VANCOUVER, Jan. 29,
2016 /CNW/ - Legend Power Systems Inc. (TSXV – LPS) is
pleased to provide a Fiscal 2015 highlight summary of our progress
in the Ontario, Canada marketplace
to support our financials and MD&A for the year ended
September 30, 2015.
Legend Power continues to build a solid reputation for
pioneering, leading patented energy saving technologies that reduce
energy consumption in commercial buildings. Our energy saving
Harmonizer received strong support from Ontario based utilities and "key influencers"
who provide expertise and services to our target markets.
Energy costs continue to increase every year and building
owners, tenants and energy providers are focused on ways to reduce
commercial building energy costs. Ontario's industry incentives to implement
energy saving technologies are well funded beyond 2020.
The shift for Legend during the second half of 2015, was from
"does the product work?" to "how much energy will the Harmonizer
save in my building?" Achieving wide spread product acceptance was
the key accomplishment for the year and was the base to establish
our first dedicated sales force and the catalyst for growing
sales.
Legend reports in Canadian dollars in accordance with
IFRS
Fiscal 2015 Financial Highlights
- Achieved sales of $626,524
including Q4 sales of $208,707; the
first complete quarter with our new sales team in place
- Margins for the period increased to 69% from 28% the previous
year
- During Q4, the Company additionally delivered Harmonizers with
an invoice amount of $189,980,
revenue from which was not recognized in fiscal 2015 as it did not
then fully meet IFRS Revenue Recognition criteria. The revenue will
be recognized during fiscal 2016.
Fiscal 2015 Business Highlights
- Was awarded the "2015 TSX Venture 50" – Top Clean
Technology and Renewable Energy Company
- Successfully installed our 100th system
- Expanded our markets from traditional retail to secondary
schools, post-secondary institutions, social housing, office
towers, high density residential, hotel, light manufacturing, MUSH
(Municipal, University, School, Hospital), and warehousing /
logistics
- Strengthened our senior management team with the addition of
industry veteran Aaron Arsenault a
proven energy market professional (Enernoc) who joined Legend as
Director of Sales. The sales team was further strengthened with the
additions of Luigi Reale and
Kathleen Reeves, two proven sales
professionals. The new sales team has created a high level of sales
activities and our quarter over quarter sales continue to
increase
- Expanded our engineering team by adding over 40 years of
combined experience with Chris
Troutman as a Senior Software Engineer and Steve Cline as a Senior Hardware Engineer
- Introduced a 2000 amp Harmonizer, increasing (doubling) the
capability of a single unit, to economically provide energy savings
for a 25 - 40 story office tower
- Introduced and successfully deployed a Harmonizer specifically
designed for the electrical environment of the high density
residential tower
- Created an innovative bypass system which improves the
functionality of our system and creates further competitive
advantage. We have filed patents on our invention to further
enhance our industry leading patent portfolio
- Successfully completed a 6 location Energy Savings Performance
Agreement (ESPA) with the YMCA – proving a new no cash down
financial product to make customer product acquisition decisions
easier
- Expanded our reseller network to include an Eastern Canada
Partner, with the first projects (a hotel) successfully completed
with follow on orders expected
Legend is poised for a breakthrough 2016. We have identified
many other potential prospects in the Ontario marketplace with defined energy
consumption challenges, and Legend has a solution for them. Legend
continues to build product acceptance with "key influencers" and
leaders in our target markets.
The key goals in the coming year are to continue to achieve
quarter over quarter growth, secure top brand name accounts in each
vertical, expand our sales presence in Ontario, begin sales in the USA, build out our reseller channel and
continue to enhance our product's energy saving capabilities while
adding additional functionality.
We are excited about this coming year and the significant
opportunities available to Legend. We will continue to expand the
commercialization of our product and grow our sales. We thank
shareholders for their continued support and look forward to a
breakout year. Final thanks go out to our team members who continue
to dedicate their effort to make Legend Power a high achieving
organization.
About Legend Power Systems Inc.
Legend Power Systems Inc., "Legend" (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
This Press Release may contain statements which constitute
'forward-looking, 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 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.
SOURCE Legend Power Systems Inc.