Legend Power Ships 20 SmartGATE Platforms in Q2 and Secures Inventory for 50 Additional Units

Rhea-AI Summary

Legend Power Systems (TSX-V:LPS)(OTCQB:LPSIF) announced the shipment of 20 SmartGATE systems in Q2 2022 and plans to produce an additional 50 systems. The company secured component orders to meet forecasted demand and mitigate supply chain risks. CEO Randy Buchamer emphasized the importance of balancing customer orders with working capital for inventory. SmartGATE is designed to enhance commercial building energy efficiency, addressing operating costs and tenant experiences. The company is focused on proactive energy management solutions to support corporate performance.

Positive

• Shipped 20 SmartGATE systems in Q2 2022.
• Planned production of 50 additional units, indicating strong demand.
• Secured critical inventory components for assembly, reducing supply chain risks.
• SmartGATE enhances energy efficiency, potentially improving financial performance for clients.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / April 6, 2022 / Legend Power Systems® (TSX-V:LPS)(OTCQB:LPSIF), a global leader in commercial electrical system solutions, announces that it shipped twenty of its next generation SmartGATE systems in the quarter ended March 31, 2022 and is now preparing to produce fifty more systems for upcoming quarters.

Legend assessed forecasted demand, supplier lead times and throughput capabilities and placed component orders for the capacity to assemble and deliver a minimum 50, Gen3 SmartGATE Platforms during upcoming quarters.

"We've worked diligently with new and existing suppliers to secure delivery commitments for long lead-time and critical inventory components", said Legend Power Systems CEO Randy Buchamer. "We're managing Legend's transition to fulfilling customer orders for the new SmartGATE Platform to balance forecasted customer demand with the amount of working capital committed to investing in inventory. While supply chains around the world are still a concern for many companies, Legend has significantly reduced its risk and will continue to work to secure supply to be able to deliver on anticipated growing demand."

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:
Randy Buchamer, CEO
rbuchamer@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/696226/Legend-Power-Ships-20-SmartGATE-Platforms-in-Q2-and-Secures-Inventory-for-50-Additional-Units

FAQ

What did Legend Power Systems announce on April 6, 2022?

Legend Power Systems announced the shipment of 20 SmartGATE systems in Q2 2022 and plans to produce 50 more systems.

What is the significance of the SmartGATE system for Legend Power Systems?

SmartGATE is a turnkey solution that identifies and fixes energy inefficiencies in commercial buildings, potentially improving occupant satisfaction and financial performance.

How is Legend Power managing supply chain challenges?

Legend Power has secured delivery commitments for critical inventory components to mitigate supply chain risks.

What is the stock symbol for Legend Power Systems?

The stock symbol for Legend Power Systems is LPSIF.