Legend Power Reports Record Annual Revenue in FY2017 Strong Balance Sheet to Support FY2018 Growth1/24/2018 Vancouver, Canada, January 24, 2018 – Legend Power Systems Inc. (TSXV: LPS), a global leader in voltage reduction and optimization technology, today reported its fiscal 2017 financial results for the year ended September 30, 2017. All dollar figures are quoted in Canadian dollars. Summary highlights for fiscal year ended September 30, 2017
Fiscal 2017 was a successful year on all fronts for Legend Power as reflected in the Company’s share price performance. During fiscal year 2017 the price of Legend Power shares increased 96% and on a 2017 calendar basis the stock increased in price by 114%. We believe our share price performance mirrored timely execution of our stated objectives, the Company’s transition from an early stage to a growth stage entity, and healthy order flow signalling the strong value proposition inherent in our technology. A share price chart is available at the following link: https://web.tmxmoney.com/quote.php?locale=en&qm_symbol=lps During fiscal 2017 the Company’s sales doubled to $4.22 million, continuing the growth trend established over recent years. We continue to be focused on and have made significant progress in several key areas of our future growth strategy, including (up to the date of this press release): USA Expansion
Growing New Verticals in Ontario
New Product Development
Field Operations
Working Capital
New Branding
Financial summary for the three and twelve-month periods ended September 30, 2017 and 2016
1 Gross margin is based on a blend of both equipment and installation revenue. 2 Adjusted EBITDA; for the three-months and fiscal years ended September 30, 2017 and 2016, we are disclosing Adjusted EBITDA, which is a non-IFRS financial measure, as a supplementary indicator of operating performance. We define Adjusted EBITDA as net income or loss before; interest, income taxes, amortization, non-cash stock based compensation and foreign exchange gains and losses, as well as unusual non-operating items such as insurance settlement. Warranty expense is no longer included in the Adjusted EBITDA calculation, as such historical amounts have been updated. * Gross margin was lower than anticipated due to several year-end adjustments which boosted cost of goods sold and there was also a bias towards installation revenue during the quarter which historically has yielded lower margins. Management will be discussing margins in more detail during the conference call referenced below. Complete financial statements and management’s discussion and analysis for the twelve months ended September 30, 2017 are available at the Company’s website and with the Company’s filings on SEDAR (www.sedar.com). The Company will host a conference call to provide a business update and discuss its 2017 financial results for Wednesday, January 24, 2018 at 1:15 pm Pacific time (4:15 pm ET). The call will be hosted by Randy Buchamer, President & Chief Executive Officer and Steve Vanry, Chief Financial Officer. CONFERENCE CALL DETAILS:
About Legend Power Systems Inc. Legend Power Systems Inc. (www.legendpower.com) is changing the way buildings around the world use power. The company’s patented and proprietary technology reduces overvoltage, a natural condition present in power grids around the world. Overvoltage inflates energy costs, damages electrical equipment, and increases the negative impact a building has on the environment. Legend’s utility-proven Harmonizer improves the power efficiency of an entire building to reduce total energy consumption and power costs, while maximizing equipment life. The solution 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. In 2015 Legend was recognized as the top performing cleantech company on the TSX Venture Exchange.
For further information, please contact: Randy Buchamer, CEO and President + 1 778 945 1501
Sean Peasgood, Investor Relations + 1 416 565 2805 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. via Legend Power Systems Inc. http://ift.tt/2rynljn
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Vancouver, Canada, January 23, 2018 – Legend Power Systems Inc. (TSXV: LPS), a global leader in voltage reduction and optimization technology, today announced that Con Edison, New York City’s Power Utility, significantly increased its financial incentives for energy saving technologies, including Legend’s proprietary Harmonizer system. Customers who apply for incentives will be eligible for additional cash contributions. “Utility incentives help building owners access energy-saving technology by covering a portion of the cost,” said John Skipper, former Manager of Commercial Energy Efficiency Sales at Con Edison and now the New Business Consultant to Legend Power via his company Pure Energy LLC. “The amount of incentive offered for different technologies can often indicate what the utility wants to encourage. Increasing incentives by this magnitude is a strong indicator that Con Edison is committed to energy efficiency technologies including the Harmonizer. In my experience as a 32-year veteran of Con Edison, a utility incentive like this can often-times kick-start significant uptake in a company’s product.” “Utility incentives are by no means mandatory for sales success, but having a strong incentive plan in place can be a major catalyst for growth,” stated Randy Buchamer, President and CEO of Legend Power. “Utility incentives encourage building owners to try something new. Our solution is undoubtedly proven in Canada with over 200 installations currently saving building owners money on power by reducing their voltage. In the New York area, our technology is new, which means support from the utility in the form of an increase in incentive funding can be a real accelerant to growth.” Con Edison is one of the largest and most environmentally progressive energy utilities in the United States. The increase in funding relevant to Legend’s offering comes from Con Edison’s Commercial and Industrial Energy Efficiency Program under the Performance-Based Incentives for Other Measures banner. Previously, the incentive program offered eligible energy efficiency upgrades a performance-based Custom incentive of $0.16 per kWh. This typically equates to a cash contribution ranging from $10,000 to $25,000 for a Legend project. Con Edison has added an incentive of $600 per kW saved, significantly increasing the typical funding range for a Legend project to $20,000 to $50,000. With a team of top-talent sales people hired and trained to sell Legend’s solution, influential product distributors coming online, and a strong utility incentive program in place to offer cash subsidies, Legend is positioned for significant revenue growth in the New York City area. About Legend Power Systems Inc. Legend Power Systems Inc. (www.legendpower.com) is changing the way buildings around the world use power. The company’s patented and proprietary technology reduces overvoltage, a natural condition present in power grids around the world. Overvoltage inflates energy costs, damages electrical equipment, and increases the negative impact a building has on the environment. Legend’s utility-proven Harmonizer improves the power efficiency of an entire building to reduce total energy consumption and power costs, while maximizing equipment life. The solution 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. In 2015 Legend was recognized as the top performing cleantech company on the TSX Venture Exchange. For further information, please contact:
Randy Buchamer, CEO and President + 1 778 945 1501
Sean Peasgood, Investor Relations + 1 416 565 2805 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. via Legend Power Systems Inc. http://ift.tt/2rvsEzX Vancouver, Canada /January 19, 2018 – Legend Power Systems Inc. (TSXV: LPS), a global leader in voltage reduction and optimization technology, today announced the signing of its first distribution partner in New York City. ES Partners has signed on to promote and sell Legend’s proprietary Harmonizer voltage management technology. “Building a network of knowledgeable, influential, and well-connected distribution partners is a key ingredient to Legend’s future success,” stated Randy Buchamer, President and CEO of Legend Power. “We are excited to have ES Partners as our first distributor in the United States. Our ground-breaking technology is proven in Canada with over 200 systems installed and saving people money on power. By working with ES Partners to offer our solution to their client base and beyond, we can help significantly more buildings counteract the negative and damaging effects of overvoltage. Efforts are already underway to provide Mr. Costello and his team the support they need to quickly ramp-up on our solution.” “Overvoltage is a common and costly problem in New York City,” stated Bill Costello, Founder and CEO of ES Partners. “After being introduced to Legend and learning how effective their solution was for this unaddressed problem, we knew there was a significant market opportunity here. We’ve seen Legend’s Harmonizer in action installed locally in New York and we’re confident we can help more building owners and operators benefit from this proven technology.” ES Partners was established in 2006 to provide energy concierge services to clients in commercial and residential real estate, education, healthcare, publishing, and technology industries. As the energy marketplace increased in complexity, ES Partners assumed a leadership position offering both education and guidance to assist their clients make fiscally responsible and environmentally smart energy decisions. Their service offering spans a variety of disciplines including energy procurement, energy portfolio management, asset monetization, tenant energy programs, and technology offerings to improve sustainability and reduce greenhouse gas emissions. Legend Power continues to pursue an aggressive growth strategy in the Northeastern United States. The Company plans to sign additional partners to build a comprehensive distribution network in addition to securing new customer accounts through direct sales. About Legend Power Systems Inc. Legend Power Systems Inc. (www.legendpower.com) is changing the way buildings around the world use power. The company’s patented and proprietary technology reduces overvoltage, a natural condition present in power grids around the world. Overvoltage inflates energy costs, damages electrical equipment, and increases the negative impact a building has on the environment. Legend’s utility-proven Harmonizer improves the power efficiency of an entire building to reduce total energy consumption and power costs, while maximizing equipment life. The solution 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. In 2015 Legend was recognized as the top performing cleantech company on the TSX Venture Exchange. For further information, please contact: Randy Buchamer, CEO and President + 1 778 945 1501 Sean Peasgood, Investor Relations + 1 416 565 2805 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. via Legend Power Systems Inc. http://ift.tt/2mQsIFa |
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