RXR Engages Legend Power Systems for SmartGATE Insights Assessments at Iconic New York City Properties

Rhea-AI Summary

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.

Positive

• Partnership with RXR could lead to increased revenue through enhanced service offerings.
• SmartGATE tools provide valuable insights for improving building performance, potentially attracting more clients.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / May 4, 2022 / Legend Power Systems® (TSXV:LPS)(OTCQB:LPSIF), a global leader in commercial electrical system solutions, today announced an agreement with RXR, a leading owner, investor, and developer of real estate, whereby Legend will assess electrical performance in several of RXR's commercial buildings in New York City.

RXR is committed to building socially, economically and environmentally responsible communities and towns. RXR operates 93 iconic properties in New York City and other core regions in the United States, with a significant concentration of large Class A office buildings located In Rockefeller Plaza, Madison Avenue, Park Avenue, and Avenue of the Americas.

Legend's SmartGATE Insights and Power Impact Report are valuable tools that demonstrate the financial impact the power grid has on buildings and how SmartGATE solutions can solve these issues, improving buildings' financial performance and environmental footprint. This allows building owners to make more decisions faster than ever before based on the real-time data for each property.

The assessments will begin with several notable commercial office properties and are part of the extensive GHG Reduction and ESG initiatives for RXR.

"RXR has an industry-leading commitment to ESG initiatives," says Alex Gulagaci, Director of Engineering at RXR Realty. "Our partnership with Legend gives us additional, detailed visibility to understand how our buildings are impacted and the magnitude of the resulting financial and operational costs. We are keen to review the findings of Legend's assessments and recommendations for turnkey SmartGATE solutions as it could help us to refine our GHG reduction and ESG strategies and ensure that the RXR portfolio of buildings continues to be the best buildings in the New York City area."

The first round of assessments is scheduled to be completed in the coming months.

About SmartGATE™

SmartGATE™ is an industry-leading, turnkey solution that 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 RXR Realty

​​RXR is an innovative investor, developer and place-maker committed to applying a customer and community-centered approach to building properties, services, and products that create enduring value for all stakeholders. Headquartered in New York with a national platform strategy, RXR is a 500+ person, vertically integrated operating and development company with expertise in a wide array of value creation activities, including ground up real estate, infrastructure and industrial development, uncovering value in underperforming properties, repurposing well-located iconic properties, incorporating cutting edge technologies and value-added lending. The RXR platform manages 83 commercial real estate properties and investments with an aggregate gross asset value of approximately $22.4 billion, comprising approximately 30.2 million square feet of commercial properties, a multi-family residential portfolio of approximately 7,300 units under operation or development, and control of development rights for an additional approximately 3,700 multi-family and for sale units as of December 31, 2021 adjusted for transactions through January 6, 2022. Gross asset value compiled by RXR in accordance with company fair value measurement policy and is comprised of capital invested by RXR and its partners, as well as leverage.

To learn more about RXR Realty, please visit rxrrealty.com

About Legend Power® Systems Inc.

Legend Power® Systems Inc. (http://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:
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 is the significance of the RXR and Legend Power Systems partnership?

The partnership enables Legend Power Systems to assess electrical performance in RXR's NYC properties, potentially improving operational efficiency and financial performance.

When will the assessments by Legend Power Systems be completed?

The first round of assessments is scheduled to be completed in the coming months.

How does SmartGATE benefit commercial buildings?

SmartGATE identifies and fixes electrical system underperformance, improving financial performance and tenant satisfaction.

What is RXR's commitment to ESG initiatives?

RXR focuses on building socially and environmentally responsible communities, enhancing their GHG reduction and ESG strategies.