Legend Power Chosen by City of New York for Installation of SmartGATE Platforms in Demonstration Agreement

Rhea-AI Summary

Legend Power Systems (TSXV:LPS)(OTCQB:LPSIF) has secured a contract with the City of New York for a demonstration of its SmartGATE Platform in one of the city's schools. This initiative is part of NYC's goal to reduce GHG emissions by 80% by 2050, through the Innovative Demonstrations for Energy Adaptability (IDEA) program. If proven successful, further contracts may follow. Randy Buchamer, CEO, emphasized New York as a vital market, anticipating growth driven by SmartGATE's capabilities. The city manages over 4,500 buildings, indicating significant potential for future applications.

Positive

• Secured a demonstration contract with the City of New York for the SmartGATE Platform.
• Potential for further contracts if the demonstration is validated as successful.
• New York City operates over 4,500 buildings, representing a significant market opportunity.
• CEO emphasizes growth potential from SmartGATE capabilities.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / April 7, 2021 / Legend Power Systems® (TSXV:LPS)(OTCQB:LPSIF), a global leader in commercial electrical system solutions, today announced that the City of New York acting through its Department of Citywide Administrative Services ("DCAS") has contracted Legend Power Systems to provide a two system, SmartGATE Platform demonstration in one of its schools. The City of New York owns and operates over 4,500 buildings which in addition to schools, includes other agencies such as Police, Fire, Libraries, Offices, and Museums.

New York City has set a goal of reducing GHG emissions 80% by 2050. As part of the plan for reaching the City's goals, DCAS has identified the benefits of exploring emerging technologies through the Innovative Demonstrations for Energy Adaptability ("IDEA") program, such as Legend's SmartGATE, and has determined that a demonstration project is in the City's best interest. Upon completion of the demonstration and pending validation by a third-party entity, if SmartGATE is deemed a success, then New York City Departments and Agencies may choose to advance contracts with Legend for SmartGATE solutions.

"New York City represents a significant market for Legend Power and DCAS is responsible for thousands of municipal buildings which we expect will benefit from SmartGATE solutions," remarked, Randy Buchamer, President and CEO of Legend Power. "We have invested significant time and resources in developing this opportunity and anticipate a successful demonstration of SmartGATE's capabilities will be a key driver of growth for years to come."

DCAS is the department of the government of New York City responsible for providing shared services to support the operations of city government. This includes managing, leasing, and purchasing city real estate property and other city-owned public buildings, as well as handling energy management for city government. The IDEA program is one of the agency's key energy conservation programs. During 2019 DCAS's procurement arm awarded $US 1.7 billion in new contracts.

About SmartGATE™
SmartGATE™ is an industry-leading, turnkey solution which identifies and fixes underperformance and waste in the electrical system of a commercial building. These performance issues often impact key areas of commercial real estate metrics including occupant safety and satisfaction as well as financial performance. This waste can also lead to higher operating costs, lower net operating income and other potential financial risks to the building owner, including adverse tenant experiences.

About Legend Power® Systems Inc.
Legend Power® Systems Inc. provides an intelligent energy management platform that analyzes and improves building energy challenges, significantly impacting asset management and corporate performance. Legend's proven solutions support proactive executive decision-making in a complex and volatile business and energy environment.

For further information, please contact:
Steve Vanry, CFO
+ 1(604) 671-9522
svanry@legendpower.com

Sean Peasgood, Investor Relations
+ 1(647) 503-1054
sean@sophiccapital.com

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements
This Press Release may contain statements which constitute "forward-looking information", including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities and operating performance of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities or performance and involve risks and uncertainties, and that the Company's future business activities may differ materially from those in the forward-looking statements as a result of various factors. Such risks, uncertainties and factors are described in the periodic filings with the Canadian securities regulatory authorities, including the Company's quarterly and annual Management's Discussion & Analysis, which may be viewed on SEDAR at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results to not be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements other than as may be required by applicable law.

SOURCE: Legend Power Systems Inc.

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FAQ

What contract did Legend Power Systems secure with the City of New York?

Legend Power Systems secured a contract to demonstrate its SmartGATE Platform in one of New York City's schools.

What is the purpose of the SmartGATE Platform demonstration in New York?

The demonstration aims to explore energy adaptability technologies to help New York City achieve its goal of reducing GHG emissions by 80% by 2050.

What happens if the SmartGATE demonstration is successful?

If deemed successful, departments and agencies in New York City may pursue further contracts with Legend Power Systems for additional SmartGATE solutions.

How many buildings does the City of New York manage?

The City of New York manages over 4,500 buildings, which could benefit from SmartGATE solutions.

What is the significance of the IDEA program for Legend Power Systems?

The IDEA program allows the City of New York to explore innovative technologies like SmartGATE, which may lead to substantial contracts if successful.