Legend Power Systems Announces Largest Order Commitment In its History
Legend Power Systems has announced its largest order commitment in its history, securing a Letter of Intent (LOI) for 10 SmartGATE systems from the United States Department of Defense (US DoD). This deal is valued at nearly $3 million CAD. Combined with a previous order from the City of New York Public School System, the total bookings for the quarter exceed $3 million CAD. The DoD's key motivation is to improve facility operations due to power volatility issues affecting critical systems such as HVAC and refrigeration. The CEO of Legend Power Systems, Randy Buchamer, indicated that this order could lead to further opportunities with the DoD and other federal entities. This deal follows over 24 months of effort and extensive testing, validating the company's active power management solutions.
- Largest order commitment in company history.
- LOI for 10 SmartGATE systems from US DoD valued at nearly $3 million CAD.
- Total bookings for the quarter exceed $3 million CAD.
- Potential for expanded future orders from US DoD.
- Sales cycle with the US DoD took longer than initially planned.
Signed LOI for 10 SmartGATE Systems from United States Department of Defense
Vancouver, British Columbia--(Newsfile Corp. - July 8, 2024) - Legend Power® Systems (TSXV: LPS), a global leader in commercial electrical system solutions, has received its largest commitment for SmartGATE systems in the Company's history. Legend Power has received a Letter of Intent (LOI) to Award 10 SmartGATE purchases for a major United States Department of Defense (US DoD) facility. This single deal is worth just shy of
"Possibly the most important part of this deal is the main driver for the DoD is improving operations of their facilities and not energy savings," said Mike Cioce, Vice President of Sales and Marketing for Legend Power Systems. "This large facility has experienced significant premature failures in core systems like HVAC, refrigeration, life and safety systems, due to the highly volatile power provided to the facilities, which is mainly driven by low inertia power from wind and solar solutions previously deployed. We have been educating the market for years on the grid volatility associated with increases in renewable power generation and we now see the US DoD validating this with a large-scale deployment to protect critical infrastructure."
"While the LOI represents over 24 months of effort for the Legend Power Systems team and the sales cycle with this large customer has taken longer than initially planned, months of stringent testing by the US DoD have proven the value proposition of our active power management solutions," said Randy Buchamer, CEO of Legend Power Systems. "We believe this to be the beginning of a larger opportunity within the DoD and we are already in the process of evaluating other buildings at this facility as well as in other locations. We are now actively working with the U.S federal government, the DoD and the City of New York, as well as commercial real estate operators on current and future opportunities."
About SmartGATE
SmartGATE is an industry-leading, turnkey solution that 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:
Jonathan Lansky, Director
+1 416 417 7664
lansky.j@icloud.com
Sean Peasgood, Investor Relations
+ 1 647 503 1054
sean@sophiccapital.com
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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.sedarplus.ca . 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.
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FAQ
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