Legend Power Systems Reports First Orders For the City of New York

Rhea-AI Summary

On June 27, 2024, Legend Power Systems (TSXV: LPS) announced several key milestones, including receiving its first 4000 amp Gen3 SmartGATE system order for a new school in New York City, processed through a switchgear manufacturer. This indicates significant market expansion beyond the public sector. Additionally, the US Federal Government has begun installing SmartGATE systems at a Department of Homeland Security border facility and a large federal office in Washington DC. These developments are complemented by recent deliveries of four SmartGATE systems to a school system in New Mexico via a major ESCO performance contracting firm.

Legend Power Systems emphasizes that these orders and installations result from years of effort and highlight the potential for substantial growth within the public and federal sectors. This follows their record order bookings of over $2.5 million last quarter, driven by private commercial real estate and an increase in recurring revenue.

Positive

• Received first 4000 amp Gen3 SmartGATE system order.
• Orders from City of New York School Construction Authority.
• SmartGATE installations begun by US Federal Government at a Department of Homeland Security border facility and a large Washington DC federal office.
• Delivered four SmartGATE systems to a New Mexico school system via a major ESCO performance contracting firm.
• Record order bookings of over $2.5 million last quarter.

Negative

• None.

Legend Receives First 4000 amp Gen3 System Order

Vancouver, British Columbia--(Newsfile Corp. - June 27, 2024) - Legend Power® Systems (TSXV: LPS), a global leader in commercial electrical system solutions, reports several key milestones in company sales growth and public sector adoption. The Company has received an order on June 25, 2024 and a deposit from contractors serving the City of New York School Construction Authority in support of a new school being built in the City of New York. This SmartGATE purchase is through a switchgear manufacturer for incorporation into the core switchgear, which represents another large market opportunity beyond the public sector. Additionally, this is the first 4000 amp SmartGATE Gen 3 that has been ordered. In addition, the US Federal Government has begun installation of the first SmartGATE for the Department of Homeland Security at a border facility. Furthermore the GSA has selected a large federal office within the Washington DC Federal Triangle for the next SmartGATE installation. These orders and installations are in addition to delivering 4 SmartGATE systems to a school system in New Mexico through a significant ESCO performance contracting firm this month as well.

"The system orders and installations in these critical public sectors are the culmination of years of work," said Mike Cioce, Vice President of Sales and Marketing for Legend Power Systems. "Our multi-year relationship with the City of New York is now starting to payoff as orders begin to flow in. The size of this opportunity along with the Federal Government and ESCO sectors is large for Legend Power Systems and are significant drivers of our growth."

"The US public sector is a significant opportunity for Legend," said Randy Buchamer, CEO of Legend Power Systems. "When we combine these specific results this quarter with our record order bookings from last quarter (Press Release "Legend Power Systems Reports Record Purchase Orders Received of Over $2.5 Million" dated April 4, 2024), driven by private commercial real estate orders as well as the recent increase in recurring revenue for the Company, we are demonstrating results in multiple markets and geographies, which is required to drive our ambitious growth goals."

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/214600

FAQ

What is the latest order received by Legend Power Systems?

Legend Power Systems received its first 4000 amp Gen3 SmartGATE system order for a new school in New York City on June 25, 2024.

Which sectors are contributing to Legend Power Systems' recent growth?

Legend Power Systems is seeing significant growth contributions from the public sector, US Federal Government, and private commercial real estate.

What recent installations has Legend Power Systems completed?

Legend Power Systems has recently completed SmartGATE installations at a Department of Homeland Security border facility and a large federal office in Washington DC.

How did Legend Power Systems perform last quarter?

Legend Power Systems reported record order bookings of over $2.5 million last quarter.

What is the stock symbol for Legend Power Systems?

The stock symbol for Legend Power Systems is LPSIF.