Vancouver, B.C., Canada – December 3, 2020 – Legend Power® Systems (TSX-V: LPS) a global leader in commercial electrical system solutions today announced the results of evaluating 8 multifamily buildings for a leading commercial real estate operator that manages approximately $50 billion of real-estate assets. The findings generated through Legend’s SmartGATE Insights Service, highlighted significant financial losses due to incoming electrical power from the grid. Legend is finding similar power challenges in most commercial buildings it evaluates.
In this instance, the SmartGATE Insights Service discovered that none of the customer’s eight buildings were operating optimally, and five had critical issues. Real-estate assets in the critical range face millions of dollars of unbudgeted capital spend due to increased equipment failure, tenant life & safety risk, and energy waste. The combined financial impacts, which include greenhouse gas emissions, for these eight buildings runs into the millions. This customer is currently finalizing and approving budgets for solving these problems by utilizing Legend solutions.
“Multi-family building operators are becoming painfully aware of the true impact of electricity on the profitability and value of these investments. Wasted energy costs are just the tip of the iceberg with additional impacts to revenue, operating costs, capital investment lifecycles and ultimately valuations”, said Randy Buchamer, CEO of Legend Power Systems. “In an economic environment where real-estate asset owners’ financial performance is already under stress due to the COVID-19 pandemic, major commercial real estate providers can now easily evaluate their portfolio of buildings’ electrical performance with SmartGATE Insights.”
Since introducing the SmartGATE Insights Service and assessing hundreds of commercial buildings, Legend has observed that most buildings are being negatively impacted with roughly one-third of all buildings critically susceptible to electrical system performance issues.
Interest in Legend’s SmartGATE Insights Service has gained significant traction over the last several months and the useful information it produces is resulting in meaningful engagement with customers in multiple marketplaces.
To learn more about Legend’s Power Impact Assessment, https://legendpower.com/industry/cremultifamily/.
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 and 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 damaged tenant experience.
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.
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 to 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.