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.
| Income Statement | ||
| For the 3 months ended December 31 | 2012 | 2011 |
| Revenue | $443,371 | $47,820 |
| Total expenses | $552,403 | $606,471 |
| Income (loss) before other items | $(356,690) | $(586,527) |
| Net income (loss) | $(375,819) | $(585,178) |
| Per share basic and diluted | $(0.005) | $(0.010) |
| Weighted average shares outstanding | 77,561,083 | 15,295,038 |
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.legend20.wpengine.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.
| For further information, please contact:Randy Buchamer, President, acting Chief Executive Officer and Chief Operating Officer |
LEGEND POWER SYSTEMS INC. 8561 Commerce Court Burnaby, BC V5A 4N5 +1 604 420 1500 |