Vancouver, B.C., Canada – June 22, 2021 – Legend Power Systems® (TSX-V: LPS and OTCQB: LPSIF), a global leader in commercial electrical system solutions, today announced a follow-on sale of eight SmartGATE™ Platforms to a major international property owner/operator. The eight-unit follow-on order brings the total number of SmartGATE™ Platforms installed in this customer’s multi-family buildings to ten and comes after evaluating 8 properties with Legend’s SmartGATE Insights assessment. This represents a 100% conversion of SmartGATE Insights™ to full SmartGATE™ Platform sales bookings1.
“We figured if we assessed eight buildings, we could make sense of moving forward with the purchase of two or maybe three SmartGATE™ Platforms”, said the Senior Manager of Energy Operations for the customer property group. “When Legend presented the SmartGATE Insights™ results, we saw an opportunity to actually move forward with SmartGATE™ Platforms purchases for all 8 properties.”
“SmartGATE Insights™ has again proven itself with a major commercial property owner,” said Mike Cioce, Vice President of Sales and Marketing for Legend Power Systems. “This multiple system follow-on purchase demonstrates this customer’s commitment to global electrification and decarbonization efforts. We are seeing more and more leading firms in multiple commercial real estate verticals express interest in Legend’s SmartGATE™ to enhance their decarbonization strategies. We are pleased with SmartGATE Insights’ strong conversion rate and are proud that some of the largest commercial real estate owners and operators in the world are trusting us to be part of their critical corporate missions.”
Legend and the customer are actively planning SmartGATE Insight™ assessments for additional multifamily properties across the US and Canada.
SmartGATE™ is an industry-leading, turnkey solution which 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 Legend Power® Systems Inc.
Legend Power® Systems Inc. (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.
1Sales bookings are a non‐GAAP measure which the Company believes are an indicator of success of the Company’s sales efforts. The Company defines sales bookings as commitments from customers either in the form of a purchase order, a purchase agreement or both, for the purchase of the SmartGATE Platform. Sales bookings are not recognized as revenue in the Company’s financial statements in relation to the fair value of deliverables until both i) a SmartGATE Platform is delivered to a customer and the customer takes legal possession of it, and ii) the installation of a SmartGATE Platform is substantially complete in the customer facility. Although the Company has not generally experienced an occurrence of a sales booking not becoming revenue recognized in its financial statements, there is no guarantee that all sales bookings will be result in deliveries and acceptance of the SmartGATE Platform. There remains a risk that a customer may cancel a sales booking and no related revenue would be recognized by the Company. Furthermore, there is no guarantee as to when the Company will complete the delivery and installation of the SmartGATE Platform, which can take from between one to twelve months after the sales booking is entered. Delays in delivery and installation could materially delay the recognition of revenue generated from a sales booking.
For further information, please contact:
Steve Vanry, CFO
+ 1 604 671 9522
Sean Peasgood, Investor Relations
+ 1 647 503 1054
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