Legend Power Systems(TM) Surpasses Recent Record with Largest Sale in Company History

Rhea-AI Summary

Legend Power Systems (OTCQB:LPSIF) announced a record-breaking sale of 10 SmartGATE Platforms to a major Ontario multi-family property owner, marking the largest transaction in the company's history. The deal emerged just 60 days after completing an Insights assessment for 10 buildings, which identified energy inefficiencies. This purchase increases the total installed SmartGATE Platforms for this client to 14. Legend's SmartGATE Insights tool has proven effective in delivering actionable solutions for energy waste, enhancing tenant satisfaction and sustainability.

Positive

• Largest sale in company history with a value exceeding past transactions.
• Quick conversion of Insights assessment to sales in just 60 days.
• 100% conversion rate from assessments to purchases, surpassing forecasts.

Negative

• None.

Major Ontario Multi-Family Portfolio Owner Makes Follow-on Order for 10 SmartGATE™ Platforms - 100% SmartGATE Insights™ Conversion

VANCOUVER, BC / ACCESSWIRE / April 13, 2021 / Legend Power Systems® (TSXV:LPS) and (OTCQB:LPSIF), a global leader in commercial electrical system solutions, today announced a 10-unit SmartGATE Platform sale to a major multifamily residential property owner. The 10-platform purchase is the largest dollar value transaction in Legend Power Systems' history and was achieved within 60 days of completing an Insights engagement for 10 buildings. These follow-on units will bring the total number of SmartGATE Platforms installed in this customer's multi-family buildings to 14. The customer is a privately owned business developing, constructing, and managing apartment buildings for 60 years and its portfolio of 9,600 units includes the some of the most upscale properties in Ontario,

"This follow-on investment in additional SmartGATE Platforms shows commitment to sustainability leadership, tenant safety and satisfaction," said Randy Buchamer, President and CEO of Legend Power Systems. "We have worked with this customer for a number of years, producing tangible results for us both from an energy savings standpoint and by making their buildings better. We were not surprised with the volatility of the incoming power supply to these buildings or our customer being unaware of the previously unmeasured impact to their financial results which were both highlighted by the Insights assessments. We are pleased to provide a key part in making our customer's buildings better for tenants and the environment."

The SmartGATE Insights assessments highlighted energy waste and building system risk which could potentially impact tenants based on the electrical grid power entering buildings. Key indicators of Legends' growth trajectory are evident in this transaction; i) days between delivery of Power Impact Report to customer and resulting customer purchase of SmartGATE Platform; and ii) conversion rate of the number of building electrical feeds assessed with SmartGATE Insights which result in a SmartGATE Platform sale. Both metrics were positive in this sale with the results being 60 days and 100% respectively which exceed Legend's forecast of 365-days and 50% respectively.

Legend's SmartGATE Insights and Power Impact Report is a valuable tool that provides building owners a better understanding of the financial impact the power grid is having on their buildings and how SmartGATE solutions can solve these challenges for them. The Power Impact Report delivers non-technical explanations of the negative financial effects being suffered in single buildings and entire portfolios combined with actionable solutions customized for our customers.

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:
Steve Vanry, CFO
+ 1 604 671 9522
svanry@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/640088/Legend-Power-SystemsTM-Surpasses-Recent-Record-with-Largest-Sale-in-Company-History

FAQ

What is the significance of Legend Power Systems' recent sale of SmartGATE Platforms?

The sale of 10 SmartGATE Platforms is the largest in Legend Power Systems' history, demonstrating strong demand and customer commitment.

When did Legend Power Systems announce the sale of SmartGATE Platforms?

Legend Power Systems announced the sale on April 13, 2021.

What is the role of SmartGATE Insights in Legend Power Systems' business?

SmartGATE Insights helps building owners understand the financial impact of the power grid on their properties and provides actionable solutions.

What are the implications of this sale for Legend Power Systems' future performance?

The sale indicates a strong growth trajectory for Legend Power Systems, with effective conversion rates from insights to actual sales.