Jun. 3, 2010 (Canada NewsWire Group) — Legend Power Systems Inc. (“Legend Power”) (TSX.V:LPS) (FSE:XLE), a leading electrical energy conservation company specializing in voltage optimization and grid efficiency for commercial and industrial energy consumers, is pleased to provide a corporate update to shareholders.
Legend Power has achieved the following milestones since formally launching the commercialization of their smart-grid technology at the beginning of 2010:
Launch of Direct Sales Team: Since the implementation of a new sales team in November 2009 and the launch of a direct sales process in January 2010, Legend Power’s opportunity pipeline has grown from 32 beta clients to more than 300 business opportunities representing over $18,000,000 in potential revenue.
Enhanced “Green” Incentive Funding in Ontario: Due to high energy costs and generous incentive programs, the majority of business opportunities for Legend Power have thus far been in the greater Toronto area, the 416 area code. Recently, government incentive funding was expanded to include the entire province, more than tripling Legend Power’s potential customer base.
Cash Neutral Solution: Legend Power has introduced a revenue sharing model, whereby clients get a completely cash neutral solution for installation and adoption of Legend Power’s technology and therefore immediately experiencing savings in energy cost, maintenance and green house gas emission.
Gaining Sales Traction: The Company has announced 5 sales of its patented Electric Harmonizer-AVR in the last 6 weeks to multi-facility, multi-national companies. The months of June and July will see the first recorded results from the commencement of the early stages of commercialization for the company as 5 installations and additional purchase orders with tier-1 clients are expected.
Expansion to US Markets: Legend Power is currently in the process of setting up the infrastructure in California to be able to execute on the US side of its business plan in the next 60 days. With energy costs in most parts of the US being double or certainly more than those of Legend Power’s existing sales areas, the momentum is expected to gain sharply in the US within a reasonably short period of time.
Launch of Distributorships: Legend Power recently announced an MOU with a UK distributor, Electro Flow Systems (EFS). EFS partners with the UK’s leading LED developers to offer long term energy savings solutions and are looking to distribute Legend Power’s Electrical Harmonizer-AVR in the United Kingdom. The partnership will involve the purchase of Legend Power’s system, an upfront fee for the distribution rights and an annual sales target.
Channel Partners: Legend Power’s sales strategy has broadened to include channel partners and distributors thereby leveraging from their existing client relationships. Over the coming weeks and months, Legend Power expects to announce further strategic partners so as to broaden Legend Power’s reach at minimal expense.
Legend Power continues to pursue all further opportunities in earnest.
|For further information, please contact:
Gerry Gill, Chairman & CEO
Legend Power Systems Inc.
+ 1 604 420 1500
|LEGEND POWER SYSTEMS INC.
8618 Commerce Court
Burnaby, BC V5A 4N6
+1 604 420 1500