LEGEND POWER SYS INC - LPSIF STOCK NEWS

Legend Power Systems (TSXV:LPS) has been selected to provide SmartGATE Systems for evaluation by the U.S. General Services Administration (GSA) as part of its Green Proving Ground program. This initiative aims to assess innovative technologies in about 1,800 federal buildings to enhance energy efficiency and reduce operational costs. SmartGATE technology, which identifies underperformance in electrical systems, is also being evaluated in New York's IDEA program. The partnership includes collaboration with the U.S. Department of Energy and Oakridge National Laboratory.

Legend Power Systems has approved the grant of 1,250,000 stock options to acquire common shares, pending TSX Venture Exchange approval.

Of these, 600,000 were granted to executive officers, exercisable until June 13, 2027, at a price of $0.185 per share. The options will vest in installments over time.

This move aims to strengthen the company's management incentives and aligns with its focus on providing intelligent energy management solutions that reduce energy consumption and support corporate sustainability efforts.

Legend Power Systems (OTCQB:LPSIF) reported Q2 F2022 financial results with revenue dropping to $343K from $482K in Q2 F2021. The net loss expanded to $1.48M, up from $983K year-over-year. Adjusted EBITDA loss increased to $1.32M. The company maintained $6.03M in cash, with no debt. Challenges included delayed product deliveries, supply chain issues, and higher operational costs. In response, Legend launched new partner initiatives and improved its SmartGATE product line.

Legend Power Systems (OTCQB:LPSIF) is set to release its Q2 2022 financial results on May 26, 2022, for the six months ending March 31, 2022. A conference call will be held the same day at 11:00 AM ET, hosted by President & CEO Randy Buchamer. Legend Power innovates in energy management, enhancing building performance amid complex energy challenges. The company emphasizes proactive decision-making for asset management in a volatile environment.

Legend Power Systems (OTCQB:LPSIF) announced a partnership with RXR to assess electrical performance in various commercial buildings in New York City. RXR, which manages 93 properties, aims to enhance its operations through Legend's SmartGATE Insights and Power Impact Report. These tools will provide crucial data to improve financial performance and environmental impact. The assessments are part of RXR's GHG Reduction and ESG initiatives and are set to be completed in the coming months.

Legend Power Systems (TSX-V:LPS)(OTCQB:LPSIF) announced the shipment of 20 SmartGATE systems in Q2 2022 and plans to produce an additional 50 systems. The company secured component orders to meet forecasted demand and mitigate supply chain risks. CEO Randy Buchamer emphasized the importance of balancing customer orders with working capital for inventory. SmartGATE is designed to enhance commercial building energy efficiency, addressing operating costs and tenant experiences. The company is focused on proactive energy management solutions to support corporate performance.

Legend Power Systems (OTCQB:LPSIF) has completed its first SmartGATE Insights installation outside the U.S. and Canada at a major building complex in Puerto Rico. The initiative is aimed at enhancing sustainability amidst challenges posed by renewable energy sources, which contribute over 50% of the complex's power. This engagement will identify operational issues affecting electrical systems, potentially optimizing performance amidst increasing use of wind and solar energy. Legend Power aims to leverage its SmartGATE technology to improve system reliability and financial outcomes for building owners.

Legend Power Systems Inc. (TSXV:LPS)(OTCQB:LPSIF) announced the approval for 1,100,000 incentive stock options for directors and an executive officer, pending TSX Venture Exchange acceptance. The options, priced at $0.32, vest over three years, with one-sixth vesting every six months. Legend Power specializes in intelligent energy management solutions aimed at reducing energy costs and enhancing sustainability in corporate settings. These options align with the company's commitment to improve corporate performance by optimizing energy usage.

Legend Power Systems (LPSIF) reported Q1 F2022 financial results, revealing a revenue decrease of 78% to $169k, down from $766k in Q1 F2021. Adjusted EBITDA loss widened to $1.00 million and net loss increased to $1.23 million, compared to $874k last year. Supply chain issues impacted product deliveries, but the company is set to ship its NextGen SmartGATE units in Q2 F2022. Despite these setbacks, customer feedback on initial deployments is positive, indicating potential for future growth.