Legend Power Raises $1.3 Million Through Early Warrant Exercises; Insiders Participate in Non-Dilutive Financing
Vancouver, Canada, July 25, 2017 – Legend Power Systems Inc. (TSXV: LPS), a global leader in voltage reduction and optimization technology, today announced it received gross proceeds of C$1,290,860 from the early exercise of warrants prior to their scheduled expiry.
Several insiders along with a core group of shareholders exercised a total of 3,227,150 warrants to acquire 3,227,150 common shares at a price of C$0.40 per warrant. This represents 37% of the warrants set to expire on December 30, 2017.
“We’d like to thank our loyal shareholders for exercising a significant percentage of the Company’s outstanding warrants well in advance of the expiration date,” said Legend president and CEO Randy Buchamer. “Although we believe we were well financed to execute our business strategy, the capital raised from this warrant exercise further strengthens our working capital position and will allow us to accelerate our planned geographic expansion strategy. Our business has experienced rapid organic growth in the education market in Ontario so we feel now is the time to pursue similar expansion of other market verticals in both Ontario and the United States.”
The proceeds raised will be used for geographic expansion into new territories and general working capital purposes.
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.
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.
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