LEGEND POWER SYS INC - LPSIF STOCK NEWS

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.

Legend Power Systems (OTCQB:LPSIF) has announced its engagement with a significant multifamily residential property owner for SmartGATE Insights™ assessments at 15 properties, including those under construction. This follows the customer's order for a fourth SmartGATE Platform installation across their portfolio of 9,600 units. The SmartGATE Insights tool offers a comprehensive understanding of financial impacts from power grid issues and presents tailored solutions. This partnership highlights the client's commitment to sustainability and tenant satisfaction, indicating potential growth opportunities for Legend Power.

Legend Power Systems (TSXV:LPS, OTCQB:LPSIF) has secured follow-on orders for two SmartGATE Platforms from a significant Ontario-based commercial property client, raising the total to 19 units. This brings the total units installed at the client's multi-family buildings to 35. The customer's extensive portfolio is valued at $20 billion, encompassing over 600 buildings and 70,000 units. SmartGATE enhances financial performance while meeting ESG goals by addressing energy underperformance, reducing costs, and improving tenant satisfaction.

Legend Power Systems Inc. (TSXV:LPS)(OTCQB:LPSIF) reported Q1 2021 financial results, revealing a revenue decline to $766k from $1 million in Q1 2020. Despite this, gross profit increased to $202k compared to $137k in the previous year, indicating improved efficiency. The net loss was reduced to $874k from $1.48 million. Operating expenses also decreased significantly by 34% to $1.08 million. The company continues to build its pipeline with over 50 new SmartGATE Insights engagements. Cash reserves stand at $2.04 million with no debt.

Legend Power Systems (TSXV:LPS)(OTCQB:LPSIF) will announce its Q1 2021 financial results for the period ending December 31, 2020, on March 1, 2021. A subsequent conference call is set for March 2, 2021, at 11:00 AM ET, hosted by CEO Randy Buchamer and CFO Steve Vanry. The call aims to provide updates on business and discuss financial performance. Interested parties can join via a dial-in or an online webcast. The company specializes in intelligent energy management solutions.