Legend Power Systems Reports Record Purchase Orders Received of Over $2.5 Million

Rhea-AI Summary

Legend Power Systems (LPS) reports record bookings of over $2.5 million for the second quarter of fiscal 2024, marking their largest quarter ever. The firm secured significant orders from commercial real estate companies and a US based ESCO, with a notable single purchase of SmartGATEs. The company also delivered its first system to the US Federal Government, showcasing a strong sales pipeline and product validation.

Vancouver, British Columbia--(Newsfile Corp. - April 4, 2024) - Legend Power® Systems (TSXV: LPS), a global leader in commercial electrical system solutions, reports record bookings for the second quarter of fiscal 2024. With north of $2.5 million in signed purchase orders with deposits for the quarter, this represents the largest bookings quarter ever for the Company. Additionally, this total includes the largest single purchase of SmartGATEs in the Company's history. With multi-system orders for two returning commercial real estate companies totalling nearly $2 million as well as a multi-system order for a new US based ESCO. Legend Power is delivering on expected pipeline conversions. These sales result in initial payment terms that are greater than the expected 25% of bookings due to a "system only" sale, which requires a 50% payment upon ordering.

The firm is also announcing the first SmartGATE delivery to the US Federal Government. The first system was delivered to the Department of Homeland Security and is expected to be installed in the next 60 days. The City of New York has closed its first round of bids for school projects, which includes the SmartGATE solution in the specification and the award is expected to result in bookings in the near future.

"We are very excited to get these initial large deals across the line," stated Mike Cioce, Vice President of Sales and Marketing for Legend Power Systems. "The diverse set of customers including commercial real estate, government and an ESCO speaks to the breadth of our solution and the value we are being able to demonstrate across many end markets. With energy and power quality beginning to be a mainstream theme for all industries, we are well positioned with a strong sales pipeline and validated product offering."

"These orders from both existing and new customers are a testament to the value the SmartGATE offers," added Randy Buchamer, CEO of Legend Power. "With initial deposits now being the norm we are seeing an immediate improvement in our balance sheet and we expect this trend to continue as the sales pipeline converts to bookings. We expect further bookings momentum throughout 2024."

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.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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/204255

FAQ

What were Legend Power Systems' (LPS) record bookings for the second quarter of fiscal 2024?

Legend Power Systems reported record bookings of over $2.5 million for the second quarter of fiscal 2024.

Which companies placed significant orders with Legend Power Systems (LPS) in the second quarter of fiscal 2024?

Commercial real estate companies and a US based ESCO placed significant orders with Legend Power Systems in the second quarter of fiscal 2024.

What was the notable achievement in terms of purchases for Legend Power Systems (LPS) in the second quarter of fiscal 2024?

Legend Power Systems secured the largest single purchase of SmartGATEs in the company's history in the second quarter of fiscal 2024.

To whom did Legend Power Systems (LPS) deliver its first SmartGATE system in the US?

Legend Power Systems delivered its first SmartGATE system to the Department of Homeland Security in the US.

Who expressed excitement about the recent deals closed by Legend Power Systems (LPS)?

Mike Cioce, Vice President of Sales and Marketing for Legend Power Systems, expressed excitement about the recent deals closed by the company.

What did Legend Power Systems' CEO, Randy Buchamer, mention regarding the company's balance sheet improvement?

Legend Power Systems' CEO, Randy Buchamer, mentioned that initial deposits becoming the norm have led to an immediate improvement in the company's balance sheet.