Burnaby, British Columbia – August 14, 2009 – Legend Power Systems Inc. (TSX.V: LPS) (“Legend Power”) announces that the granting of 235,650 incentive share options previously announced on June 9, 2009 is not proceeding. Legend Power instead announces that it has granted incentive share options to certain directors, officers and employees of the Company to purchase up to 235,650 common shares in the capital of Legend Power pursuant to a new fixed share option plan (the “Plan”). The options are exercisable on or before June 8, 2012 at an exercise price of $0.48 per share.
The Plan, which replaces the Company’s previous 10% rolling share option plan, was approved by the Company’s board of directors on July 15, 2009 and accepted for filing by the TSX Venture Exchange on August 4, 2009. Pursuant to the Plan, 2,720,943 common shares, being approximately, but not greater than, 10% of the issued and outstanding common shares of the Company, have been reserved for issuance.
About Legend Power Systems Inc.
Legend Power Systems Inc. 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 eliminates inefficiencies by delivering the optimal level of voltage a user needs. Many customers receive higher voltage levels than required at certain points of the grid from electrical utilities delivering higher levels to compensate for line loss across the feeder length. Higher than nominal voltage can affect the lifespan of electrical equipment and result in high monthly utility bills. By delivering the optimal voltage to the user, Legend Power’s Electrical Harmonizer-AVR helps companies reduce their electricity bills, maintenance costs and greenhouse gas emissions while increasing the life of electrical equipment. The technology also decreases capital and operating costs for electrical utilities.
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:
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