VANCOUVER, BC–(Marketwired – March 01, 2017) – Legend Power Systems Inc. (TSX VENTURE: LPS), a global leader in voltage reduction and optimization technology, today announced it received purchase orders from an Ontario School Board for the supply and installation of its Harmonizer system in three schools. These contracts represent compound sales growth in a key market vertical for the company.
The Harmonizer is a voltage optimization product that makes buildings better by measuring incoming voltage and reducing it to an optimal level. Electricity Utilities in North America and around the world over-supply voltage to compensate for aging technology and the natural and uncontrollable challenges inherent to supplying power over vast distances. Offering no practical value to any building on the grid, over-voltage is both wasteful and harmful to equipment. Eliminating over-voltage substantially reduces the annual power expense for a building, reduces wear-and-tear on equipment maximizing its useful life, and reduces its carbon footprint making the building more environmentally sustainable. This innovative technology is wholly-owned and patented by Legend Power.
Of the 13 market verticals Legend Power sells to, the education space has been an early adopter of voltage optimization technology. The product has been installed in both public and private institutions including Primary, Secondary, Universities, and Colleges. The commitment to sustainability and environmental stewardship embraced by this market segment, coupled with building and power consumption characteristics well suited to Legend’s technology, makes the Harmonizer a natural fit for a broad range of educational institutions.
“We are dedicated to helping schools throughout Ontario benefit from voltage reduction,” stated Erik Wolfe, Director of Sales at Legend Power. “Our product is a perfect fit to help them reduce operating costs so that more funds can be applied to educating the next generation and less on wasted power. By reducing total power use throughout the entire building by up to 8%, heating, cooling, and lighting equipment can last longer. It reduces the building’s carbon footprint.”
In June 2016, the Ontario Ministry of Education announced $1.1 billion in funding over two years to address school repairs and renewal projects. This investment will result in critical improvements to key building components that ensure student safety and improve energy efficiency.
Legend’s Harmonizer is now recognized in Ontario’s education sector as a reliable and proven energy saving technology. Growing confidence in the market combined with strong government funding is expected to fuel continued sales growth in this sector.
About Legend Power Systems Inc.
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
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 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.
For further information, please contact:
Randy Buchamer
CEO and President
+ 1 778 945 1501
[email protected]
Sean Peasgood
Investor Relations
+ 1 416 565 2805
[email protected]
