We are pleased to provide a Q3 highlight summary to support our Q3 financials, MD&A and press release. We continue to see growing interest in our solution in all vertical markets and satisfied customers. We have secured the support of many of the key industry recommenders (electrical engineers/contractors, utilities, etc.) who influence our target market.
In discussions with the financial community and shareholders we explain Legend Power Systems significant progress in three major components:
Companies continue to experience high energy costs and annual energy cost increases. Reducing energy use is an extremely important goal for all companies. Companies have implemented most of the other traditional energy saving solutions and are looking for innovative ways to reduce their costs.
The marketplace’s view of Legend Power’s solution has shifted from “does it work” to “is it economic for my buildings?” We are experiencing strong interest in our products from potential customers, utilities and electrical contractors. In fact, the organizations that our market looks to for validation on energy saving solutions are supportive of Legend and desiring to partner with Legend.
Energy costs have increased annually by 5 percent the last few years and it is expected to continue. There is an urgent need to reduce energy costs and Legend’s solutions are a strong consideration.
Energy costs are high, demand is strong and there are no direct competitors to Legend’s solution.
We continue to achieve outstanding energy saving results in all our core vertical markets. Our performance has been independently evaluated by industry experts and the results prove we deliver as promised. We usually achieve savings of 4-6% and project paybacks less than 3 years. We were proud to announce that we successfully delivered our 100th system during the quarter.
We continue to enhance our products with increased capabilities and feature set. We will soon be releasing our largest system ever, 2000 AMP’s as well as a new energy “dashboard” which will display real time product performance to bring the product from the electrical room to the executive suite.
We also introduced an innovative method to acquire and utilize Legend Power systems without upfront capital. Our Energy Savings Plan (ESP) is an innovative financial product that allows our customers to leverage Legend solutions in their buildings on a shared energy savings basis. We have experienced substantial interest in this innovative ESP program.
Our products deliver outstanding energy savings and independent industry experts agree.
During the last quarter we built an experienced and proven sales team. Aaron Arsenault, a successful ex Enernoc sales executive is now our Director of Sales. Aaron has added three experienced and highly successful business development people who are based in Ontario. In the new sales teams first 60 days, they have:
- Booked more sales calls, building energy assessments and proposals than Legend Power had previously done in the last few years. This level of new sales activity has significantly grown our sales funnel, increased order back log, which will fuel subsequent quarter’s growth. To put the level of new sales activity into perspective, in the last 30 days we have booked 100 plus new building energy assessments, which is more than the total of what we have booked in the last few years.
- Grown our sales opportunity funnel from $2 million to $12 million
- We will continue to grow our sales funnel to support Legend’s sales targets. We know that sales are based on sales activities and our level of sales activities has tremendously improved.
We know the marketplace has to reduce energy costs. Our product has proven to reduce energy costs. We have a full time dedicated and experienced sales team that has already proven to successfully be able to engage our target markets interest and move our prospects through the sales cycle. We are very confident that we have all the pieces necessary to successfully grow the Ontario marketplace and expand to other North American regions.
The Legend Power Team is extremely confident and absolutely committed to ensuring Legend Power is successful and offers a strong return to shareholders. We thank you for your ongoing support.
President & CEO