Legend Power® Receives Follow-on Order From Ontario School Board for 2 SmartGATE Platforms following SmartGATE Insights Assessments
Vancouver, B.C., Canada – June 28, 2021 – Legend Power Systems® (TSX-V: LPS and OTCQB: LPSIF), a global leader in commercial electrical system solutions, today announced the follow-on sale of two additional SmartGATE™ platforms to an Ontario School Board. The purchase decision comes after the recent evaluation of two facilities with SmartGATE Insights™, representing 100% SmartGATE Insights™ assessments conversion into full platform sales bookings1. The Insights Power Impact Report confirmed significant harmful grid impacts causing inefficiencies and electrical supply issues that could be solved with SmartGATE™ solutions.
“We have purchased multiple SmartGATEs in the past and wanted more. Legend continues to increase the capabilities and approach of its solutions, and the information provided by the Insights Report made it far easier for us to purchase additional SmartGATE™ platforms,” said a senior official for the School Board. “Legend has added sophistication and intelligence to the sales cycle, and we are pleased that it resulted in furthering our commitment to save energy and reduce our costs via the maintenance, repair, and replacement of critical building systems”.
“This SmartGATE Insights™ engagement and SmartGATE™ platform sale further prove that Legend’s new go-to-market strategy resonating with customers,” said Mike Cioce, Vice President of Sales and Marketing for Legend Power Systems. “This multiple system follow-on purchase demonstrates the increased value that SmartGATE Insights’ adds by making the impacts of energy waste visible to customers, regardless of if energy savings, greenhouse gas reductions, or reduced costs are their goals.”
Legend’s SmartGATE Insights™ and Power Impact Report are valuable tools that demonstrate the financial impact the power grid has on buildings and how SmartGATE™ solutions can solve these issues, improving buildings’ financial performance and environmental footprint. This allows building owners to make more decisions faster than ever before based on the real-time data for each property.
SmartGATE™ is an industry-leading, turnkey solution which identifies and fixes underperformance and waste in the electrical system of a commercial building. These performance issues often impact key areas of commercial real estate metrics including occupant safety and satisfaction as well as financial performance. This waste can also lead to higher operating costs, lower net operating income and other potential financial risks to the building owner, including adverse tenant experiences.
About Legend Power® Systems Inc.
Legend Power® Systems Inc. (www.legendpower.com) provides an intelligent energy management platform that analyzes and improves building energy challenges, significantly impacting asset management and corporate performance. Legend’s proven solutions support proactive executive decision-making in a complex and volatile business and energy environment.
1Sales Bookings are a non‐GAAP measure which the Company believes are an indicator of the success of the Company’s sales efforts. The Company defines sales bookings as commitments from customers either in the form of a purchase order, a purchase agreement or both, for the purchase of the SmartGATE Platform. Sales bookings are not recognized as revenue in the Company’s financial statements in relation to the fair value of deliverables until both i) a SmartGATE Platform is delivered to a customer and the customer takes legal possession of it, and ii) the installation of a SmartGATE Platform is substantially complete in the customer facility. Although the Company has not generally experienced an occurrence of a sales booking not becoming revenue recognized in its financial statements, there is no guarantee that all sales bookings will be result in deliveries and acceptance of the SmartGATE Platform. There remains a risk that a customer may cancel a sales booking and no related revenue would be recognized by the Company. Furthermore, there is no guarantee as to when the Company will complete the delivery and installation of the SmartGATE Platform, which can take from between one to twelve months after the sales booking is entered. Delays in delivery and installation could materially delay the recognition of revenue generated from a sales booking.
For further information, please contact:
Steve Vanry, CFO
+ 1 604 671 9522
Sean Peasgood, Investor Relations
+ 1 647 503 1054
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