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

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.