VANCOUVER, BC–(Marketwired – September 28, 2016) – Legend Power Systems Inc. (“Legend”) (TSX VENTURE: LPS) today announced that a major North American medical marijuana grower has agreed to purchase Legend’s energy saving device, the Harmonizer. This sale represents entry to a new, significant and rapidly growing market-vertical for Legend.
In 2016 the medical marijuana market is forecast at $6.7 billion in U.S. sales and is projected to reach $21.8 billion in annual sales by 20201.
The medical marijuana market is emerging as one of the most energy-hungry industries. North American based indoor growing operations in 2012 racked up at least $6 billion a year in energy costs with some larger facilities today consuming as much as $1 million in power a month2. Electricity represents as much as 50 percent of an operator’s overhead.
Legend’s Harmonizer is perfectly suited to address energy intensive industries such as the medical marijuana market, helping to reduce production costs with a measurable impact on bottom line profitability.
The medical marijuana industry represents the thirteenth (13th) distinct, major market-vertical in which Legend has achieved sales success. Legend intends to actively pursue other accounts in this market vertical.
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.
- Arcview Market Research, Legal Marijuana Sales Could Hit $6.7 Billion In 2016, February 1, 2016
- Bloomberg, As Pot-Growing Expands, Electricity Demands Tax U.S. Grids, December 21, 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
rbuchamer@legendpower.com
Steve Vanry, CFO
+ 1 604 671 9522
svanry@legendpower.com