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Legend Power Reports Fiscal 2016 'Year in Review' and Financial Results
Thursday, January 26, 2017Company Profile | Follow Company
Burnaby, BC, January 26, 2017--(T-Net)--Legend Power Systems Inc. (TSX VENTURE: LPS) today reported its fiscal 2016 financial results for the year ended September 30, 2016 which was a record year for the Company.
Fiscal 2016 Highlights:
"Fiscal 2016 was a positive and transformative year for Legend. Our product became more widely accepted as a proven energy saver in Ontario commercial buildings and, for the first time, we achieved real order flow; a game-changer brought to life by our commitment to product innovation and operational excellence.
Corporately, we established what we believe are the five pillars, critical for significant sales growth and future success (product excellence, operational capacity, strong sales and marketing capabilities and systems, an excellent people development platform, and appropriate working capital).
With this solid foundation in place, we see 2017 as the year to shift our focus to the pursuit of rapid and sustainable sales growth as a leader in energy saving solutions, while continuing to focus on operational best practices and developing our people." stated the company in a news release.
Teh company also filed additional patents for product innovations and architecture improvements that they expect will be incorporated in their next generation product, which is expected to be released to the market by October 1, 2017.
The company raised $1.66 million in gross private placement funding and $0.62 million in warrant exercise proceeds received during fiscal 2016, plus $2.33 million in proceeds from warrant exercises received subsequent to fiscal year-end.
About Legend Power Systems Inc.
www.legendpower.com) markets a proprietary device, the 'Harmonizer' that helps individual buildings reduce energy consumption through the utility-proven concept of Conservation Voltage Reduction, (CVR). Legend provides customers risk free energy savings, improves the value of their physical assets, and enhances their sustainability efforts. As an application with demand side benefits, Legend is also a key contributor toward utility conservation goals. Legend was recognized as the top performing cleantech company on the TSX Venture Exchange in 2015."
Legend Power Systems Inc. (www.legendpower.com) markets a proprietary device, the 'Harmonizer' that helps individual buildings reduce energy consumption through the utility-proven concept of Conservation Voltage Reduction, (CVR). Legend provides customers risk free energy savings, improves the value of their physical assets, and enhances their sustainability efforts. As an application with demand side benefits, Legend is also a key contributor toward utility conservation goals. Legend was recognized as the top performing cleantech company on the TSX Venture Exchange in 2015.
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
www.sedar.com. Should one or more of these risks or uncertainties materialize, or should ssumptions 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 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."
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 ssumptions 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 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.
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