Legend Power Systems Clarifies December 3rd Press Release
Legend Power Systems (TSXV: LPS) (OTCQB: LPSIF) has issued a clarification to retract a revenue projection statement from their December 3, 2024 corporate update. The company highlights progress across five strategic pillars: U.S. GSA Green Proving Ground Program, Department of Defense initiatives, Energy Performance Contracts, City of New York collaborations, and GSA Multiple Award Schedule.
Key developments include two SmartGATE system installations for GSA, a DoD letter of intent for 10 systems, successful ESCO partnerships, and involvement in NYC's US$4 billion school electrification initiative. The company reports record bookings, improving gross margins approaching 50%, and expects to achieve EBITDA-positive operations in 2025.
Legend Power Systems (TSXV: LPS) (OTCQB: LPSIF) ha emesso un chiarimento per ritirare una dichiarazione di proiezione dei ricavi dal loro aggiornamento aziendale del 3 dicembre 2024. L'azienda evidenzia progressi in cinque pilastri strategici: Programma GSA Green Proving Ground degli Stati Uniti, iniziative del Dipartimento della Difesa, Contratti di Prestazione Energetica, collaborazioni con la Città di New York e Programma GSA Multiple Award Schedule.
Sviluppi chiave includono due installazioni del sistema SmartGATE per GSA, una lettera di intenti del DoD per 10 sistemi, partnership ESCO di successo e il coinvolgimento nell'iniziativa di elettrificazione delle scuole di NYC da 4 miliardi di dollari. L'azienda riporta prenotazioni record, margini lordi in miglioramento che si avvicinano al 50%, e si aspetta di raggiungere operazioni EBITDA-positive nel 2025.
Legend Power Systems (TSXV: LPS) (OTCQB: LPSIF) ha emitido una aclaración para retractar una declaración de proyección de ingresos de su actualización corporativa del 3 de diciembre de 2024. La empresa destaca avances en cinco pilares estratégicos: Programa GSA Green Proving Ground de EE. UU., iniciativas del Departamento de Defensa, Contratos de Rendimiento Energético, colaboraciones con la Ciudad de Nueva York y el Programa de Precios Múltiples de GSA.
Los desarrollos clave incluyen dos instalaciones del sistema SmartGATE para GSA, una carta de intención del DoD para 10 sistemas, asociaciones ESCO exitosas y la participación en la iniciativa de electrificación escolar de NYC de 4 mil millones de dólares. La compañía informa reservas récord, márgenes brutos en mejora cercanos al 50% y espera lograr operaciones con EBITDA positivo en 2025.
레전드 파워 시스템즈 (TSXV: LPS) (OTCQB: LPSIF)는 2024년 12월 3일 기업 업데이트에서 수익 예측 성명을 철회하기 위해 명확성을 발표했습니다. 회사는 다섯 가지 전략적 기둥에서의 진전을 강조합니다: 미국 GSA 그린 시험 프로그램, 국방부 이니셔티브, 에너지 성능 계약, 뉴욕시 협력 및 GSA 다수 수상 일정.
주요 개발로는 GSA를 위한 두 개의 SmartGATE 시스템 설치, 10개 시스템에 대한 DoD 의향서, 성공적인 ESCO 파트너십 및 NYC의 40억 달러 학교 전력화 이니셔티브에 대한 참여가 포함됩니다. 회사는 기록적인 예약을 보고하고 있으며, 50%에 가까운 개선된 총 마진을 기록하고 있으며, 2025년까지 EBITDA 긍정적인 운영을 달성할 것으로 기대하고 있습니다.
Legend Power Systems (TSXV: LPS) (OTCQB: LPSIF) a publié une clarification pour retracter une déclaration de prévision des revenus de sa mise à jour corporate du 3 décembre 2024. L'entreprise souligne des progrès dans cinq piliers stratégiques : Programme GSA Green Proving Ground des États-Unis, initiatives du Département de la Défense, Contrats de Performance Énergétique, collaborations avec la Ville de New York et Programme de Prix Multiples GSA.
Parmi les développements clés figurent deux installations du système SmartGATE pour GSA, une lettre d'intention du DoD pour 10 systèmes, des partenariats ESCO réussis et une implication dans l'initiative d'électrification des écoles de NYC de 4 milliards de dollars. L'entreprise annonce des réservations record, une amélioration des marges brutes approchant 50%, et prévoit d'atteindre des opérations EBITDA-positives en 2025.
Legend Power Systems (TSXV: LPS) (OTCQB: LPSIF) hat eine Klarstellung herausgegeben, um eine Umsatzprojektionserklärung aus ihrem Unternehmensupdate vom 3. Dezember 2024 zurückzuziehen. Das Unternehmen hebt Fortschritte in fünf strategischen Säulen hervor: U.S. GSA Green Proving Ground Programm, Verteidigungsministerium Initiativen, Energieeinsparverträge, Zusammenarbeit mit der Stadt New York und GSA Multiple Award Schedule.
Zu den wichtigsten Entwicklungen gehören zwei Installationen des SmartGATE-Systems für die GSA, ein Letter of Intent des DoD für 10 Systeme, erfolgreiche ESCO-Partnerschaften und das Engagement in der 4 Milliarden US-Dollar umfassenden Elektrifizierungsinitiative für Schulen in New York City. Das Unternehmen berichtet von Rekordbuchungen, die Bruttomargen nähern sich 50%, und es wird erwartet, dass es im Jahr 2025 EBITDA-positive Betriebsabläufe erreicht.
- Record bookings achieved with geographic and market diversification
- Gross margins improving towards 50%
- DoD letter of intent secured for 10 SmartGATE systems
- 55 Gen III SmartGATE systems performing above expectations
- Expected EBITDA-positive operations in 2025
- Retraction of forward-looking revenue statement due to regulatory guidelines
Vancouver, British Columbia--(Newsfile Corp. - December 3, 2024) - Legend Power Systems Inc. (TSXV: LPS) (OTCQB: LPSIF) ("Legend Power" or the "Company"), at the request of CIRO, the company would like to clarify the the press release dated December 3, 2024 entitled "Legend Power Systems Corporate Update". The company retracts "will likely catapult us to over
Vancouver, B.C., Canada - December 3, 2024 - Legend Power Systems (TSXV: LPS), is excited to provide a detailed update on our progress. This year has been transformative for Legend Power Systems, with tangible wins across five strategic pillars that form the backbone of our growth strategy. Each of these pillars represents a standalone opportunity to drive revenue growth, but together, they form lay a solid foundation for the future of the company.
This shift is underpinned by strong execution, proven solutions, and a growing pipeline of wins and opportunities. The accomplishments we've already achieved demonstrate our ability to deliver, and we are confident that our results are scalable.
Strategic Pillar 1: U.S. General Services Administration (GSA) Green Proving Ground Program
The U.S. GSA Green Proving Ground (GPG) program represents a watershed moment for Legend Power Systems. In 2022, we were selected as one of only eight participants out of more than 800 applicants-a testament to the innovation and impact of our SmartGATE platform. The GPG program was designed to identify and evaluate technologies capable of reducing energy consumption and improving building performance across the GSA's massive portfolio of over 3 billion square feet of facilities 1.
As part of this program, we are installing two SmartGATE systems: the first at a border facility in December 2024 and the second at a prominent building in the Federal Triangle in Washington, D.C., early in the first quarter of 2025. These installations are critical steps toward developing a broad based deployment plan within the GSA's extensive property portfolio.
The program also includes a pivotal collaboration with Oak Ridge National Laboratory which is developing a comprehensive model to quantify not only energy savings but also the impact of improved power quality on maintenance, repairs, and the lifespan of critical building systems. This model will serve as a template for property owners and operators nationwide, demonstrating how power optimization enhances efficiency, uptime, and long-term building value. We are anticipating this report to be publicly available during calendar 2025 and drive broader tangible models for understanding the impact of improving the quality of power on long term system reliability and lifetime. This will firmly quantify this critical part of the SmartGATE value proposition.
The GSA's embrace of SmartGATE technology is a transformative milestone that positions Legend Power Systems to unlock enormous potential within federal government facilities. With the GSA overseeing more than 3 billion square feet of real estate, our involvement in their Green Proving Ground program serves as a robust endorsement of our technology's effectiveness and reliability. This validation extends far beyond the GSA itself, establishing a precedent that will encourage broader adoption across other federal, state, and municipal agencies.
The federal government's rigorous evaluation and procurement standards often set the benchmark for other sectors. As SmartGATE technology is deployed and proven effective within the GSA's extensive portfolio, it not only strengthens our foothold in government markets but also acts as a powerful catalyst for adoption in private and commercial sectors. When organizations in industries like commercial real estate, multifamily housing, big-box retail, and education see the federal government leveraging SmartGATE to improve energy efficiency, reduce costs, and extend the lifespan of critical systems, they gain confidence in the value proposition and reliability of our solutions.
This broader market validation accelerates decision-making for non-governmental clients, reducing perceived risks and shortening sales cycles. It also enhances our brand equity, making SmartGATE synonymous with power optimization and long-term value creation. In this way, the GSA's adoption of our technology not only drives exponential growth within their portfolio but also opens doors to a much larger ecosystem of opportunities across public and private sectors, creating a ripple effect that propels us toward our long-term growth goals.
Strategic Pillar 2: United States Department of Defense (DoD)
The Department of Defense represents one of the most demanding and expansive infrastructure portfolios in the world. In mid-2024, we received a letter of intent from the DoD to install 10 SmartGATE systems at a key military base plagued by recurring power issues that disrupted critical operations.
This initial deployment focuses on 10 of the most critical buildings on a base with over 80 large facilities. These installations will address immediate challenges, with additional phases planned to expand the solution across the broader base. The DoD's infrastructure challenges-spanning thousands of buildings across multiple continents-underscore the necessity of reliable, efficient power management.
Strategic Pillar 3: Energy Performance Contracts (EPC) with Energy Service Companies (ESCOs)
The Energy Performance Contracting (EPC) market, valued at US
The EPC process is both rigorous and rewarding. It begins with preliminary proposals and vendor selection, advances through the investment-grade audit (IGA) phase, and concludes with final awards and project funding. While this process can be lengthy, projects that reach the IGA stage have a high probability of closing within 6-12 months, ensuring a consistent and reliable pipeline of revenue.
A recent highlight in this sector is our success with a school district in the Southwest United States, a region grappling with severe power challenges that disrupted daily operations and impacted the district's ability to educate its students effectively. Frequent disruptions and power quality issues plagued the district, leading to significant downtime for classrooms, unreliable performance of critical systems, and costly damage to sensitive equipment.
Through a partnership with a leading ESCO, Legend Power Systems deployed SmartGATE technology across several schools in the district. The results were transformative. Power reliability and quality were restored, enabling the uninterrupted operation of critical educational and administrative systems. Additionally, the deployment ensured the protection and extended lifespan of newly installed equipment, including state-of-the-art HVAC systems, IT infrastructure, and advanced learning technologies.
These improvements not only stabilized the district's day-to-day operations but also enhanced the learning environment for students, allowing the focus to return to education rather than troubleshooting power issues. The district's success story has garnered attention from neighboring districts and other educational institutions facing similar challenges, further expanding our pipeline of opportunities in the education sector.
More broadly, ESCOs are increasingly recognizing that addressing power quality is fundamental to the long-term success of energy efficiency projects. SmartGATE's ability to optimize power and protect equipment ensures that these projects meet performance guarantees and deliver the expected savings over their lifetime. As a result, we are seeing accelerated adoption and an influx of larger contracts, particularly in sectors where operational reliability and cost control are paramount.
With proven successes like this in the education sector and beyond, Legend Power Systems is well-positioned to continue driving growth in the EPC market, leveraging our technology to deliver measurable value and long-term resilience for clients across industries.
Strategic Pillar 4: City of New York
Legend Power Systems' engagement with the City of New York began in 2018, and our collaboration has deepened through participation in the NYC IDEA program, where our solutions underwent extensive validation. The City of New York recently announced a US
The New York Department of Citywide Administrative Services (DCAS) oversees more than 15 million square feet of city-owned buildings across New York City that are primarily used to house city agencies, including fire, police, museums, libraries, etc. DCAS' focus on improving energy performance aligns directly with Legend's value proposition, making it a prime candidate for broader collaborations. Beyond schools, DCAS also serves other agencies, including schools, fire, police, museums, libraries, housing and more. DCAS plays a significant role in energy management and efficiency upgrades, supporting the City's goals to reduce emissions and energy consumption in public facilities.
Strategic Pillar 5: GSA Multiple Award Schedule (MAS)
We have submitted the required documentation for the GSA Mutliple Award application process with streamlines future buying process for federal, state, and municipal organizations
For the Federal Market, a GSA MAS streamlines purchasing at all levels of government.
Company Performance and Outlook
Our recent results underscore the success of our strategy. We have achieved record-breaking bookings this year, spanning new geographies and vertical markets that reflect intentional diversification. These wins have been accompanied by a significant improvement in Gross Margins, which are steadily returning to historical levels near
The performance of our 55 Gen III SmartGATE systems currently in the field continues to exceed expectations, driving strong customer satisfaction and repeat business. Our backlog positions us to achieve EBITDA-positive operations in 2025, with a robust pipeline to sustain growth well beyond.
Importantly, while the green investing sector has faced political challenges, Legend Power Systems' value proposition is rooted in business fundamentals and not reliant on public policy . By delivering lower costs, increased profitability, and reduced risk, we provide enduring value rooted in traditional business fundamentals.
A Transformative Vision for Legend Power Systems
The opportunities we have secured are not hypothetical; they are wins already achieved, with execution underway. Our five strategic pillars, individually powerful, combine to create a soldi path to growth.
With a proven technology, continued customer acceptance, sufficient pipeline, and recent record bookings quarters, Legend Power Systems is poised to redefine the future of power optimization.
Thank you for your trust and partnership as we continue this transformation.
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
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.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.
1 Federal Real Property Council's FY2008 Federal Real Property Report. The largest Federal holders of real property, based on building square footage, are the Department of Defense (
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FAQ
What was Legend Power Systems (LPSIF) forced to retract from their December 3, 2024 press release?
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