Property Management Firm Leverages Legend Power Insights Through Major Energy Services Company as Part of Pre-Purchase Property Assessment

Rhea-AI Summary

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.

Positive

• Partnership with a major ESCO expands market reach without high marketing costs.
• SmartGATE Insights enhances due diligence and identifies previously unseen risks.
• Access to a $10-$15 billion ESCO market increases potential revenue opportunities.
• SmartGATE solutions offer energy savings and improved reliability for clients.

Negative

• None.

Impact of Grid Power on Financial and Operational Performance of Five New Jersey Buildings to be Uncovered

VANCOUVER, BC / ACCESSWIRE / April 29, 2021 / Legend Power Systems® (TSXV:LPS) and (OTCQB:LPSIF), a global leader in commercial electrical system solutions, today announced through a partnership with a major energy services company ("ESCO"), it will assess 5 acquisition target properties for a multi-billion-dollar multifamily property owner and operator. The ESCO partner is the Power Solutions / Energy Performance Contracting group of a Fortune 500 facilities operator.

This engagement is the first instance of Legend's SmartGATE Insights service being utilized for evaluating properties being considered for investment and opens a completely new multi-vertical opportunity. The Insights service enhances critical building health due diligence by bringing greater visibility to previously unseen risk in buildings targeted for acquisition.

"After investing significant time and resources to demonstrate the value-add of Legend's solutions, we are pleased to announce our second partnership with another major U.S. ESCO," said Legend Power CEO Randy Buchamer. "With SmartGATE Insights' unique ability to assess hundreds of building power characteristics and quickly deliver easy to understand, actionable solutions to customers, it was only a matter of time before ESCOs discovered the value of offering it to their customers. We anticipate establishing more relationships with U.S. ESCOs, which will provide Legend with low cost / high leverage geographic reach and strong presence in key U.S. regions. Legend gets instant access to decades long, trusted relationships in an expanded set of market verticals with little or no marketing, sales or infrastructure costs. I am excited about the opportunity these partnerships can bring which should quickly help us scale the business in existing as well as new regions."

The ESCO market in the U.S. is a US$10 billion to US$15 billion a year business that bundles energy conservation measures for large public entities such as government organizations and others. SmartGATE is a patented, unique and differentiated offering, which provides our new partner a significant competitive advantage. These advantages include enhanced energy savings performance, electrical systems reliability and power quality management capabilities which boost our ESCO partner's value proposition and delivers it more sales wins.

Legend's SmartGATE Insights and Power Impact Report are valuable tools that provide 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 details these excessive costs across each building in a property portfolio and demonstrates how SmartGATE solutions can reduce these costs.

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.

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FAQ

What partnership did Legend Power Systems announce?

Legend Power Systems announced a partnership with a major energy services company to assess properties for a significant multifamily property owner.

How does SmartGATE Insights enhance property evaluations?

SmartGATE Insights improves due diligence by revealing unseen risks in targeted properties.

What is the market size of the ESCO sector in the U.S.?

The ESCO market in the U.S. is valued between $10 billion and $15 billion annually.

What advantages does SmartGATE provide?

SmartGATE provides energy savings, improved electrical reliability, and better financial performance for commercial buildings.

Is there any negative impact mentioned in the press release for LPSIF?

No significant negative impacts are reported in the press release for Legend Power Systems.