Vancouver, B.C., Canada – April 20, 2021 – Legend Power Systems® (TSX-V: LPS and OTCQB: LPSIF), a global leader in commercial electrical system solutions, today announced strong Q2 fiscal 2021 performance both in leading growth metrics and sales bookings. The Company’s new “Insights-led” sales model implemented in Q4 of fiscal 2020 is outperforming forecasts for new customer engagements, reduced length of sales cycle, and sales wins which significantly alters Legend Power’s growth trajectory.
Q2 Fiscal 2021 Growth Highlights:
- Sales bookings of $1.92 million increased 705% versus Q2 fiscal 2020 and was up 20% from $1.6 million in Q1 fiscal 2021
- Exceeded Q2 fiscal 2021 goal of 90 SmartGATE Insights™ engagements
- Exceeding goal of 50% conversion rate from SmartGATE Insights™ to full SmartGATE™ Platform sales bookings with 100% conversion from some customers
“We’ve never been more optimistic about our business and our potential to achieve significant growth,” said Randy Buchamer, CEO of Legend Power Systems®. “The revamping of our sales model is resonating incredibly well with prospective and existing customers in multiple verticals across North America. Tracking our success with our Insights-led sales approach has now been distilled down to a few simple metrics which not only provide our team with clear priorities but also gives Legend’s investing audience a definitive scorecard to track our growth.”
Legend’s SmartGATE Insights™ and Power Impact Report are valuable tools that provide building owners a better understanding of the financial impact the power grid is having on their buildings and how SmartGATE™ solutions can solve these challenges for them. The Power Impact Report details these excessive costs across each building in a property portfolio and demonstrates how SmartGATE™ solutions can reduce these costs.
About SmartGATE™
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.
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.
Forward-Looking Statements
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.