

"Green initiatives are quickly becoming the norm as our society becomes more informed with regard to energy conservation and environmental issues. As many new laws and initiatives are introduced we feel that we are definitely in the right place at the right time with our unique product. We are confident that this new Act will have a tremendous impact on future sales for Axis," said Kip Hirschbach, CEO of Axis Technologies Group, Inc.