Legend Power Laying Foundation for Growth with New Channel Distribution Partners

Rhea-AI Summary

Legend Power Systems (TSXV:LPS)(OTCQB:LPSIF) announced key partnerships to enhance distribution capabilities. The company signed an agreement with a private label energy efficiency provider, targeting large utilities in the US, offering energy solutions through SmartGATE Platform and Insights. Additionally, a strengthened relationship with an existing ESCO partner's revenue-generating division could significantly boost distribution and installation reach. The SmartGATE™ platform addresses energy waste in commercial buildings, aligning with goals of reducing costs and improving ESG performance.

Positive

• New agreement with a private label energy efficiency provider enhances distribution.
• Potential for increased revenue through expanded partnership with an existing ESCO.
• SmartGATE™ platform targets energy waste, supporting cost reductions and ESG goals.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / August 5, 2021 / Legend Power Systems® (TSXV:LPS)(OTCQB:LPSIF), a global leader in commercial electrical system solutions, today announced several key milestones with new channel distribution partners.

First, Legend has entered an agreement with a leading provider of private label energy efficiency solutions in a program to resell SmartGATE Platform and SmartGATE Insights. This provider serves several large utilities across the US by offering compelling energy efficiency technology subscriptions to their rate paying customers. These offerings include turnkey subscriptions for energy savings infrastructure (HVAC, lighting, electrical, and more) directly through the utility provider. "This top-tier provider knows first hand how unstable power can increase maintenance and repair costs - it is literally their business!", says Mike Cioce, VP of Sales and Marketing for Legend Power Systems. "They have customers across the country that are experiencing reliability issues with recently installed systems due to unstable electricity. So, not only can Legend save them more energy, but we can optimize the performance of these new critical building systems."

Additionally, Legend has engaged in a meaningful way with another division of one of its existing ESCO partners. This new division generates 3x the revenue of the ESCO performance contracting group which Legend has been working with. "Not only does this expanded relationship offer a dramatic increase in distribution capabilities for Legend, but this partner also has a nationwide network of electrical installation capabilities which could prove to be a new market enabler for team Legend", continued Cioce.

SmartGATE™ is an industry-leading Active Power Management Platform that identifies and fixes underperformance and waste in the electrical system of a commercial building inherent in its incoming grid connection. These performance issues often impact key areas of commercial real estate metrics, including occupant safety and satisfaction as well as financial performance and ESG leadership. This waste can also lead to higher operating costs, higher GHG emissions, 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. (www.legendpower.com) 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.

View source version on accesswire.com:
https://www.accesswire.com/658487/Legend-Power-Laying-Foundation-for-Growth-with-New-Channel-Distribution-Partners

FAQ

What new partnerships did Legend Power Systems announce?

Legend Power Systems announced agreements with a private label energy efficiency provider and expanded engagement with an existing ESCO partner.

How does the SmartGATE platform benefit commercial buildings?

The SmartGATE platform identifies and mitigates energy waste, enhancing operational efficiency and supporting ESG performance in commercial buildings.

What is the significance of the recent press release for LPSIF investors?

The press release indicates potential for increased revenue and distribution capabilities, which could positively impact LPSIF stock performance.

What utilities are involved in Legend Power's new energy solutions?

Legend Power's new energy solutions will be offered through a leading provider serving large utilities across the US.