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.
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.
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