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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 announces the completion of its bought deal offering, raising $10,275,000 by issuing 13,700,000 Units. The offering, led by Stifel GMP, included an over-allotment option. Each Unit consists of one common share and one-half share purchase warrant, exercisable at $0.95 for 24 months. The offering was conducted under a short form prospectus in Canada, with restrictions on sales in the U.S. This funding supports the Company's energy management solutions for improved corporate performance.
Legend Power Systems reported a significant increase in sales bookings of 705% year-over-year, reaching $1.92 million in Q2 2021. Despite this, revenue fell 29% to $482,144 compared to Q2 2020, with a net loss of $982,829, down 35% year-over-year. The company attributes the revenue decline to installation delays and COVID-related constraints. However, operating expenses decreased significantly by 39%, leading to improved adjusted EBITDA losses of $708,025, down 52% from last year. Cash on hand stood at $1.71 million, indicating solid liquidity.
Legend Power Systems (OTCQB:LPSIF) has announced the release date for its Q2 2021 financial results, set for May 31, 2021. The results will cover the six months ending March 31, 2021. The Company will host a conference call the same day at 5:00 PM ET to discuss the financial results and provide a business update. This event will be led by CEO Randy Buchamer and CFO Steve Vanry. Legend Power specializes in commercial energy management solutions, aiming to enhance asset management and corporate performance.
Legend Power Systems (TSXV:LPS, OTCQB:LPSIF) has partnered with an ESCO to deliver SmartGATE Insights for U.S. Department of Defence facilities, targeting around 1200 buildings in the eastern region. The project aims to improve energy efficiency and reduce greenhouse gas emissions, aligning with federal energy management goals. In FY 2006, the DoD consumed nearly 30,000 gigawatt hours of electricity, costing approximately $2.2 billion. The initiative leverages SmartGATE's capabilities to enhance electrical reliability and environmental performance, significantly impacting energy management.
Legend Power Systems (OTCQB:LPSIF) has been engaged by a major Canadian Health Authority to perform 10 Insight Assessments across its healthcare facilities. This collaboration opens a new market valued at $1.1 billion for Legend. The healthcare sector, known for its significant energy consumption, spends over $8 billion annually on energy, raising the urgency for solutions that can minimize greenhouse gas emissions. Legend's SmartGATE Insights aims to enhance energy efficiency and financial performance in these critical infrastructures.
Legend Power Systems (OTCQB:LPSIF) announced a partnership with a major energy services company to assess five properties for a significant multifamily property owner. This marks the first use of their SmartGATE Insights service to evaluate investment properties, revealing previously unseen risks. The ESCO market, valued at $10-$15 billion annually, will provide new opportunities, enhancing Legend's reach without high costs. SmartGATE offers advantages like energy savings and improved electrical reliability, promising to reduce operational costs for building owners and enhance overall financial performance.
Legend Power Systems (TSXV:LPS)(OTCQB:LPSIF) reported impressive fiscal Q2 2021 results, showcasing a 705% increase in sales bookings amounting to $1.92 million. This marks a 20% rise from the previous quarter. The company exceeded its target of 90 SmartGATE Insights engagements, achieving a full 100% conversion from some clients. The new Insights-led sales model is driving growth and reducing the sales cycle length, positioning Legend for significant future success.
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.
Legend Power Systems (TSXV:LPS)(OTCQB:LPSIF) has secured a contract with the City of New York for a demonstration of its SmartGATE Platform in one of the city's schools. This initiative is part of NYC's goal to reduce GHG emissions by 80% by 2050, through the Innovative Demonstrations for Energy Adaptability (IDEA) program. If proven successful, further contracts may follow. Randy Buchamer, CEO, emphasized New York as a vital market, anticipating growth driven by SmartGATE's capabilities. The city manages over 4,500 buildings, indicating significant potential for future applications.
Legend Power Systems (OTCQB:LPSIF) has secured a contract for 10 Insight Assessments at a 1,200-unit apartment complex in New York City, managed by a leading commercial real estate company. Utilizing its SmartGATE technology, Legend aims to provide insights into the financial impacts of power systems. This engagement is crucial for enhancing electrification and decarbonization strategies, potentially influencing over 300 buildings in the company's portfolio. The assessments are designed to improve financial performance and address environmental concerns.
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