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Legend Power Systems Inc. (LPSIF), headquartered in Vancouver, British Columbia, is a global leader in commercial electrical system solutions. The company provides an intelligent energy management platform that analyzes and improves building energy challenges, significantly impacting asset management and corporate performance. Legend Power's proven solutions support proactive executive decision-making in a complex and volatile business and energy environment. The proprietary and patented system reduces total energy consumption and power costs, while also maximizing the life of electrical equipment. Legend Power's unique solution is a key contributor to both corporate sustainability efforts and the meeting of utility energy efficiency targets.
Legend Power Systems (OTCQB:LPSIF) recently announced a corporate update following their participation in the National ESCO Conference. The company has initiated the first installations of their Gen3 SmartGATE platform, which aims to address power quality issues in commercial buildings. With $10 million in working capital, supply chain challenges show signs of improvement. Positive feedback from potential partners emerged after 41 meetings at the conference, with follow-ups ongoing. Legend Power targets a $50 billion addressable market in North America and anticipates significant growth driven by energy efficiency needs.
Vancouver, BC – Legend Power Systems (TSXV:LPS)(OTCQB:LPSIF) announced the hiring of three experienced channel sales executives and its platinum sponsorship of the North American Energy Service Company conference. The company engages with seven ESCOs to promote its SmartGate technology, which aids in carbon reduction and optimizing building operations. The new hires, with 50 years of combined experience, aim to expand Legend's market reach. The conference, running November 9-12, 2021, in Austin, Texas, focuses on energy infrastructure improvements.
Legend Power Systems (TSXV:LPS)(OTCQB:LPSIF) reported its Q3 2021 financial results for the period ended June 30, 2021. Key highlights include:
- Sales bookings surged to $896,000 from nil in Q3 2020.
- Revenue rose to $1.27 million compared to $1.5k in Q3 2020.
- Gross profit jumped to $345k versus $1.5k in Q3 2020.
- Net loss decreased to $947k from $1.02 million.
- Cash reserves stood at $10.38 million
The company added five new channel partners and secured its largest sales booking to date.
Legend Power Systems (TSXV:LPS)(OTCQB:LPSIF) will announce its Q3 2021 financial results on August 26, 2021. The report will cover the nine-month period ending June 30, 2021. A conference call led by President Randy Buchamer and CFO Steve Vanry is scheduled for the same day at 5:00 PM ET, where the management will provide a business update and discuss financial outcomes. Investors can join the call via toll-free North American or international dial-in numbers or listen online.
Legend Power Systems (TSXV:LPS)(OTCQB:LPSIF) announced key partnerships to enhance distribution capabilities. The company signed an agreement with a private label energy efficiency provider, targeting large utilities in the US, offering energy solutions through SmartGATE Platform and Insights. Additionally, a strengthened relationship with an existing ESCO partner's revenue-generating division could significantly boost distribution and installation reach. The SmartGATE™ platform addresses energy waste in commercial buildings, aligning with goals of reducing costs and improving ESG performance.
Legend Power Systems (OTCQB:LPSIF) announced significant partnerships with seven U.S.-based Energy Service Companies (ESCOs), collectively generating nearly US$1 billion in annual revenue. Recent projects demonstrate a 5%+ savings in New York schools using its SmartGATE Platform. The U.S. ESCO market is projected to hit US$9 billion in 2021. Legend aims to expand its ESCO relationships, enhancing its market presence with minimal infrastructure costs. Additionally, the company is the Platinum Sponsor of the upcoming NAESCO conference in Austin, Texas.
Legend Power Systems (TSXV:LPS)(OTCQB:LPSIF) has granted stock options to acquire 300,000 common shares to a director and an officer, exercisable for five years at $0.75 per share. The options will vest over a period of time. Additionally, the company renewed its contract with Sophic Capital for investor relations services, agreeing to pay $7,000 per month plus stock options of 300,000 shares. These options also have a vesting schedule. Legend Power specializes in optimizing commercial electrical systems through its SmartGATE solution, which enhances financial performance and tenant satisfaction.
Legend Power Systems (TSXV:LPS)(OTCQB:LPSIF) announced the follow-on sale of two SmartGATE platforms to an Ontario School Board, following a 100% conversion of SmartGATE Insights assessments into sales. The Insights Power Impact Report highlighted significant grid inefficiencies that SmartGATE solutions can address. The School Board expressed satisfaction with previous purchases, indicating a commitment to energy savings and cost reduction. Legend's new go-to-market strategy is gaining traction, showcasing enhanced visibility of energy waste and financial improvement potential for customers.
Legend Power Systems (TSXV:LPS)(OTCQB:LPSIF) has secured a follow-on sale of eight SmartGATE Platforms to a major international property owner, bringing the total installed units to ten. This significant order follows the successful evaluation of eight properties utilizing SmartGATE Insights, demonstrating a 100% conversion rate from assessment to purchase. The company aims to support global electrification and decarbonization efforts, with plans for additional assessments across the US and Canada.
Legend Power Systems Inc. (TSXV:LPS)(OTCQB:LPSIF) announced that its warrants from a bought deal offering will start trading on the TSX Venture Exchange on June 22, 2021, under symbol LPS.WT.A. Each warrant allows the purchase of one common share at $0.95 until June 15, 2023. The units were sold under a short form prospectus across Canadian provinces, except Quebec, and in the U.S. via private placement. The release includes a forward-looking statements disclaimer, noting risks and uncertainties that could affect future performance.
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