Power Saving Technology Helps Companies Conserve Energy, Reduce Greenhouse Gas Emissions and Reduce Costs

Q&A with Legend Power (V.LPS) Chairman Michael Atkinson

By Stockhouse Editorial

What does Legend Power Do?

Legend Power (TSX:V.LPS, Stock Forum)  is the developer, manufacturer and marketer of a patented product, the Harmonizer-AVR, which helps businesses use less electricity and save money while  reducing greenhouse gas emissions.  The Harmonizer-AVR saves money by regulating & reducing voltage supplied to commercial buildings.  Reducing voltage to save energy is not a new concept, but previous voltage reduction techniques were low-tech, costly, and inefficient and the ROI was non-existent.   We use modern engineering practices to cost effectively regulate a building’s supply voltage which allows for a payback in three years or less.  Essentially, we provide businesses with a new way to save energy.

What are the benefits of your technology?

Number one is saving money and offering a superior return on investment to our clients.  The less than three year payback we offer is what puts us in the energy conservation game, but it is not a key differentiator.  Our customers want to save energy, but there are alternative energy saving products that can also achieve a three year ROI.   We are different because of our industry leading 10 year warranty, our energy savings guarantee and the fact that we sell a single product installation that does not disrupt or affect a building’s valuable commercial space.   We have a very strong value proposition which cannot be matched.

Once our product is installed, it becomes part of the building’s electric distribution system and will remain functional over the course of the building’s entire life cycle.  The Harmonizer-AVR has no moving parts and has a very long life expectancy and requires minimal maintenance.  We offer a 10 year warranty to provide assurance to our customers that our product is robust, reliable and that it will save energy over the long term.

How does the Harmonizer differentiate from other energy  and cost saving retrofits?

Unlike alternative energy conservation solutions, such as a lighting retrofit which produces a significant amount of waste replacing old bulbs with new, the Harmonizer-AVR produces no waste.  Instead, we compliment the building’s existing electrical system by providing optimal voltage throughout the building to save energy.   The only byproduct of the Harmonizer-AVR is energy savings of up to 8%.

How does your technology work and are there infrastructure costs or adjustments that need to be made to existing systems?

There is no need to replace or retrofit existing electrical equipment; it’s a seamless integration into an existing electrical system with minimal interruption to business operations.  Once the Harmonizer-AVR is installed, the entire building will operate at an optimal voltage and will use less energy as a result.

The Harmonizer-AVR is made up of two key components: one that reduces the supply voltage from 3-8% and the other monitors a building’s incoming voltage level and applies the correct voltage reduction setting on the Harmonizer.  The AVR can change voltage reduction settings in real time without any disruptions to a building’s electrical supply which is key to  supplying a consistent optimal voltage supply.

Who are your customers?

Key customers include property management companies, big box retailers, grocery stores, really any medium to large commercial, industrial, government or hospital building that has a large load of electricity.

We chose to roll out and test our technology in Ontario, and specifically the Greater Toronto Area, because of the high energy costs they face.  GTA is head office to many of the property management companies and corporations and offers good government incentives for green initiatives. It’s also in close proximity to the eastern seaboard which will provide a great spring board for expansion.

Who are your competitors?

There really is no one company that can reduce overall energy costs the way we can. There are other alternatives for companies when spending capital for green initiatives, but we believe none offer the value proposition of our product.  Legend’s technology typically offers a return on investment of less than 3 years, offers the indsustry’s lowest cost of ownership and does so maintenance free with a  warranty on our product of 10 years and guaranteed savings for our customers.

Why should an investor consider investing in Legend?

With leading edge Green technology that is actively being adopted by Legend’s growing customer base it is rapidly approaching an increase in growth.   Legend focuses our sales efforts on corporations with 100+ locations.  The initial “try and buy” is at an early stage but successful installs should lead to incredible follow up business as these clients role out our product throughout their building network and where applicable, internationally.

How do you intend on growing your business and what are some of the catalysts that will help you do this? 

The Company plans on continuing to establish Ontario as a model market and grow this business.  Once firmly established, we’ll use this proven model to move into large markets in the Eastern US.  With credibility chips in hand and a large referral base to leverage, market penetration should occur more rapidly and accelerated growth will follow.

What are some of your key goals and milestones for 2013 and 2014?

In late 2013 to be cash flow positive and to move in to at least one new US market.  The goal for 2014 is to be profitable and move in to at least 3 more major US markets to accelerate the rapid growth we believe is imminent.

Tell me about your management team and what experience do they bring to the table? Our key figure is our President & CEO, Randy Buchamer.  Randy brings a wealth of knowledge in successfully turning around small companies and executing on business plans.  Randy excels in creating a team vision and implementing the vision for success.  Some of Randy’s past experiences include being a key executive of the Pattison Group and President of Mohawk Oil during its sale to Husky.

We also have a very strong leadership team with technical, financial and business development experience.  In addition, we are backed by a strong board of directors with a wealth of public sector knowledge and experience in high growth companies.  I am confident Legend has the right people in the right places to achieve our key goals.

Disclosure: Legend Power is a Stockhouse client. 

Burnaby, British Columbia – March 13, 2013 – Legend Power Systems Inc. (TSX.V: LPS) (“Legend”, “the company” or “we”), is pleased to provide this quarterly update.

On February 21, 2013 the company announced its highest quarterly sales revenue to date for the quarter ended December 31, 2012.  Revenues increased materially over the same quarter last year.  Legend continues to receive product orders from new and existing customers.

The company continues to execute on its sales and marketing plan to develop a repeatable sales model in Ontario.  Initial sales results in Ontario have been very positive and the company’s management team is evaluating expanding into other geographical markets with similar attributes.

Due to the sales growth Legend experienced, the company’s ability to test and deliver product in a timely manner was challenged.  Multiple installations in large commercial towers, a new technical environment for Legend, were scheduled to be completed during the quarter.  In order to ensure industry leading product performance in this new environment, existing resources were diverted to testing and adapting Legend’s existing product offering to fit this new environment.

To complete a comprehensive test of its entire product line, including recent performance enhancements, Legend began expanding its product test capabilities during the latter half of the quarter. The new test protocols and facilities will ensure that Legend continues to support its growing customer base by offering enhanced product reliability, improved savings capabilities.

Legend’s management team continues to operate on a cost reduction plan, which has been in place for the past year. The company will continue to manage costs to help achieve positive cash flow as sales grow.

The company thanks its financial supporters for their confidence in the management, products and business plan moving forward.

December 31, 2012 Quarterly Financial Highlights, (Unaudited):

Revenues for the quarter ended December 31, 2012 (the “Current Period”) were $443,371 compared to $47,820 during the same period in 2011 (the “Prior Period”).

Expenses for the Current Period decreased by 8.9% to $552,403 from $606,471 during the Prior Period, due to continued reduction in expenditure right across the board.

Net loss for the Current Period was $375,819 or $0.005 loss per share (basic and diluted) compared to a net loss of $585,178 or $0.010 loss per share (basic and diluted) during the Prior Period.

Legend’s detailed financial information for the quarters ending December 31, 2012 and 2011 along with accompanying Management’s Discussion and Analysis for the same period are available on SEDAR (www.sedar.com).

About Legend Power Systems Inc.

Legend Power Systems Inc. (www.legendpower.com) is a leading electrical energy conservation company that manufactures and markets a patented device to help commercial and industrial customers achieve significant energy savings through voltage optimization. Legend Power’s Electrical Harmonizer-AVR helps companies reduce their electricity bills, maintenance costs, and increases the life of electrical equipment, while contributing to a reduction in greenhouse gas emissions.

Forward Looking Information This release may contain forward-looking statements.  Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although Legend Power believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of Legend Power’s management on the date such statements were made. Legend Power expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

March 11, 2013

Legend Power Systems Inc. (TSX-V: LPS) is pleased to announce it has closed the second and final tranche of a private placement of 8,479,286 units at $0.07 each for $593,550 by issuing a total of 3,635,000 units at $0.07 each for proceeds of $254,450. Each unit consisted of one common share and one non-transferable warrant to purchase a further share for $0.10 for two years. The shares and any shares issued on exercise of the warrants will be subject to restrictions on transfer until June 28, 2013.

About Legend Power Systems Inc.

Legend Power Systems Inc. (www.legendpower.com) is a leading electrical energy conservation company that manufactures and markets a patented device to help commercial and industrial customers achieve significant energy savings through voltage optimization. Legend Power’s Electrical Harmonizer-AVR helps companies reduce their electricity bills, maintenance costs, and increases the life of electrical equipment, while contributing to a reduction in greenhouse gas emissions.

For Further information, please contact:

Legend Power Systems Inc. is pleased to announce it has closed the first tranche of a private placement of up to 8,479,286 units at $0.07 each for proceeds of up to $593,550 by issuing a total of 4,844,286 transferable warrant to purchase a further share for $0.10 for two years. The shares and any shares issued on exercise of the warrants will be subject to restrictions on transfer until June 28, 2013. The second and final tranche is expected to be closed within the next week.

Legend Power also announces that Douglas Blakeway has resigned as a director in order to devote his time to a new business venture. The Company thanks Mr. Blakeway for his past services and contributions and wishes him the best in his new venture.

About Legend Power Systems Inc.

Legend Power Systems Inc. (www.legendpower.com) is a leading electrical energy conservation company that manufactures and markets a patented device to help commercial and industrial customers achieve significant energy savings through voltage optimization. Legend Power’s Electrical Harmonizer-AVR helps companies reduce their electricity bills, maintenance costs, and increases the life of electrical equipment, while contributing to a reduction in greenhouse gas emissions.

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

TEL: + 1 778 945 1501

Randy Buchamer
rbuchamer@legendpower.com

C.E.O. and President Legend Power Systems Inc.

We are pleased to provide a corporate update for our various supporters and shareholders. With our fiscal year ending on September 30, 2012, we experienced much success over the last twelve months and we are a stronger and more focused team.  In October 2011, we launched our new sales program and team and since the launch, we secured over $2.5 million of product commitments with dozens of major Canadian corporations.  Our brand became “known” in our target markets and orders during the year were “buy and try” orders meaning follow on orders are expected based on good product performance.

Although we had success growing our order book this past fiscal, our biggest challenge was moving bookings to installations and cash collection. During October and expected during fiscal Q1 2013, many of last fiscal’s orders are being installed and cash will be collected.
At the start of our last fiscal, we started several initiatives to improve the company:

1. Launch a new sales program, process and sales team in Ontario
2. Reduce our operating costs and increase effectiveness
3. Reduce our product costs while improving product capability
4. Improve our customer ROI

By successfully completing the above critically important initiatives we have achieved high team morale and focus, we are cost effective and we have unique reliable products and a sales program that is developing nicely. We are excited about our new fiscal year and the opportunities for success in front of us.

We have been very busy at Legend and we are pleased to update you on positive corporate progress.

Highlights

• Significant progress has been made securing orders and installation dates which have really improved team morale and belief that the dream is possible.
• With expected installs booked, in fiscal Q1 2013 we should be cash positive for the first time in our history.
•  A $500,000 loan was closed on October 31, 2012 (on very favorable terms) and will provide working capital to support our Q1 cash flow.
• Monthly burn has been reduced to $125,000 per month. (Two years ago the monthly burn exceeded $380,000)
• As you will see in the product update, great progress has been made to “commercialize” our products and achieve unequalled performance levels. The improvements will continue with our new product release in fiscal Q1 2013.
• We have successfully completed product installations with a major Canadian retailer and a global product manafacturing and distribution company.

Sales

• We have been in closing/installing/invoicing mode (focusing on installing product and cash)
• Very busy fiscal Q1 – fully booked at 1 install per week (near max. current internal capabilities)
• Trend – 6-12 month old commitments now being installed
• Customers now have budget and final order/install approval
• Sales is focused on “securing 2013 budget” with prospects now
• The sales funnel is growing and our installed products are meeting or exceeding customer expectations. Virtually all of our current customers have the potential to utilize over 100 Legend products within their network.

Product

We have finally reached the point where our product claims are now reality. With major product improvements and cost reductions we have a very compelling and unique offering to build our business on. We are for real. The engineering team is fully engaged on fulfilling orders and install commitments.
Transformer

• The new transformer is complete and in testing – all looks good. Regulatory testing is required and is expected to be completed by the end of November 2012.
• The cost of the new transformer is down by 50% when compared to our current transformer. The new transformer will also incorporate an 8% tap (up from 6%) which creates the opportunity to increase a customer’s value proposition by 37 %.  This will significantly improve our value proposition, improve our substitute product competitive position and increase our share of potential market. This is a huge milestone for the company and we now officially have a real proprietary product that we control as a manufacturer should.

Latest Automatic Voltage Regulator (AVR)

• Costs have been reduced on the latest AVR by 50% and it is now comprised of only 3 main assemblies, down from 12. It is simpler in design,has fewer parts with improved reliability, and is our “secret sauce” that creates our competitive uniqueness. The product is now ready for full commercialization in targeted geographical areas, and with minor work applicable for other geographical regions.

Overall our product cost is down by 35%.

Installations

• This has been a problem area as discussed in past reports. The good news is that we are improving our installation processes, management, and abilities. Our goal is to be able to perform installations 100% on our own (in any situation) by February 1, 2013.
• We have reduced our install costs (in most situations) by 30% with a target of 40% by February 2013. We now have margin with our installs instead of just covering our costs. Installations have become a profit center and we will grow this group reflective of our order flow.
• Our new Toronto based Project Manager is contributing greatly and already has 3 installs completed in only his second month with Legend.
• We have established working relationships with several new electrical contracting firms to help with our installations and provide additional manpower at peak times. We have already seen better pricing due to competition.

We are excited about fiscal 2013 and expect to see significant progress as our fiscal 2012 initiatives and efforts provide a strong foundation for growth. We have finally left the research and development stage and look forward to commercialization of our solution in our target markets.

With continued success in Ontario, fiscal 2013 will see Legend commence discussions with distributors to market Legend solutions in the United States. The US has high energy costs and good government incentives so the Legend solution is a strong fit for customer energy saving objectives.

We appreciate that the last year has been a tough financial market and like 90% of TSX venture companies, our value decreased. We believe that the financial markets will take notice of Legend’s accomplishments and value Legend as a going concern with good upside. We need to execute to plan and properly communicate our results to the appropriate financial audiences. We will do so.

We thank each of you for your on-going support of Legend Power. I know that many of you invested in Legend several years ago and the Company has not delivered as promised. We are now two years into Legend’s corporate turnaround and today’s Legend is nothing like the Legend of years ago.

Quite frankly the turnaround was a bigger challenge then we first thought and virtually all aspects of the Company needed to be reviewed and improved. The good news is that we are nearly through the turnaround stage .We have a committed team with clear focus, an effective and reliable product, worldwide market, limited competition, a frugal cost structure and we exceeded $2.5 million in commitments last year.  The turnaround will now become a successful growth story.

Burnaby, British Columbia, August 28, 2012– Legend Power Systems Inc. (“Legend Power”) (TSX-V: LPS) is pleased to provide an update on the progress of our corporate renewal journey.

• We continue to engage and close significant corporate business in Ontario. For the second quarter of calendar year 2012, we received sales commitments totalling $980,000 from several corporations. Some of the units were shipped during the quarter and others are expected be shipped in the third or fourth quarters.  We continue to build awareness in Ontario and we believe that several major national accounts that have made commitments to LPS will expand their orders upon successful results.

• We have continued to significantly improve the product’s performance while reducing costs. The Harmonizer-AVR is now going to be 100% North America made, which will lower costs, and maintaining a high level of quality and support our USA sales expansion strategy. Planned product enhancements will increase the product’s energy savings potential by up to 33%, strengthening our value proposition and notably improving customer ROI.

• Our primary challenge is the lengthy sales cycle from receiving a sales commitment to installation, booking revenue and cash collection.  This is a common challenge in the electrical retrofit industry. Installation of the Harmonizer-AVR requires a complete building shutdown for several hours. Many customers have one or two building shutdowns per year as part of a preventative maintenance schedule.  In order to minimize disruption, many of our customers prefer to complete the installation during a previously scheduled building shutdown.  This can delay installation, booking revenue and collecting payment.  In addition, approval from local power utilities and safety authorities must be received prior to installation, which can also cause delay.    We are reviewing ways to speed up our sales to install cycle.

• We are in discussions with several groups to increase our cash position without a dilutive event. We expect to provide clarity on this matter during September.

We welcome the opportunity to communicate with you and we appreciate the support that you continue to show us. Our Board of Directors is committed and our Team is excited with the possibilities before us.

About Legend Power Systems Inc.

Legend Power Systems Inc. (www.legendpower.com) is a leading electrical energy conservation company that manufactures and markets a voltage optimization solution to help commercial and industrial customers to reduce electrical energy consumption and costs. Legend Power’s Electrical Harmonizer-AVR helps companies reduce their electricity bills, maintenance costs, and increase the life of electrical equipment, while contributing to a reduction in green house gas emissions.

Forward Looking Information.- This release may contain forward-looking statements.  Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although Legend Power believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of Legend Power’s management on the date such statements were made. Legend Power expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information, please contact:                                LEGEND POWER SYSTEMS INC.
Randy Buchamer, President and COO                                         8561 Commerce Court
Legend Power Systems Inc.                                                          Burnaby, BC V5A 4N5
778-945-1501                                                                              604-420-1500
www.legendpower.com

Burnaby, British Columbia August 20, 2012 – Legend Power Systems Inc. (TSX.V:LPS) is pleased to announce that Mr. Michael Thomson, President of Independent Capital Partners Inc, is joining its Board as an independent director.

Legend continues to successfully secure sales commitments and build brand awareness amongst leading firms in the retail, property management and light industrial sectors. All recent installations have consistently exceeded customers’ expectations and Legend is focused on leveraging this momentum and accomplishing our sales targets.

The Legend Board of Directors and Management Team are delighted to welcome Mr. Thomson and his financial expertise and market experience. We look forward to his input to help Legend continue to grow its sales in Ontario and expand throughout the Eastern USA.

About Michael Thomson

Michael G. Thomson has over 29 years of working experience as a lawyer, securities regulator, investment banker and entrepreneur. Michael is also President and Chief Executive officer of Richmond Row Capital Corp., a Capital Pool Company listed for trading on the TSX Venture Exchange and also the Founder, past President and a current Director of Metropolitan Energy Inc., a company listed on the TSX.V. Mr. Thomson is also on the advisory board of Smart Ventures Inc., a venture capital fund that focuses on investing in early stage technology companies. Michael Thomson is a graduate of the University of Ottawa, School of Law (1983). Mr. Thomson was called to the bar of British Columbia in 1984 and was a member of the B.C. Bar until 2011. His preferred areas of practice were corporate and securities law. Michael is a former legal counsel, Corporate Finance & Listings, for the Vancouver Stock Exchange (predecessor to the TSX.V).

About Legend Power Systems Inc.

Legend Power Systems Inc. (www.legendpower.com) is a leading electrical energy conservation company that manufactures and markets a patent-protected voltage optimization solution to help commercial and industrial customers reduce electrical energy consumption and costs. Legend Power’s Electrical Harmonizer-AVR helps companies reduce their electricity bills, maintenance costs, and increase the life of electrical equipment, while contributing to a reduction in green house gas emissions.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information, please contact:                                LEGEND POWER SYSTEMS INC.
Randy Buchamer, President                                                         8561 Commerce Court
Legend Power Systems Inc.                                                          Burnaby, BC V5A 4N5
778-945-1501                                                                               604-420-1500
www.legendpower.com

News Release

May 22, 2012

Harmonizer-AVR playing key role in helping utility lower its electricity consumption, reduce greenhouse gases and trim operating costs

Ajax, ON – Veridian Connections (Veridian) and the environment are benefiting from an innovative voltage regulator installed at the company’s corporate headquarters in Ajax that’s helping to lower Veridian’s electricity consumption, reduce harmful greenhouse gas emissions and trim operating costs.

The voltage regulator – known as the Harmonizer-AVR and manufactured by Legend Power Systems Inc. (Legend Power) – acts like an energy-dimmer switch for commercial buildings. The unit is installed in Veridian’s electrical room and regulates incoming voltage. If excess power is supplied to the building in the form of high voltage, the Harmonizer-AVR automatically adjusts the voltage to an efficient level to save energy.

“The energy saving unit was a perfect fit with the 26,000 square foot LEED-certified expansion to our Ajax office and environment-first thinking,” says Michael Angemeer, Veridian’s President and CEO. “We are continually looking to incorporate new and innovative energy solutions into our daily business practices that make good business sense, promote a culture of conservation and will help create the sustainable communities of tomorrow.”

Without making a single efficiency upgrade to its end use electrical equipment, Veridian is saving 76,000 kWh and 14 tons of greenhouse gas emissions per year. The Harmonizer-AVR’s 15 year life expectance will help the company achieve a cumulative long term savings of over 1.1 million kWh and 210 tons of greenhouse gas emissions.

“The entire team at Legend Power is incredibly excited to see an industry leading power utility leverage Legend Power’s technology and reduce their energy consumption and greenhouse gas emissions by over 5 per cent. We believe the Harmonizer-AVR can change the way buildings use energy,” says Randy Buchamer, Legend Power’s President. “Veridian Connections has proven first hand that even modern energy efficient buildings can cost effectively increase energy savings with our solution”

The Harmonizer-AVR is recognized as an energy conservation solution under the province-wide saveONenergy^OM RETROFIT PROGRAM. The program provides substantial financial incentives to encourage the replacement of existing equipment with energy efficient equipment and new control systems that provide cash flow savings and improve the efficiency of operational procedures and processes.

For more information on the range of saveONenergy programs available for homes and businesses in Veridian’s service area, visit www.veridian.saveonenergy.ca.

Photo requests: Contact Erik Wolfe, Legend Power, at 778-945-1505 or ewolfe@legendpower.com.

^OM Official Mark of the Ontario Power Authority. Used under licence.

About Veridian Connections

Veridian Connections Inc. safely and reliably delivers electricity to more than 115,000 customers in the cities of Pickering and Belleville, the towns of Ajax, Port Hope and Gravenhurst, and the communities of Uxbridge, Bowmanville, Newcastle, Orono, Port Perry, Beaverton, Sunderland and Cannington. Veridian Connections is a wholly owned subsidiary of Veridian Corporation. The City of Pickering, the Town of Ajax, the Municipality of Clarington and the City of Belleville jointly own Veridian Corporation.

About Legend Power Systems Inc.

Legend Power Systems Inc. is a leading electrical energy conservation company that manufactures and markets a voltage optimization solution to help commercial and industrial customers to reduce electrical energy consumption and costs. Legend Power’s Electrical Harmonizer-AVR helps companies reduce their electricity bills, maintenance costs, and increase the life of electrical equipment, while contributing to a reduction in greenhouse gas emissions.

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For more information, contact:

Chris Mace

Sales & PR Representative – Corporate Communications

Veridian Connections Inc.

P: 905-427-9870, extension 2218

C: 905-621-2549

Erik Wolfe

Marketing Manager

Legend Power

P: 778-945-1505

C: 604-761-6818

Burnaby, British Columbia – April 12, 2012 – Legend Power Systems Inc. (TSX.V: LPS) (“Legend Power” or the “Company”) is pleased to announce that, at the annual general meeting of shareholders of the Company held on March 29, 2012 and reconvened on April 12, 2012 after an adjournment (the “Meeting”), each of Randy Buchamer, Douglas Blakeway, Michael Harcourt, Troy Moreira, Dr. Jan Carr and Michael Atkinson were re-elected to the Board of Directors of the Company (the “Board”), and D&H Group LLP, Chartered Accountants was re-appointed as auditors of the Company.

In addition to the customary corporate matters approved at the Meeting, the Company’s shareholders also approved the continuation of the Company’s 10% rolling share option plan dated for reference March 24, 2010, as amended March 17, 2011, and an increase in the authorized capital of the Company to a minimum of 200,000,000 common shares and, subject to any necessary judicial approvals, to an unlimited number of common shares. The necessary corporate filings to effect the increase in the authorized capital were completed immediately following the reconvened meeting.

Burnaby, British Columbia, April 11, 2012– Legend Power Systems Inc. (“Legend Power”) (TSX-V: LPS) is pleased to provide an update on the progress of our corporate renewal journey. (Please see the recent Legend Power press releases of March 28 and 29, 2012.)

Randy Buchamer, President and COO, reports the following:

We have continued to reduce our monthly cost of operating our business. The progress chart below shows that our monthly costs have been reduced from a high of $330K in September 2010 to about $145K in April 2012. Our product costs continue to improve while we leverage best engineering practices resulting in additional gross margin.

As the chart illustrates, Legend Power now needs to sell approximately 5.9 units to break even and is profitable on an operating basis on sales above $ 3.9M.

We launched our sales program with a new and proven sales team in September 2011. We just concluded our first complete quarter with our new sales program and the results were very positive.

As mentioned in our March 29, 2012 release, during the first quarter of calendar year 2012, we received commitments for 25 units representing about $1,132,787 against an internal budget of $713,940 (represents a 57% over achievement to internal budget). Some of the units were shipped during the quarter and other units will be shipped during the next quarter or two. In Legend Power’s ten plus year history, the company has never come close to achieving the results obtained in the last quarter. Obtaining positive sales growth while reducing costs is a significant achievement.

We also completed a financing in March raising approximately $1.28M. We appreciate the markets’ confidence in our strategy and plans.

We are pleased but not satisfied with our continued results. The team knows our renewal journey has started strong but the road is long. We are confident that we will continue to deliver positive results and grow a strong business. The early positive results confirm that we have listened to our target markets and have presented our product in a way that our markets understand. The Company will continue to build and establish a strong brand in the Ontario market with visions of duplicating the business model later this year in other cities on the Eastern seaboard.

Thank you to all our supporters, stakeholders and committed shareholders. We will continue to work hard and smart to continue to enjoy your support.

About Legend Power Systems Inc.

Legend Power Systems Inc. (www.legendpower.com) is a leading electrical energy conservation company that manufactures and markets a voltage optimization solution to help commercial and industrial customers to reduce electrical energy consumption and costs. Legend Power’s Electrical Harmonizer-AVR helps companies reduce their electricity bills, maintenance costs, and increase the life of electrical equipment, while contributing to a reduction in green house gas emissions.