Legend Power Secures 10 SmartGATE Insights Engagements with a Canadian Regional Health Authority

Rhea-AI Summary

Legend Power Systems (OTCQB:LPSIF) has been engaged by a major Canadian Health Authority to perform 10 Insight Assessments across its healthcare facilities. This collaboration opens a new market valued at $1.1 billion for Legend. The healthcare sector, known for its significant energy consumption, spends over $8 billion annually on energy, raising the urgency for solutions that can minimize greenhouse gas emissions. Legend's SmartGATE Insights aims to enhance energy efficiency and financial performance in these critical infrastructures.

Positive

• Secured 10 Insight Assessments with a Canadian Health Authority, expanding into a new market worth $1.1 billion.
• Addresses the energy efficiency needs of hospitals, reducing greenhouse gas emissions.
• SmartGATE Insights will provide real-time data for better decision-making and improved financial performance.

Negative

• None.

North American Health Care Vertical a $1.1 Billion Addressable Market

VANCOUVER, BC / ACCESSWIRE / May 4, 2021 / Legend Power Systems® (TSXV:LPS) and (OTCQB:LPSIF), a global leader in commercial electrical system solutions, today announced that a major Canadian Health Authority has engaged Legend Power to perform 10 Insight Assessments for select buildings within its portfolio of owned and operated facilities. The Health Authority serves Community and Regional hospitals, long-term care and assisted living homes, and health care centers. The Health Care vertical represents a net new market for Legend.

Hospitals are on average the most energy-intensive facilities in the United States, spending more than $8 billion on energy per year, representing 10% of total energy used in commercial buildings¹. As producers of large volumes of greenhouse gases (GHGs), the health care industry is committed to understand the impact their facilities could have on climate change. Legend is working with this Health Authority's Energy and Environmental Sustainability managers to monitor, report, and introduce solutions to reduce its GHG emissions.

"Hospitals and health care facilities can be categorized as critical infrastructure whose assets, systems, and networks that, if incapacitated, would have a substantial negative impact on our society," said Michael Cioce, Vice President of Sales and Marketing for Legend Power Systems. "The need for electrical reliability and resiliency is fundamental to health care facilities along with the opportunity to increase efficiency. SmartGATE addresses these core challenges and SmartGATE Insights is the first step in quantifying and understanding the unseen impacts of the grid on commercial buildings."

Legend's SmartGATE Insights and Power Impact Report are valuable tools that demonstrate the financial impact the power grid has on buildings and how SmartGATE solutions can solve these issues, improving buildings' financial performance and environmental footprint. This allows building owners to make more decisions faster than ever before based on the real-time data for each property.

¹ Energy.gov: Energy Department's Hospital Alliance Helps Partner Save Energy and Money

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. (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.

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FAQ

What is Legend Power's recent engagement with a Canadian Health Authority?

Legend Power has been contracted to conduct 10 Insight Assessments for healthcare facilities, marking entry into a $1.1 billion market.

How does the healthcare sector's energy expenditure impact Legend Power?

The healthcare sector spends over $8 billion on energy, highlighting the need for efficient solutions that Legend Power's SmartGATE Insights can provide.

What benefits does SmartGATE Insights offer to healthcare facilities?

SmartGATE Insights aims to enhance energy efficiency, reduce greenhouse gas emissions, and improve financial performance in healthcare buildings.