BURNABY, BC, Nov. 5 /CNW/ – Legend Power Systems Inc. (TSX.V: LPS) (“Legend Power”) is pleased to announce that it has completed the brokered private placement (the “Offering”) previously announced in its news release of September 20, 2010. The agent for the Offering was Ionic Securities Ltd. (the “Agent”). The Agent exercised its option to increase the number of Units sold under the Offering up to 23,000,000 units (“Units”) for gross proceeds of up to $3,450,000.

The closing consisted of 22,350,332 Units at a price of $0.15 per Unit for gross proceeds of approximately $3,352,550. Each Unit consists of one common share of Legend Power (a “Share”) and one common share purchase warrant (a “Warrant”). Each whole Warrant entitles the holder thereof to purchase one Share at a price of $0.25 per Share for a period of 24 months following the closing of the Offering. Legend Power is entitled to accelerate the expiry date of the Warrants to the date that is 30 days following the date Legend Power gives written notice to the Warrant holders that the trading price of the Shares on the TSX Venture Exchange (the “Exchange”) has been greater than $0.45 for any 20 consecutive trading days.

The Agent received a cash commission equal to approximately 8% of the gross proceeds raised and nontransferable broker warrants (the “Broker Warrants”) equal to approximately 8% of the Units sold under the Offering. Each Broker Warrant is exercisable at $0.15 per Share for a period of 24 months following the closing of the Offering. Legend Power also reimbursed the Agent for their fees and expenses incurred in connection with the Offering.

All securities issued in connection with the Offering, and any Shares issuable on the exercise of the Warrants or Broker Warrants, are subject to a statutory hold period expiring on March 5, 2011. Final acceptance of the Offering is subject to filing of final documentation with the Exchange.

The proceeds from the Offering will be used by Legend Power to fund its sales operations in Ontario and British Columbia, and for working capital.

In addition, pursuant to the agency agreement between Legend Power and Ionic, Bruce Sampson, Michael Costello and William Dunford have resigned from the board of directors of Legend Power (the “Board”), and Gerry Gill has resigned as President of Legend Power (to stay on as Chairman, Chief Executive Officer and a director). Legend Power thanks each of the resigning directors for their past support and dedication. Legend Power has, subject to Exchange approval, appointed Michael Atkinson and Randy Buchamer to the Board and Randy Buchamer has been appointed as President and Chief Operating Officer of Legend Power.

Mr. Buchamer has an extensive background in business administration, finance and company growth strategies. He has been actively involved in the Canadian and US business markets as a venture capitalist, director, senior officer and corporate advisor. Mr. Buchamer has held several senior roles with startups to large organizations like The Jim Pattison Group and Mohawk Oil Company. Mr. Buchamer’s background includes formal education in business administration and finance at Simon Fraser University as well as significant experience in SEC, the Exchange, and Sarbanes-Oxley compliance matters.

Mr. Atkinson brings over eighteen years of expertise in the investment and venture capital industry to Legend Power. Currently Mr. Atkinson is President & CEO of two junior oil and gas companies, Canadian Phoenix Resources Corp., and Petra Petroleum Inc. He is also President of Maverick Projects Inc., a private consulting company focused on providing structured finance products and advice relating to strategies involving financing, mergers and acquisitions within the junior resource sector.

Previously Mr. Atkinson was Vice President of Quest Capital Corp. (TSX:QC), a company he helped start, where he was responsible for corporate communication and bridge lending activities. Within a five year period at Quest he was instrumental in expanding Quest’s market cap from $30 million to over $450 million. As a member of the Credit Committee at Quest, the committee funded over $1 billion in loans during his tenure. Mr. Atkinson’s understanding of the structuring of investments and project financing is a key asset in investment and mergers and acquisition efforts.

In conjunction with their appointments to the Board, Legend Power announces that it has granted incentive share options (the “Options”) to purchase up to 350,000 Shares to Mr. Buchamer and Mr. Atkinson. The Options vest over a five-year period. Subject to vesting provisions, the Options are exercisable at an exercise price of $0.21 per Share on or before November 4, 2015.

Legend Power also takes this opportunity to announce that David Orton has resigned as Vice President, Sales and Marketing.

About Legend Power Systems Inc.

Legend Power Systems Inc. (www.legendpower.com) 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 helps companies reduce their electricity bills, maintenance costs, and increases the life of electrical equipment, while contributing to a reduction in green house gas emissions. View “Legend Power Corporate Video” on YouTube at http://wwwyoutubecom/watch?v=EcBIFsXZTIA

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



8618 Commerce Court

Burnaby, BC V5A 4N6

+1 604 420 1500