 Facility to capitalize on surging oilseed demand from green energy economy Ceres Global Ag Corp. (TSX: CRP), a global agricultural, energy and industrial products merchandizing and supply chain company, announced plans today to build a $350 million integrated canola processing facility in Northgate, Saskatchewan, to help meet the current and growing global demand for canola products. The state-of-the-art facility will have capacity to process 1.1 million metric tons of canola and refine over 500 thousand metric tons of canola oil, for both food and fuel, annually.
“This is an exciting time for Ceres Global as we position ourselves to take advantage of the unprecedented demand for oilseed crush in North America,” said Mr. Robert Day, President and Chief Executive Officer at Ceres. “While there are multiple drivers contributing to this demand, the most important is the movement towards green energy and the need for vegetable oil as feedstock for the production of renewable diesel. We have been analyzing canola crush at Northgate for several years as its location along the Canada-U.S. border is ideally located to originate canola seed from our farmer partners, and with a direct connection to BNSF Railway, it provides the most efficient access to the U.S. market and U.S. ports. Our Northgate facility includes a 2.7 million bushel shuttle loading grain elevator and two 120-car loop tracks, providing ‘construction-ready’ infrastructure and shortening the timeline to complete this project.” The facility is expected to be operational by summer 2024 and is expected to result in the creation of over 50 full time jobs in Saskatchewan, which is the largest canola producing province in Canada. Jim Titsworth, Director of Agricultural Development from BNSF Railway said: “Demand for renewable diesel feedstocks is rapidly growing. The BNSF network is ideally suited to supply the production, processing and distribution of these feedstocks. A crush plant at Northgate, SK will provide an important source of canola oil to meet the growing demand. Northgate has a unique location, both in Canada’s canola growing region and with direct rail access to the major renewable diesel and food processing markets via BNSF’s network. This allows Ceres-produced canola oil to have an advantage in this rapidly growing marketplace. That same network also results in advantaged animal feed market access for canola meal. BNSF is excited to add this facility to its growing customer investments in the renewable diesel market.” Ceres Global, along with shareholders, VN Capital Management, Highbridge Capital Management and Whitebox Advisors, are engaged in discussions with other interested financial and industry players to fund the project. In addition, to capitalize on the solid fundamentals of the soybean crush business in Southern Manitoba, Ceres Global is in the process of expanding its soybean crush plant in the town of Jordan, Manitoba. That project will increase the plant's capacity by 50 percent, and is on track for completion this summer. About Ceres Global Ag Corp. (ceresglobalagcorp.com) Ceres and its subsidiaries (“Ceres Global”) add value across agricultural, energy and industrial supply chains through efficient sourcing, storing, transporting and marketing of high-quality agricultural commodities, value-added products and raw materials. Leveraging its network of commodity logistics centers and team of industry experts, Ceres Global connects farmers to customers around the world. Ceres Global is headquartered in Minneapolis, Minnesota, and together with its affiliated companies, operates 13 locations across Saskatchewan, Manitoba, Ontario, and Minnesota. These facilities have an aggregate grain and oilseed storage capacity of approximately 32 million bushels. Source: Ceres Global Ag Corp.
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 Next Hydrogen Corporation (“Next Hydrogen” or the “Company“) and BioHep Technologies Ltd. (“BioHep”) are pleased to announce the closing of an oversubscribed private placement on April 28, 2021 (the “Financing”) of subscription receipts (the “Subscription Receipts”) at a price of $10.00 per Subscription Receipt for aggregate gross proceeds of $55,545,000. “Our unique and patented water electrolyzer design enables high current density operations, a superior dynamic response, and multi-MW scale hydrogen production. Together, this provides a strong technological advantage to significantly reduce the cost of green hydrogen generation that can decarbonize large segments of the economy,” said Raveel Afzaal, President and CEO of Next Hydrogen. “This transaction fully funds Next Hydrogen’s product development rollout plan through to 2023 which includes commercialization of a 1 to 3MW alkaline electrolyzer line this year followed by product lines for PEM electrolyzers and larger alkaline electrolyzers. 
Summary of the Financing The Financing was completed in connection with a series of transactions that will result in the reverse takeover of BioHep by the shareholders of Next Hydrogen (the “Transaction”). Upon completion of the Transaction, it is the intention of the parties that BioHep (the “Resulting Issuer”) will continue on the business of Next Hydrogen. Closing of the Transaction is conditional on, among other things, BioHep completing the spin-out of certain assets and liabilities, the TSX Venture Exchange approving the listing of the common shares of the Resulting Issuer (“Resulting Issuer Shares”) and other customary conditions. Further details of the Transaction were previously announced by Next Hydrogen and BioHep on March 4, 2021. For purposes of the Transaction, the deemed value of each common share of Next Hydrogen will be $10.00, such price being based on the pricing of the Financing. An aggregate of 5,554,500 Subscription Receipts were issued in connection with the Financing. Each Subscription Receipt entitles the holder thereof to receive, upon the satisfaction or waiver (to the extent such waiver is permitted) of certain escrow release conditions (the “Escrow Release Conditions”) prior to the Escrow Deadline (as defined below), including all conditions precedent to the Transaction being satisfied, and without payment of additional consideration therefor, one common share in the capital of 2819845 Ontario Inc. (“281”), a wholly-owned subsidiary of BioHep which will ultimately be exchanged for one Resulting Issuer Share, all in accordance with the terms of the amalgamation agreement dated March 3, 2021 between Next Hydrogen, BioHep and 281. The Financing was comprised of a brokered private placement for aggregate gross proceeds of $28,545,000 (the “Brokered Financing”) and a concurrent non-brokered private placement for aggregate gross proceeds of $27,000,000 (the “Non-Brokered Financing”). National Bank Financial Inc. and TD Securities Inc. acted as active bookrunners on behalf of a syndicate of agents, including Echelon Wealth Partners Inc. as a passive bookrunner, Raymond James Ltd., Roth Canada ULC, Beacon Securities Ltd. and Fort Capital Securities Ltd. (collectively, the “Agents“), in connection with the Brokered Financing. Fort Capital Partners acted as the finder and strategic advisor, and Echelon Wealth Partners Inc. acted as an advisor, in connection with the Non-Brokered Financing (collectively, the “Advisors”). In connection with the Brokered Financing, the Agents are entitled to receive a cash commission equal to an aggregate of 6.0% of the gross proceeds of the Brokered Financing other than in respect of $16,000,000 in Subscription Receipts, on which the Agents are entitled to receive a cash commission equal to an aggregate of 4.0% of such gross proceeds (the “Agents’ Fee”) and a finder is entitled to receive a cash commission equal to an aggregate of 4.0% of such $16,000,000.00 of Subscription Receipts. In connection with the Non-Brokered Financing, the Advisors are entitled to receive a cash commission equal to an aggregate of 6.0% of the gross proceeds of the Non-Brokered Financing (the “Advisor Fee”). On closing of the Brokered Financing, the Agents received payment of 50% of the Agents’ Fee and any expenses incurred by the Agents at the closing of the Brokered Financing and the finder received 50% of their finder’s fee. On closing of the Non-Brokered Financing, the Advisors received payment of 50% of the Advisor Fee and any expenses incurred by the Advisors at the closing of the Non-Brokered Financing. The remaining 50% of the Agents’ Fee and 50% of the Advisor Fee will be paid to the Agents and Advisors, as applicable, upon satisfaction or waiver (to the extent such waiver is permitted) of the Escrow Release Conditions. The gross proceeds (less 50% of the Agents’ Fee, 50% of the finder’s fee, 50% of the Advisor Fee and any expenses incurred by the Agents and Advisors at closing of the Financing) (the “Escrowed Proceeds”) from the Financing will be held in escrow pending the completion of the Transaction which is expected to close on or about the end of April 2021. If all conditions to the completion of the Transaction are satisfied on or before the date that is 90 days from the closing of the Financing or such later date as may be agreed to by the Agents and the Company (the “Escrow Deadline”), the net proceeds from the sale of the Subscription Receipts will be released from escrow to the Resulting Issuer and each Subscription Receipt will be exchanged through a series of steps under the Transaction for one Resulting Issuer Share. If the Transaction is not completed on or before the Escrow Deadline or is terminated at an earlier time, then the Escrowed Proceeds (plus accrued interest) for the Subscription Receipts will be returned to subscribers on a pro rata basis. To the extent that the Escrowed Proceeds (plus accrued interest) are not sufficient to satisfy the subscription price paid each subscriber, the Company will contribute such amounts as are necessary to satisfy the shortfall. All Subscription Receipts issued in connection with the Financing are subject to a statutory hold period in accordance with Canadian securities laws. Following completion of the Transaction, the Resulting Issuer Shares ultimately issued to holders of the Subscription Receipts will not be subject to a statutory hold period in Canada. Upon completion of the Transaction, the proceeds of the Financing are anticipated to be used to further develop the Company’s products, hire additional team members, conduct research and development, repay certain indebtedness of the Company and for general corporate purposes. The Company is also pleased to announce that it has entered into an advisory agreement with Fort Capital in connection with introductions to corporations and organizations that could have an interest in the electrolyzer technology developed by Next Hydrogen for commercial purposes (each, a “Commercial Transaction”). Pursuant to the advisory agreement, Next Hydrogen has agreed to pay a cash fee of $75,000 and warrants to purchase 150,000 common shares at an exercise price of $10.00 per share plus a commercial transaction fee of warrants to purchase common shares equal to 3.0% of any future Commercial Transaction value at an exercise price equal to the market price of the common shares prior to the announcement of each Commercial Transaction. About Next Hydrogen Next Hydrogen is a designer and manufacturer of electrolyzers that use water and electricity as inputs to create clean hydrogen for use as an energy source and to decarbonize transportation and industrial sectors. Founded in 2007, Next Hydrogen’s innovative water electrolysis technology, with patented cell architecture, is designed to efficiently convert intermittent renewably-sourced electricity into green hydrogen on an infrastructure scale. Next Hydrogen’s IP includes 36 granted patents with several more pending and a well-laid out technology development roadmap for new product offerings, including both larger alkaline systems as well as PEM systems. Next Hydrogen’s head office is located in Ontario and the Company is a corporation existing under the Business Corporations Act (Ontario). Source: Next Hydrogen Corporation Vancouver, B.C., Canada – September 23, 2020 – Legend Power® Systems (TSX-V: LPS) a global leader in commercial electrical system solutions, today announced the U.S. energy services division (“ESCO”) of a premier international Fortune 100 corporation has purchased two SmartGATE platforms for a New York school district customer. Partnering with the largest energy service company performance contractor in the U.S., is an important milestone as it establishes significant new sales channels and revenue streams for Legend Power. “After years of investment, we are pleased to announce our first partnership with a leading ESCO,” said Legend Power CEO, Randy Buchamer. “With over 300 units now deployed across North America, delivering financial as well as operational benefits to our customers, it was only a matter of time before ESCOs discovered the value of and opportunity in SmartGATE. We anticipate this to be the first of many relationships with U.S. ESCOs which will provide Legend with low cost / high leverage geographic reach and strong presence in key U.S. regions. Legend gets instant access to decades long, trusted relationships in an expanded set of market verticals with little or no marketing, sales or infrastructure costs. I am excited about the opportunity these partnerships can bring which should quickly help us scale the business in existing as well as new regions.” The ESCO market in the U.S. is a US$15 billion a year business that bundles energy conservation measures for large public entities such as government organizations and others. SmartGATE is a patented, unique and differentiated offering, which provides our new partner a significant competitive advantage. These advantages include enhanced energy savings performance, electrical systems reliability and power quality management capabilities which boost our ESCO partner’s value proposition and delivers it more sales wins. About SmartGATE SmartGATE is an industry-leading, turnkey solution, which identifies and fixes underperformance and waste in the electrical system of a commercial building. These performance issues often impact key areas of commercial real estate metrics including occupant safety and satisfaction and financial performance. This waste can also lead to higher operating costs, lower net operating income and other potential financial risks to the building owner, including damaged tenant experience. About Legend Power® Systems Inc. Legend Power® Systems Inc. (www.legendpower.com) provides an intelligent energy management platform that analyzes and improves building energy challenges, significantly impacting asset management and corporate performance. Legend’s proven solutions support proactive executive decision-making in a complex and volatile business and energy environment. For further information, please contact: Steve Vanry, CFO Sean Peasgood, Investor Relations 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 to 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. The post Fortune 100 Global Corporation Partners with Legend Power Systems to Enhance Energy Services Offering Two New York Schools to Improve ESG Scores with SmartGATE™ appeared first on Legend Power Systems. via Legend Power Systems https://ift.tt/38zsUSI Vancouver, B.C., Canada – October 28, 2020 – Legend Power® Systems (TSX-V: LPS) a global leader in commercial electrical system solutions, today announced the purchase of three SmartGATE platforms by channel sales partner Haven Consultants International (“Haven”). Haven has now purchased 20 SmartGATE platforms from Legend for its clients in eastern Canada. All three systems purchased by Haven are destined for buildings in the Province of New Brunswick. Of the three systems purchased, one is for a K-12 school, one for a courthouse and one for a college campus repeat customer. “Our distribution relationship with Legend Power is a key differentiator and an important competitive advantage for my business,” said Michael Parry, President of Haven Consultants. “Legend’s unique solution creates a new business stream without us incurring any additional operating costs while offering considerable value to our client, making their facilities more resilient while delivering a strong economic return. We have sold many SmartGATE systems as a Legend distributor and look forward to a long future offering SmartGATE solutions to our customers.” Haven has secured a 2-year agreement with the Government of New Brunswick’s department of Transportation and Infrastructure as the sole supplier of SmartGATE Solutions. The Government is committed to the maintenance and improvement of government facilities and has earmarked $36 million for sustainability measures such as SmartGATE. The 20 SmartGATE platforms will deliver approximately 635 metric tons of annual reductions in green house gases while saving building owners $210,000 by reducing power consumption by 1,750,000 kWh. “Haven was one of the first companies to join the Legend partner network, and Michael Parry has been a great champion of power optimization and conservation across eastern Canada,” remarked Randy Buchamer, CEO of Legend Power. “Our turn-key training and re-seller support processes were largely designed with Haven in mind. Haven continues to gain traction in the Atlantic Canada region with a variety of customer types ranging from education to municipal facilities. We are very pleased with this long-term distributor relationship and look forward to helping Haven grow substantially in the years to come.” About SmartGATE SmartGATE is an industry-leading, turnkey solution, which identifies and fixes underperformance and waste in the electrical system of a commercial building. These performance issues often impact key areas of commercial real estate metrics including occupant safety and satisfaction and financial performance. This waste can also lead to higher operating costs, lower net operating income and other potential financial risks to the building owner, including damaged tenant experience. About Legend Power® Systems Inc. Legend Power® Systems Inc. (www.legendpower.com) provides an intelligent energy management platform that analyzes and improves building energy challenges, significantly impacting asset management and corporate performance. Legend’s proven solutions support proactive executive decision-making in a complex and volatile business and energy environment. For further information, please contact: Steve Vanry, CFO Sean Peasgood, Investor Relations 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 to 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. The post Legend Channel Partner Purchases Three SmartGATE™ Platforms appeared first on Legend Power Systems. via Legend Power Systems https://ift.tt/3oKf2uu Legend Power Launches SmartGATE Insights Service to Assess the Health of Building Electrical Systems10/23/2020 Vancouver, B.C., Canada – October 23, 2020 – Legend Power® Systems (TSX-V: LPS), a global leader in commercial electrical system solutions, today announced the official launch of its SmartGATE Insights Power Impact Assessment Service. Having discovered chronic financial and operational underperformance in over 1,000 North American commercial buildings due to electrical power challenges, Legend developed a no-risk, non-invasive assessment, custom designed for commercial building owners. The Power Impact Assessment service can be run on many buildings simultaneously, enabling a portfolio-level view of the impact of incoming power. Virtually every system in today’s modern and complex buildings relies on electricity. With the electrification and decarbonization efforts across North America, the electric grid is under more strain than ever. This stress reduces the stability of the electric supply and decreases the lifetime, uptime and efficiency of building systems. “Our new SmartGATE Insights Power Impact Assessment Service measures the high impact attributes of electricity and then applies an array of industry-standard calculations to determine what effects they are having on a building. We regularly find that less than optimal electricity coming into buildings can decrease life expectancy of major systems by 20% to 40%, often resulting in early impairment of multi-million dollar systems. This disrupts capital asset cycles by years, costing millions of dollars.” said Mark Petersen, Legend Power’s VP Engineering. “Commercial Real Estate Owners and Operators across office, multifamily, retail, and industrial, rely on their utility to provide stable and consistent electrical power for buildings to perform at optimal financial and operational efficiency,” said Randy Buchamer, CEO of Legend Power Systems. “After 10-years in the business and having assessed over 1,000 buildings, Legend knows a significant number of them receive poor power quality and suffer from significant underperformance resulting in excess GHG emissions, lower ESG scores, increased expenses, diminished tenant experience and lower net asset value. Our new SmartGATE Insights Service provides building owners with an easy to understand score-card of relative building health, an assessment of the hidden financial and human costs, and finally a custom solution based on Legend’s turnkey industry leading technologies.” If you are interested in having a Power Impact Assessment conducted on your building to identify potential risks or financial waste due to your incoming electric service, contact Legend Power Systems at www.legendpower.com or via email at info@legendpower.com. About SmartGATE SmartGATE is an industry-leading, turnkey solution, which identifies and fixes underperformance and waste in the electrical system of a commercial building. These performance issues often impact key areas of commercial real estate metrics including occupant safety and satisfaction and financial performance. This waste can also lead to higher operating costs, lower net operating income and other potential financial risks to the building owner, including damaged tenant experience. About Legend Power® Systems Inc. Legend Power® Systems Inc. (www.legendpower.com) provides an intelligent energy management platform that analyzes and improves building energy challenges, significantly impacting asset management and corporate performance. Legend’s proven solutions support proactive executive decision-making in a complex and volatile business and energy environment. For further information, please contact: Steve Vanry, CFO Sean Peasgood, Investor Relations Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release. The post Legend Power Launches SmartGATE™ Insights Service to Assess the Health of Building Electrical Systems appeared first on Legend Power Systems. via Legend Power Systems https://ift.tt/3dSGvF7 Vancouver, B.C., Canada – October 14, 2020 – Legend Power® Systems (TSX-V: LPS) a global leader in commercial electrical system solutions, today announced that existing and prospective customers are increasingly expressing concern over power quality in their buildings retrofitted with state-of-the-art COVID control and monitoring technologies. Legend’s SmartGATETM diagnoses, informs and solves for a wide variety of power challenges which directly impact uptime and stability in key electrical systems in any commercial building. “The future of real estate is no longer about delivering four walls to occupiers of space. Every building owner is concerned about the safety and well-being of tenants,” said Randy Buchamer, CEO of Legend Power Systems. “Investing in the acquisition, installation and operation of COVID safety systems is one thing; having reliable and stable building power to keep these systems running at optimum operational specifications is another. Legend’s SmartGATE identifies building power challenges and eliminates or significantly reduces the impact of poor power quality on critical safety systems while reducing energy consumption and GHG emissions.” Legend has observed that approximately one-third of all buildings we assess are critically susceptible to electrical system performance issues, directly impacting safety initiatives and financial results. Contact us today at for a no-risk assessment and Power Impact Report for your building at info@legendpower.com. About SmartGATE SmartGATE is an industry-leading, turnkey solution, which identifies and fixes underperformance and waste in the electrical system of a commercial building. These performance issues often impact key areas of commercial real estate metrics including occupant safety and satisfaction and financial performance. This waste can also lead to higher operating costs, lower net operating income and other potential financial risks to the building owner, including damaged tenant experience. About Legend Power® Systems Inc. Legend Power® Systems Inc. (www.legendpower.com) provides an intelligent energy management platform that analyzes and improves building energy challenges, significantly impacting asset management and corporate performance. Legend’s proven solutions support proactive executive decision-making in a complex and volatile business and energy environment. For further information, please contact: Steve Vanry, CFO + 1 604 671 9522 Sean Peasgood, Investor Relations + 1 647 503 1054 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 to 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. The post Building Owners Look to Legend Power to Safeguard Critical Safety Systems appeared first on Legend Power Systems. via Legend Power Systems https://ift.tt/3lN6ccX Vancouver, B.C., Canada – October 1, 2020 – Legend Power® Systems (TSX-V: LPS) a global leader in commercial electrical system solutions, today announced an Ontario-based College has purchased two SmartGATE Leadership for the future starts with education today. Top educational institutions are focused on providing amazing learning environments for their students and staff, and leadership for strengthened environment, social and governance (ESG) standards. The SmartGATE platform provides a unified active power management platform ensuring optimal building performance for ideal learning environments while reducing electrical consumption and related system costs. Legend’s unique building technology allows leading educational institutions to manage for the triple win – safer & better learning environments, lower operating costs, and protecting the environment through lower GHG emissions. “The education marketplace has historically been a very strong vertical for us in Ontario. While we’re certainly pleased to see activity levels being matched by multi-family, and commercial properties, education remains a large opportunity where we expect to generate strong growth in the years ahead,” said Legend’s CEO Randy Buchamer. “As community leaders, educators were early-adopters of our SmartGATE technology. Then, as now, the combination of the positive economics and environmental leadership both hold appeal to educators. We’re pleased to have their continued support.” With 45 college and university campuses across the Province of Ontario and approximately 4,450 throughout the rest of Canada and the U.S., this end-market offers significant future growth potential for Legend Power. About SmartGATE SmartGATE is an industry-leading, turnkey solution, which identifies and fixes underperformance and waste in the electrical system of a commercial building. These performance issues often impact key areas of commercial real estate metrics including occupant safety and satisfaction and financial performance. This waste can also lead to higher operating costs, lower net operating income and other potential financial risks to the building owner, including damaged tenant experience. About Legend Power® Systems Inc. For further information, please contact: Steve Vanry, CFO Sean Peasgood, Investor Relations 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 to 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. The post Ontario College Chooses SmartGATE™ for Two of its New, World Class Facilities appeared first on Legend Power Systems. via Legend Power Systems https://ift.tt/3iengXa Vancouver, B.C., Canada – September 23, 2020 – Legend Power® Systems (TSX-V: LPS) a global leader in commercial electrical system solutions, today announced the U.S. energy services division (“ESCO”) of a premier international Fortune 100 corporation has purchased two SmartGATE platforms for a New York school district customer. Partnering with the largest energy service company performance contractor in the U.S., is an important milestone as it establishes significant new sales channels and revenue streams for Legend Power. “After years of investment, we are pleased to announce our first partnership with a leading ESCO,” said Legend Power CEO, Randy Buchamer. “With over 300 units now deployed across North America, delivering financial as well as operational benefits to our customers, it was only a matter of time before ESCOs discovered the value of and opportunity in SmartGATE. We anticipate this to be the first of many relationships with U.S. ESCOs which will provide Legend with low cost / high leverage geographic reach and strong presence in key U.S. regions. Legend gets instant access to decades long, trusted relationships in an expanded set of market verticals with little or no marketing, sales or infrastructure costs. I am excited about the opportunity these partnerships can bring which should quickly help us scale the business in existing as well as new regions.” The ESCO market in the U.S. is a US$15 billion a year business that bundles energy conservation measures for large public entities such as government organizations and others. SmartGATE is a patented, unique and differentiated offering, which provides our new partner a significant competitive advantage. These advantages include enhanced energy savings performance, electrical systems reliability and power quality management capabilities which boost our ESCO partner’s value proposition and delivers it more sales wins. About SmartGATE About Legend Power® Systems Inc. For further information, please contact: Steve Vanry, CFO Sean Peasgood, Investor Relations 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 The post Fortune 100 Global Corporation Partners with Legend to Enhance Energy Services Offering Two New York Schools to Improve ESG Scores with SmartGATE appeared first on Legend Power Systems Inc.. via Legend Power Systems Inc. https://ift.tt/32SxfwO Vancouver, B.C., Canada – September 16, 2020 – Legend Power® Systems (TSX-V: LPS) a global leader in commercial electrical system solutions, today announced follow-on orders from a major Ontario-based commercial property customer, which has now enabled 16 of its multi-family buildings with SmartGATETM. The customer owns and manages a $10+ billion portfolio of North American multi-family properties including 400 buildings with over 40,000 units. ”We are pleased that SmartGATETM plays a central role in helping this customer attain ESG mandates and in enhancing financial performance across their building portfolio”, said Legend CEO, Randy Buchamer. “Legend is experiencing growth in new and existing relationships with North American multi-family building owners seeking a partner that can identify the root causes of electrical inefficiency in their buildings and provide customized solutions. This is a multi-billion-dollar market vertical for which Legend is uniquely positioned as the leader and sole provider of its kind.” SmartGATETM is an industry-leading, turnkey solution which identifies and fixes underperformance and waste in the electrical system of a commercial building. These performance issues often impact key areas of commercial real estate metrics including occupant safety and satisfaction and financial performance. This waste can also lead to higher operating costs, lower net operating income and other potential financial risks to the building owner, including damaged tenant experience. About Legend Power® Systems Inc. For further information, please contact: Steve Vanry, CFO Sean Peasgood, Investor Relations 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 The post Leading North American Property Manager Makes Follow-on Investment in SmartGATE Solutions for Two Additional Buildings of Multi-Family Portfolio appeared first on Legend Power Systems Inc.. via Legend Power Systems Inc. https://ift.tt/2E5mwpc Vancouver, B.C., Canada – August 27, 2020 – Legend Power® Systems Inc. (TSX.V: LPS) (“Legend Power” or the “Company”), a global leader in commercial electrical system solutions, today reported its Q3 fiscal 2020 financial results for the nine months ended June 30, 2020. A conference call to discuss the results is set for 4:15PM ET (1:15PM PT) today (dial in details below). A complete set of Financial Statements and Management’s Discussion & Analysis has been filed at www.sedar.com. All dollar figures are quoted in Canadian dollars. Financial Highlights for the three months ending June 30, 2020
Management Commentary “Q3 was a challenging quarter financially given the backdrop of the global pandemic,” said Legend Power Systems CEO Randy Buchamer. “We went into the quarter with a strong pipeline and expectations for a number of new deployments to close, but unfortunately access to buildings and the lockdown prevented us from recognizing revenue in the quarter. I am proud of how quickly we transitioned our team and took action to preserve our balance sheet. Post quarter end, we’ve announced deals in New York, Toronto and Boston and are seeing strong demand for our SmartGATE Insights At the beginning of the quarter, the Company took immediate action in the face of the global pandemic to reduce unnecessary costs, ensure the safety of employees and quickly developed a strategic plan to be able to operate and thrive despite the uncertainty in market conditions. The near shutdown in the North American economy led to delays in our ability to get into buildings for both assessments and installs, and our customers were focused on the immediate task of dealing with the safety of their tenants. We invested a lot of time speaking with clients and advancing existing opportunities. Toward the end of the quarter, our major markets began to reopen, and we have since seen significant progress in advancing During the first 75 days of the pandemic, we found that our customers and prospects were deferring capital purchase decisions and restricting access to their buildings, both of which had a material impact on sales cycles and revenue recognition. Even though customers delayed new projects, interest in our SmartGATE solutions continued to grow as did our access to senior decision-makers. Beginning in late May and through June, our customers and prospects re-engaged for existing sales cycles, initiated new sales cycles and rescheduled previously delayed installations for completion. July and August activity has included a significant up-tick in commitments from building owners; some for multi-building assessments with our SmartGATE Insights Financial summary for the three and nine months ended June 30, 2020 and 2019
1 Gross margin is based on a blend of both equipment and installation revenue. Revenue for the third quarter of 2020 was $1,548 compared with $676,139 in the same quarter of 2019. Revenue for the nine months ended June 30, 2020 was $1,681,236 a 9% decrease from $1,848,982 in the same period 2019. During Q3 2020, COVID-19 caused a significant curtailment of sales and prevented the Company from accessing customer buildings to complete SmartGATE installations. Gross margin in the third quarter of fiscal 2020 was nil%, compared with 48% in same quarter of 2019. Gross margin during the first nine months of fiscal 2020 was 26%, a decrease from 58% over the same period of 2019. The lower gross margin experienced during the first nine months of fiscal 2020 was due primarily to: i) two projects completed for an early adopter, marquee, New York City customer during Q1 of 2020. Early projects in new regions typically involve higher overall install costs, in particular electrical contractor costs due to a significant learning curve in understanding the nuances of installing a new and unfamiliar technology; and ii) a disproportionate amount of total revenue derived from installation services during the nine-month period, which has historically yielded lower gross margins. Adjusted EBITDA for the third quarter of fiscal 2020 was negative $856,386, compared with negative $1,132,652 in the third quarter of 2019. Adjusted EBITDA for the first nine months of fiscal 2020 decreased to negative $3,658,701, from negative $3,466,987 in the same period of fiscal 2019. Net loss for the third quarter of fiscal 2020 was $1,015,242, compared with a net loss of $1,176,154 in the third quarter of 2019. Net loss for the first nine months of 2020 was $4,014,067, an increase of 9% from a loss of $3,669,937 in the same period of 2019. Lower gross margins were the prime contributor to the increase in net loss compared with the same nine-month period in fiscal 2019. The Company’s operating expenses for the third quarter of 2020 were $983,658, down from $1,544,329 in the same quarter of 2019 and for the first nine months of fiscal 2020 were $4,340,180 compared with $4,874,730 in the same nine months of 2019. The decreases in both comparative periods are due to cost cutting measures implemented in response to the economic slowdown caused by COVID-19. CONFERENCE CALL DETAILS: DATE: Thursday, August 27, 2020 Please pre-register in advance of the call. Once you register, you will receive a confirmation which will have the dial in number and both the Direct Event Passcode and your unique Registrant ID to join the call. CONFERENCE ID: 8989912 About Legend Power® Systems Inc. The proprietary and patented system reduces total energy consumption and power costs, while also maximizing the life of electrical equipment. Legend Power’s unique solution is also a key contributor to both corporate sustainability efforts and the meeting of utility energy efficiency targets. For further information, please contact: Steve Vanry, CFO Sean Peasgood, Investor Relations 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 The post Legend Power® Reports Q3 Fiscal 2020 Financial Results appeared first on Legend Power Systems Inc.. via Legend Power Systems Inc. https://ift.tt/3lozzmp |
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platforms, becoming the 10th leading college or university to deploy SmartGATE. This win follows last week’s announcement that the U.S. energy services division (“ESCO”) of a premier international Fortune 100 corporation purchased two SmartGATE platforms for a New York school district customer.
service. We are also in the process of closing an ESCO partnership (Energy Service Company) and are being scoped into projects being managed by other national ESCOs. Although the quarter was challenging financially, not only have we not lost any deals, we have increased our sales funnel and look very well positioned in the coming quarters.”
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