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Legend Power Systems Announces Significant Operational and Sales Progress
Tuesday, October 24, 2023Company Profile | Follow Company
Burnaby, BC, October 24, 2023--(T-Net)--Legend Power Systems Inc. (TSXV: LPS), a leader in commercial electrical system solutions, has announced operational and sales updates.
During the past year, Legend Power says it continued to adapt its solutions to a changing world and customer needs. The Company continued to invest in developing awareness and acceptance in a new solution category, Active Power Management (APM) and is well recognized as a leading APM brand.
As a result of these operational activities, the Company announced that it has received CAD $8 million of order commitments that have either been realized in the fourth quarter or are in various stages of finalization.
The Company also announces an additional US$8 million in commitments for larger systems (currently in development) for future delivery.
Fourth quarter commitments range from retail to large, multiple building facilities; however, the Company made significant progress with the U.S. Federal Government, including an initial commitment for double-digit SmartGATE systems.
The company says the demand for Legend Power Systems SmartGATE continues to grow. At the end of the fiscal year ending September 30, 2023, Legend Power Systems has US $75 million of pending proposals and US$125 million of near-term opportunities.
Randy Buchamer, CEO, Director, Legend Power
"Interest in our Active Power Management solutions is growing across all of our targeted verticals, especially the U.S. government sectors," said Legend Power Systems CEO Randy Buchamer.
"This is evidenced by our U.S. Federal Government commitments as well as a U.S. municipality verbally committing to over 300 systems over the next 5 years. The CAD$2.4 million equity financing that we closed in late summer along with a CAD$1 million net cash gain contribution from backlog sales as well as 5% cost reductions from improvement initiatives have strengthened our balance sheet to support these business development activities. I look forward to updating investors on our progress as these opportunities progress."
To support these order commitments, Legend Power is collaborating with outsourcing providers to reduce installation costs and enhance the financial feasibility of SmartGATE projects for customers.
Moreover, with capacity planning completed and robust material resource planning mechanisms in place, the Company says it is primed to convert its commitments into sustained cash flow for the foreseeable future.
About Legend Power Systems Inc.
Legend Power Systems Inc. (https://legendpower.com) provides an intelligent energy management platform that analyzes and improves building energy challenges, significantly impacting asset management and corporate performance. Legend Power's proven solutions support proactive executive decision-making in a complex and volatile business and energy environment.
The proprietary and patented system reduces total energy consumption and power costs, while also maximizing the life of electrical equipment. Legend Power's unique solution is also a key contributor to both corporate sustainability efforts and the meeting of utility energy efficiency targets.
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. [ MORE ] |
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