Vancouver, B.C., Canada – July 20, 2020 – Legend Power® Systems (TSX-V: LPS) has been selected by the New York State Energy Research and Development Authority (NYSERDA) to present at its July 23rd, Multifamily Building Solutions Network Provider webinar. The webinar is attended by approved members responsible for delivering energy assessments and energy savings incentives for multifamily building developers and owners across the State of New York.
Legend’s SmartGATETM solution analyzes, confirms and then solves for electrical energy issues in any commercial building. The resulting benefits including lower operating costs, energy savings, enhanced building portfolio value, and improved tenant satisfaction make SmartGATE a perfect fit for delivering on the Multifamily Performance Program’s core mandate.
“Legend’s multifamily building customer base, which includes the Company’s single largest customer, have clearly discovered SmartGATE’s benefit as a valued decision-making tool and for its ability to deliver a broad spectrum of financial benefits, including incentives”, said Mark Petersen, VP, Engineering of Legend Power. “Because these attendees are NYSERDA approved leaders, we are confident they’ll see the benefit of a turnkey solution which both analyzes and corrects electrical energy issues.”
The Webinar is open to all members of the NYSERDA Multifamily Building Solutions Network and they can register at this location: https://register.gotowebinar.com/register/1673426318143461648
New York State Energy Research and Development Authority (“NYSERDA”) promotes energy efficiency and the use of renewable energy sources. These efforts are key to developing a less polluting and more reliable and affordable energy system for all New Yorkers. Collectively, NYSERDA’s efforts aim to reduce greenhouse gas emissions, accelerate economic growth, and reduce customer energy bills.
NYSERDA works with stakeholders throughout New York including residents, business owners, developers, community leaders, local government officials, university researchers, utility representatives, investors, and entrepreneurs. NYSERDA partners with them to develop, invest, and foster the conditions that:
- Attract the private sector capital investment needed to expand New York’s clean energy economy
- Overcome barriers to using clean energy at a large-scale in New York
- Enable New York’s communities and residents to benefit from energy efficiency and renewable energy.
Capital Markets Advisory Contract Extension
The Company also announces that it has renewed its agreement with Sophic Capital Inc. (“Sophic”) to act as its Investor Relations firm. Sophic will be paid $7,000 per month for a term of 12 months and has been granted options to purchase up to 250,000 common shares in the capital of the Company (each a “Common Share”) at a price of $0.38 per Common Share. The options will vest quarterly, in four tranches of 62,500 each and shall be exercisable up until 5:00 PM (ET) on the earlier of (i) 90 days after termination of the agreement or (ii) July 20, 2023, being the date that is three years from the date the agreement was signed by the Company. The options are governed by the provisions of the Company’s stock option plan and the policies of the TSX Venture Exchange. Sophic currently holds 587,500 Common Shares and 375,000 options in the capital of the Company.
About Legend Power® Systems Inc.
Legend Power® Systems Inc. (www.legend20.wpengine.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.