BURNABY, BC, Aug. 18 /CNW/ – Legend Power Systems Inc. (TSX.V:LPS) (FSE: XLE) (“Legend Power”) announces that the non-brokered private placement of 3,750,000 units for total proceeds of $1,500,000 previously announced in Legend Power’s news release of July 13, 2010 is not proceeding.
In addition, Legend Power issued a shareholder report commenting on its business development activities. The text of the shareholder report is as follows:
To Our Valued Shareholders:
In light of the recent decline in the company’s share price we wish to
update you with the company’s status and to provide you with relevant
information.
Legend Power is moving forward at a good pace. We are making great
strides in our marketing program and have accomplished important
milestones in educating potential customers in different industries about
our technology. We are building relationships with large companies and
all the major utilities for future sustainable growth. These
accomplishments were made despite a less than ideal economic climate
which still continues to be in a recovery mode.
Our activities to date have left Legend Power better positioned for
future growth. We are continually updating our marketing strategy in the
face of challenges posed by the economic conditions. Our customers’
purchase decisions have been delayed or become limited not on the merits
of our technology or our capacity to provide customer service, but due to
economic restraints on capital expenditure. Despite that, we are
receiving orders for audits and installations. More importantly, these
continued installations have successfully proven savings for our
customers through our measurement and verification process, again
establishing that our technology is as effective as we have maintained.
The stock markets generally have been unsettled and erratic lately and
this condition combined with a short period of less frequent positive
company news has had a direct negative impact on our share price. We can
only surmise that the market is waiting for new sales news or new
financing plans, both of which are proceeding with due speed. We look
forward to sharing news on these fronts in the near future.
After almost nine years of research and development, we have started the
process of commercializing our technology. We are nearing completion of
our commercialization strategy and think you will be pleased to see the
results of our collective efforts in the near future.
Once again, thank you for your continued support.
Gerry Gill
Chairman and CEO
| For further information, please contact:
Gerry Gill, Chairman & CEO Legend Power Systems Inc. + 1 604 420 1500 ggill@legendpower.com |
LEGEND POWER SYSTEMS INC.
8618 Commerce Court Burnaby, BC V5A 4N6 +1 604 420 1500 |