Vancouver, B.C., Canada – Legend Power® Systems (TSX-V: LPS), a global leader in onsite energy management technology, today provided a business update and discussed recent steps taken to ensure a seamless transition to the anticipated normalization of business and economic activity. We are pleased to report that in-process sales cycles have continued and that the uptake of the SmartGATE Insights building power analysis solution is demonstrating customer confidence in this additional product. External highlights include:
Given that Legend provides a product that improves an essential service like electricity, the Company will continue to be flexible and creative to do whatever it can to assist our customers and the occupants of their buildings through the current environment. “Legend took decisive action early, prioritizing the wellbeing of our employees, our customers, our partners, and our communities,” said CEO Randy Buchamer. “We’ve continued monitoring and assessing the impact of COVID-19 and are pleased to see that following their initial scramble to get employees set up for work-from-home initiatives, customers remain engaged in the value that both SmartGATE Insights and SmartGATE can bring to their buildings. And while we are not yet back to normal, I am pleased with the feedback and activity we are seeing in the pipeline.” To ensure Legend continues to execute to plan, we have taken several steps to manage prudently through the current environment. These include:
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 Legend Power® Systems Provides Business Update appeared first on Legend Power Systems Inc.. via Legend Power Systems Inc. https://ift.tt/2WzRH11
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Vancouver, B.C., Canada – Legend Power® Systems (TSX-V: LPS) advises that in response to COVID-19’s impact on economic activity and its potential to slow the Company’s growth prospects, management has implemented a pro-active cost reduction and continuity plan. A review of expenditures resulted in cost reductions to conserve cash and reduce operating costs without impairing the Company’s ability to quickly grow as the economy improves. The Company has maintained communication with its customers and prospects to work together in setting expectations for alignment during and after the current pandemic period being experienced. For potential customers choosing to continue active sales cycles, Legend Power Systems is working with them to meet their objectives. This includes continuing to complete most scheduled SmartGATE Insights and SmartGATE platform installations. Any customers who have deferred installations will be brought back into the process when the timing is right for their companies. As a result of these measures, Legend Power will reduce overall expenditures by approximately $1 million for the coming six months. These cost-containment efforts can be extended, if required, and pared back or removed as the economy gets back on track. Refinement of their industry leading SmartGATE Insights building power analysis solution and enhancement of the SmartGATE platform continue to move forward and are anticipated to achieve planned milestones. 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 Legend Power® Systems’ – Navigating Through Challenging Times appeared first on Legend Power Systems Inc.. via Legend Power Systems Inc. https://ift.tt/3aXOTB8 Vancouver, B.C., Canada – February 27, 2020 – Legend Power® Systems Inc. (TSX.V: LPS) (“Legend Power” or the “Company”), a global leader in onsite energy management technology, today reported its Q1 fiscal 2020 financial results for the three months ended December 31, 2019. A conference call to discuss the results is set for 10:00am EST 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 December 31, 2019
Management Commentary Financial summary for the three months ended December 31, 2019 and 2018.
1 Gross margin is based on a blend of both equipment and installation revenue Revenue for the first quarter of 2020 was $1,003,329, a 149% increase from $403,400 in the first quarter of fiscal 2019. The increase is primarily due to a large number of installations reaching substantial completion during the three months ended December 31, 2019 and a comparatively low amount of revenue recognized in the same period of the prior year. Gross margin in the first quarter of fiscal 2020 was 21%, down from 81% in the first quarter of fiscal 2019. The Company’s long-term average gross margin has been approximately 45%. The significantly lower gross margins experienced in the first quarter of 2020 were due primarily to two projects completed for an early adopter, marquee, New York City customer. 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. The lower margin is also due to a disproportionate amount of total revenue derived from installation services (89%), which has historically yielded lower gross margins. The gross margin achieved in Q1 of fiscal 2019 was significantly above the Company’s long-term average due to an inventory valuation adjustment which impacted cost of goods sold during the period. Adjusted EBITDA for the first quarter of fiscal 2020 decreased by 26% to negative $1,325,161 from negative $1,048,352 in the first quarter of fiscal 2019. The decrease in EBITDA is due primarily to lower gross margin and higher operating costs incurred during Q1 of fiscal 2020. Net loss for the first quarter of fiscal 2020 was $1,482,198, an increase of 36% from the $1,091,332 loss reported in the first quarter of 2019. In spite of significantly higher revenue in Q1 of fiscal 2020, the combination of lower gross margin, higher operating costs and an inventory write-down caused the increase in net loss compared with the same quarter in fiscal 2019. The Company’s operating expenses for the quarter ended December 31, 2020 were $1,620,431, up from $1,484,433 in the same period of 2019. The increase of $135,998 is due primarily to higher salaries and consulting fees, professional fees and foreign exchange loss offset by lower general and overhead and selling costs. CONFERENCE CALL DETAILS: DATE: Thursday, February 27, 2020 About Legend Power® Systems Inc. Legend Power® Systems Inc. (www.legendpower.com) is a global leader in onsite energy management technology. They help buildings to overcome grid volatility challenges common to utilities around the world. Legend’s industry-proven SmartGATE enables dynamic power management of an entire building. 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 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 Power® Reports Q1 Fiscal 2020 Financial Results appeared first on Legend Power Systems Inc.. via Legend Power Systems Inc. https://ift.tt/3a3YSUq Vancouver, B.C., Canada – February 24, 2020 ‐ Legend Power® Systems Inc. (TSX.V: LPS) (“Legend Power” or the “Company”), a global leader in onsite energy management technology, today announced it will release its Q1 2020 financial results for the three months ended December 31, 2019, on Wednesday, February 26, 2020 after the close. The Company has scheduled a conference call to provide a business update and discuss its Q1 2020 financial results for Thursday, February 27, 2020 at 10AM EST (7:00AM PT). The call will be hosted by Randy Buchamer, President & Chief Executive Officer and Steve Vanry, Chief Financial Officer. CONFERENCE CALL DETAILS: DATE: Thursday, February 27, 2020 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 Legend Power® Schedules Q1 2020 Financial Results Release and Conference Call appeared first on Legend Power Systems Inc.. via Legend Power Systems Inc. https://ift.tt/37TlzZZ Vancouver, B.C., Canada – February 13, 2020 – Legend Power® Systems Inc. (TSX.V: LPS) (“Legend Power” or the “Company”), a global leader in onsite energy management technology, today announced $527,521 of sales within Ontario’s Education sector. Five SmartGATE units have been purchased by three different Ontario school boards. One buyer is a repeat purchaser making its first follow-on order having previously purchased one unit as a test and validating the value proposition of reducing greenhouse gas emissions, improving energy efficiency and lowering energy costs. One of the five SmartGATE’s was purchased by a prominent Ontario university, another vertical which values the breadth of efficiency and sustainability benefits that can be delivered by a SmartGATE implementation. “With 74% of all SmartGATE’s being multiple-unit purchases (up to 18) by specific customers, we continue to see proven pilots and initial deployments lead to follow-on orders”, said Legend’s CEO Randy Buchamer. “With the recent announcement of SmartGATE Insights, our data analytics and metering solution (which analyzes and reports on 132 parameters), interest is only increasing as the world moves toward smarter energy decisions. The combination of SmartGATE Insights analytics and the SmartGATE platform (which literally “reshapes” electricity coming into a building to what its managers need), reduces energy consumption and greenhouse gas emissions, which is a focus across cities and countries around the world. This capability is especially important in our New York market where the government claims buildings are the cause of 71%1 of the city’s greenhouse gas emissions.” About SmartGATE Insights and The SmartGATE Platform About Legend Power® Systems Inc. 1 https://council.nyc.gov/data/green/ 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® Closes over $500,000 of SmartGATE™ Sales New and Repeat Orders Validate Energy and Cost Savings appeared first on Legend Power Systems Inc.. via Legend Power Systems Inc. https://ift.tt/2SzH4JC Vancouver, B.C., Canada – January 29, 2020 ‐ Legend Power® Systems Inc. (TSX.V: LPS) (“Legend Power” or the “Company”), a global leader in onsite energy management technology, today releases its Letter to Shareholders from CEO Randy Buchamer. Dear Legend Power Shareholders: Fiscal 2019 was a transitional and transformational year for your company. It was “transitional” in that we completed a tremendous amount of work that is helping us to build our business in 2020. A big part of the transition was identifying all the parties involved in the decision‐making process and modifying strategies for moving into new markets. We spent a lot of time solidifying our standing with these stakeholders, demonstrating our new value proposition (more about that in a moment), and proving our credibility. The year was “transformational” due to strong operations and innovations based upon customer feedback that will give us the ability to scale the business across North America, particularly in the U.S. During the year, we made three significant changes that position us for future success in the United States:
This last point is especially important since Legend’s entire value proposition shifted from being product focused to providing an entire onsite energy management technology platform. While our legacy and upcoming SmartGATE units optimize energy entering a building from the electrical grid, SmartGATE Insights aggregates and analyzes power quality data in real‐time, minute‐by‐minute, providing management with the information via a wireless portal. We believe that Insights’ visibility will not only drive a shorter sales cycle but also provide better clarity about multi‐unit SmartGATE deployments, especially as it pertains to entire property portfolios. We launched Insights in the last quarter of 2019 as a cost‐effective, stand‐alone device, providing building operators with visibility into what’s really happening within their properties – often for the first time ever – and allowing them to make fact‐based decisions about deploying SmartGATE’s. Insights will also be available in the next generation of our SmartGATE units as well as a retrofit to existing models. We anticipate its contributions will begin in earnest in the second half of the year. As we move into 2020, Insights has shifted your company from a single product sale to a platform and enterprise sale. Our focus now is scaling our business model by:
One additional point I’d like to offer is that going forward, customer decisions to purchase SmartGATE and SmartGATE Insights won’t be driven solely by economic factors. Regulators in the U.S. jurisdictions we are targeting have enacted or are debating laws for greenhouse gas reductions in commercial properties (please refer to our MD&A for more info). Tenant demand for change has also resulted in a shift in the way property owners view greenhouse gas emissions and quality of tenancy. These mandates have created urgency in many boardrooms and executive suites, and data from SmartGATE Insights is the best way that we know to comply with municipal codes and assess individual building needs and shortfalls. Finally, on behalf of the Board, I’d like to thank you for your continued support. Although we have been through a challenging period, we are confident about our platform, strategy, and market positioning. Our balance sheet remains strong, we have regulatory and building code tailwinds, and we have the right people in place. Sincerely, 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 Legend Power® CEO Letter to Shareholders appeared first on Legend Power Systems Inc.. via Legend Power Systems Inc. https://ift.tt/2S1yenF Vancouver, B.C., Canada – January 29, 2020 ‐ Legend Power® Systems Inc. (TSX.V: LPS) (“Legend Power” or the “Company”), a global leader in onsite energy management technology, today reported its fiscal 2019 financial results for the year ended September 30, 2019. A conference call to discuss the results is set for 10:00am EST 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 Fiscal 2019
Management Commentary Financial summary for the three and twelve months ended September 30, 2019 and 2018.
1 Certain components of previous year columns have been reclassified to conform with the presentation of fiscal 2019 periods. Revenue for the fourth quarter of 2019 was $485,543, a 62% decrease from $1,283,433 in the fourth quarter of fiscal 2018. Revenue for fiscal 2019 was $2,334,525 down 65% from $6,595,063 in 2018. Gross margin in the fourth quarter of fiscal 2019 was negative 20% down from 16% in the fourth quarter of fiscal 2018. Gross margin for fiscal 2019 and 2018 were similar at 42% and 45% respectively. The significantly lower gross margin experienced in the fourth quarter of 2019 was due primarily to a disproportionate amount of production overhead costs realized in the quarter on lower than forecasted throughput during the year. The lower gross margin realized in the fourth quarter of 2018 was primarily the result of year‐end adjustments to cost of goods sold relating to inventory valuation amounts and a proportionately higher amount of low margin installation revenue recorded during those quarters. Adjusted EBITDA for the fourth quarter of fiscal 2019 decreased by 71% to negative $1,798,936 from negative $1,050,094 in the fourth quarter of fiscal 2018. For the year ended September 30, 2019 adjusted EBITDA was negative $5,265,924, compared to negative $1,981,639 in the year ended September 30, 2018. Net loss for the fourth quarter of fiscal 2019 was $2,243,219, an increase of 105% from $1,181,896 in the fourth quarter of 2018. Net loss for the year ended September 30, 2019 was $6,093,156, an increase of 138% from $2,559,385 in the year ended September 30, 2018. The net loss in both Q4 2019 and fiscal 2019 were impacted by an impairment of intangible assets totaling $772,818. During the fourth quarter of fiscal 2019, the Company tested its product development costs for impairment. The tests were performed using pro‐forma cash flow projections and certain other assumptions. Based on this analysis development costs associated with internally generated technologies was impaired. The Company’s operating expenses for the quarter ended September 30, 2019 were $1,476,683, up from $1,154,348 in the same period of 2018. Fiscal year 2019 operating expenses were $6,351,413 up from $3,758,599 in fiscal 2018. The trend of higher operating expenses is expected to continue during this phase of the Company’s U.S. expansion and then level off when the optimum number of U.S. regions has been established (currently projected at a total of 6 including NY). CONFERENCE CALL DETAILS: DATE: Wednesday, January 29, 2020 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 Legend Power® Reports Fiscal 2019 Financial Results – Investor Conference Call Scheduled for 10am Eastern on January 29 appeared first on Legend Power Systems Inc.. via Legend Power Systems Inc. https://ift.tt/2u119QP Thermal Energy International Announces Record Revenue and Profit with Latest Quarterly Figures1/28/2020 Thermal Energy International Inc. (“Thermal Energy or the “Company”) (TSXV: TMG), an innovative cleantech company and global provider of energy efficiency and emissions reduction solutions, has announced its financial results for the second quarter ended November 30, 2019. All figures are in Canadian dollars.
Second quarter and year-to-date highlights:
“This has been a hugely positive quarter for Thermal Energy. Not only has it delivered the highest revenue for a single quarter in the company’s history – an increase of 51% ($2.6 million) from last year – it has also fed into record revenue and profit year to date results.” said William Crossland, CEO of Thermal Energy. “In line with quarter one, our revenue in quarter two has continued to grow, giving the Company a year-to-date revenue figure of $12.8 million – up $820 thousand (7%) compared to the first two quarters of FY2019. However, when we take into consideration that the results for the same period last year included $6.6 million in revenue from the $11 million Resolute Forest Products order, the figures from this year to date are even more impressive. To put this in perspective, if we were to exclude the Resolute project, the current year-to-date revenue has actually increased by 139% ($7.4 million).” “In terms of profit, half year net income is $626 thousand and EBITDAS is $1.1 million; that’s $788 thousand ahead of net income and $1.3 million ahead EBITDAS from the half year point last year. These figures are three and four times the best half year EBITDAS and net income that the Company has ever recorded. In short, these are by far the strongest results in our company’s history and are a clear indication of the success of our growth strategy.” “As we enter the second half of our financial year, continuing to diversify is key to our objective of maintaining strong revenue and margins. We are seeing increasing success with this approach as demonstrated by the growing number of heat recovery projects we are securing – especially in Europe – as well as the effective integration of BEI products in our turn key solutions.” “Following three years of intense investment across all areas of the business including sales, engineering, operations, and marketing, we are working to maximize the return on the investments we have made. This includes taking a proactive approach in various key markets, including Germany, Poland and the US Gulf coast, in order to further propel the business forward. Our order backlog remains strong with $8.2 million in secured orders at the end of the quarter. This value is 67% higher than that of the same period the year prior. This is further confirmation of how our strategy is driving revenue and profitability and delivering our unique offering in an engaging market.” Financial Review: Quarterly revenue was $7.8 million, delivering a gross profit of $2.9 million - up 59% compared to the same quarter last year. This resulted in a gross margin of 37.2%. Both revenue and gross profit in last year were impacted by the Resolute project. Quarterly EBITDAS is reported at $709 thousand this year compared to a negative $68 thousand last year, an increase of $777 thousand. Net income for the six months ending November 30, 2019 was $626 thousand, to a net loss of $162 thousand for the same period the year prior. Operating Expenses for the year to date total $4.3 million. Working capital increased by $417 thousand to $2.4 million at November 30, 2019 compared to $2.0 million at May 31, 2019. The Company’s net cash position was $5.0 million as of November 30, 2019, compared to $4.2 million at May 31, 2019, representing an increase of $857 thousand. Business Outlook and Order Backlog Summary The Company ended the quarter with an order backlog of $8.2 million compared to $4.9 million last year, 67% higher than same time last year. The Company defines its order book or backlog as the value of projects for which purchase orders have been received, but that have not yet been fully reflected as revenue in the Company’s published quarterly financial statements. These include:
Full financial results including Management’s Discussion and Analysis and accompanying notes to the financial results, are available on www.SEDAR.com and www.thermalenergy.com/financialreports.html. Enhanced Legend Power Systems Platform Mitigates Voltage Sags and Swells in Commercial Buildings1/9/2020 Vancouver, B.C., Canada – Legend Power® Systems Inc. (TSX-V: LPS) has continued enhancing its groundbreaking SmartGATE platform. The platform’s management of power quality issues now includes the ability to mitigate the effects of voltage sags and swells, which are key causes of damage to motors, computer system crashes and a general shortening of equipment life. Voltage sags and swells (defined as a short-term decrease or increase in voltage of more than 10% of nominal), momentary interruptions and other power quality issues are not new; they have been a frustration with electric power systems for a hundred years. What has changed is that the loads customers connect to today’s electric distribution systems include advanced, sensitive equipment. This is coupled with the increasing integration of microcomputers in process control and for building automation. The result is that yesterday’s grid is causing unnecessary wear and tear, or breakdowns, in today’s buildings. Said Mark Petersen, VP of Engineering for Legend Power Systems, “The most visible impact of voltage swells is elevator service interruptions. While less frequent than voltage sags, the inconvenience or potential danger to building occupants makes managing this a priority. With sags and swells impacting sensitive electronics like computers, Legend first assesses the issues with SmartGATE Insights and then has SmartGATE fix or mitigate both conditions in real time. The fact that it does so at a size and price specifically designed for commercial buildings makes SmartGATE an attractive solution compared to more expensive alternatives.” According to the Electric Power Research Institute (EPRI), voltage sags and swells combined account for 48% of power quality problems. Of the two, voltage sags are more frequent, with a typical facility experiencing 45 voltage sags per year in the U.S. according to the EPRI Distribution Power Quality study. Voltage swells place additional stress on motor windings, leading to failure. Capacitors used in all electronic systems have a specific recommended voltage at which they are designed to operate, and every voltage swell – or high-voltage event – shortens the useful life of costly and valuable equipment. Since all of these events appear to be random failures, costs are often absorbed by the business and are budgeted as an ongoing, recurring expense. In fact, as they are linked to poor power quality, these issues are manageable or even avoidable costs. 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 Enhanced Legend Power® Systems Platform Mitigates Voltage Sags and Swells in Commercial Buildings appeared first on Legend Power Systems Inc.. via Legend Power Systems Inc. https://ift.tt/2t0uE4V Vancouver, B.C., Canada – Legend Power® Systems Inc. (TSX-V: LPS), is pleased to announce an exciting enhancement to its SmartGATE platform which enables the system to boost voltage in situations where a building is experiencing an undervoltage condition. SmartGATE is the first system that provides the ability to both “buck and boost” voltage in a single platform, right-sized both physically and cost-wise for commercial buildings. Low voltage events can lead to unexpected shutdowns of critical equipment in a building. Elevators, fire alarms and essential IT infrastructure are very susceptible, leading to equipment malfunction and possible failure. These interruptions have significant real-cost impacts on productivity and the quality of the work environment. However, because they are often dismissed as random failures, the costs are not only absorbed by the business, but often budgeted as an ongoing, recurring expense. Since they are linked to poor power quality, these are in fact, manageable or even avoidable costs. Said Mark Petersen, VP of Engineering for Legend Power Systems, “Under voltage in a building typically manifests itself as issues or shutdowns in critical, occupant-facing infrastructure such as elevators and escalators when either motors or controls are impacted by the voltage drop. Life and safety elements such as fire alarms and other critical infrastructure can be effected to different degrees by either individual under voltage occurrences, or the cumulative effects, depending on the sensitivity of the system.” This new enhancement to SmartGATE is a direct result of customer feedback. As the company built its reputation as a leading energy efficiency measure for effectively managing over voltage, customers or prospects frequently identified that they would also like to be able to manage under voltage situations too. The desire to meet an expressed customer need focused the Legend Power Systems team on delivering the strong under voltage capability. With SmartGATE’s intelligent controller already reading power quality from the grid as it comes into a building, Legend has improved its system to now correct instances of undervoltage (and other power quality conditions) in real time. The platform will effectively “pin” voltage at the customer’s desired voltage level, much like they would set a thermostat. 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 Legend Power® Platform Offers Compact & Affordable Voltage Boost Capability for Commercial Buildings – An Industry First appeared first on Legend Power Systems Inc.. via Legend Power Systems Inc. https://ift.tt/2YiLfMu |
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