Legend Power(R) on Track to Ship First 20 Next Generation SmartGATE Platforms by March 31, 2022
Legend Power Systems announced the successful installation of its first next-gen SmartGATE Platform, exceeding initial savings projections. Despite previous supply chain delays, the company is set to ship 20 units by the end of March 2022. The installed system is being monitored in real-time, showcasing the platform's advanced capabilities. Management is optimistic about future orders based on positive customer feedback and industry interest, while actively addressing component procurement challenges impacting earlier shipments.
- First next-gen SmartGATE system installed exceeds savings expectations.
- Company on track to ship 20 units by March 2022, indicating recovery from supply chain issues.
- Positive feedback from customers and ESCO partners suggest potential for future order growth.
- Supply chain constraints impacted Q1 F2022 deliveries.
First Installed System Exceeds Savings Expectations
VANCOUVER, BC / ACCESSWIRE / February 17, 2022 / Legend Power® Systems Inc. (TSXV:LPS) (OTCQB:LPSIF) ("Legend Power" or the "Company") a global leader in commercial electrical system solutions, announces that following delays due to supply chain constraints into the end of calendar 2021, the Company is on track to ship 20 units of its next generation SmartGATE Platform by the end of March 2022. Legend Power also announces that the first of these 20 units has now been installed and is exceeding savings performance expectations. The balance of the 20 units are in production and expected to ship prior to March 31, 2022 (during fiscal Q2 F2022).
"Through our cloud-based solution, we are remotely monitoring the first installed next generation SmartGATE system in real-time, and thus far it has exceeded performance expectations," said Mark Petersen, VP of Engineering. "This first nextgen SmartGATE system is the culmination of 3 years of effort by the entire Legend Power organization, and market interest continues to grow on the back of recent industry conferences we have attended."
Calendar 2021 saw limited inventory component availability due to global supply shortages, softening Q1 F2022 (ending December 31, 2021) shipments. However, the Company is proactively managing component pricing and procurement logistics to ensure future sales growth demands are met.
"These positive metrics from our first installed next generation unit combined with the feedback we are getting from customers and ESCO partners is encouraging for future order growth," said Randy Buchamer, CEO of Legend Power. "While supply chain issues impacted Q1 F2022 deliveries, our efforts to deliver 20 units by the end of Q2 F2022 reflects that we are getting back on schedule. We are seeing continuous improvement with our focus on delivering units to our partners and customers as quickly and efficiently as we can."
SmartGATE is the pioneering platform for active power management. The system has been designed from the ground up to provide the best possible efficiency, lifetime, and reliability for all electrical equipment in a building. With enhanced features that include integrated energy metering, cloud database connection, and a modular design for future hardware and software enhancements, SmartGATE equipped buildings will always be performing at their best regardless of the challenges from an aging and changing grid.
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 Power's proven solutions support proactive executive decision-making in a complex and volatile business and energy environment. The proprietary and patented system reduces total energy consumption and power costs, while also maximizing the life of electrical equipment. Legend Power's unique solution is also a key contributor to both corporate sustainability efforts and the meeting of utility energy efficiency targets.
For further information, please contact:
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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