Vancouver, B.C., Canada – Legend Power® Systems (TSX-V: LPS), a global leader in onsite energy management technology, today provided a business update and discussed recent steps taken to ensure a seamless transition to the anticipated normalization of business and economic activity.
We are pleased to report that in-process sales cycles have continued and that the uptake of the SmartGATE Insights™ building power analysis solution is demonstrating customer confidence in this additional product. External highlights include:
- Installation of SmartGATE™ with a leading New York multi-residential property group.
- In Boston (a new market), an international insurance company is installing four SmartGATE Insights™ units to assess electrical supply impacts and prioritize potential corrective next steps.
- Installation of SmartGATE units in four schools in the Greater Ottawa Area.
- In Toronto, a sustainable building leader that owns and manages over 50 million square feet of premier real estate in Canada is moving forward with installation of a SmartGATE™ unit with Insights™ in one multi-residential building, and a stand-alone SmartGATE Insights™ at another multi-residential building.
Given that Legend provides a product that improves an essential service like electricity, the Company will continue to be flexible and creative to do whatever it can to assist our customers and the occupants of their buildings through the current environment.
“Legend took decisive action early, prioritizing the wellbeing of our employees, our customers, our partners, and our communities,” said CEO Randy Buchamer. “We’ve continued monitoring and assessing the impact of COVID-19 and are pleased to see that following their initial scramble to get employees set up for work-from-home initiatives, customers remain engaged in the value that both SmartGATE Insights™ and SmartGATE can bring to their buildings. And while we are not yet back to normal, I am pleased with the feedback and activity we are seeing in the pipeline.”
To ensure Legend continues to execute to plan, we have taken several steps to manage prudently through the current environment. These include:
- Quickly and seamlessly extending existing remote-working capabilities for staff.
- Scheduling bi-weekly all-team video conferences to keep our close-knit team in touch.
- Implementing a cost-savings plan trimming scheduled discretionary expenditures by approximately $1 million for the coming one to two quarters as required.
- Identifying and applying for both Canadian and US emergency funding programs for which we qualify.
- Executing inventory-management and purchasing process improvements.
- Developing innovative payment mechanisms to enable purchases by prospects and follow-on purchases by existing customers.
- Product development on the 3rd generation SmartGATE™ platform remains on schedule.
About Legend Power® Systems Inc.
Legend Power® Systems Inc. (www.legendpower.com) is a global leader in onsite energy management technology. We help buildings overcome grid volatility challenges common to utilities around the world. Legend’s industry-proven SmartGATE™ enables dynamic power management of an entire building. The proprietary and patented system reduces total energy consumption and power costs, while also maximizing the life of electrical equipment. Legend’s unique solution is also a key contributor to both corporate sustainability efforts and the meeting of utility energy efficiency targets.
For further information, please contact:
Steve Vanry, CFO
+ 1 604 671 9522
Sean Peasgood, Investor Relations
+ 1 647 503 1054
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
This Press Release may contain statements which constitute “forward-looking information”, including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities and operating performance of the Company. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities or performance and involve risks and uncertainties, and that the Company’s future business activities may differ materially from those in the forward-looking statements as a result of various factors. Such risks, uncertainties and factors are described in the periodic filings with the Canadian securities regulatory authorities, including the Company’s quarterly and annual Management’s Discussion & Analysis, which may be viewed on SEDAR at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements other than as may be required by applicable law.