Ontario Ministry of Education Includes Harmonizer as an Eligible Component for $1 Billion in Purchase Funding
Vancouver, Canada, June 15, 2017 – Legend Power Systems Inc. (TSXV: LPS), a global leader in voltage reduction and optimization technology, today announced the Harmonizer was listed as one of a select group of technologies approved by the Ontario Ministry of Education for its additional $1 billion facilities improvement funding. Schoolboards in Ontario can access this fund to purchase Legend’s proprietary energy-saving technology outside of their standard operating budget. There are approximately 4,700 kindergarten to grade 12 schools in Ontario that have access to this additional funding.
“Budget allocation is a big priority for schools in Ontario and additional funding over and above their normal operating budget represents a great opportunity for more schoolboards to purchase our product,” commented Erik Wolfe, Director of Sales for Legend Power. “The Harmonizer reduces greenhouse gas emissions by helping buildings use less power. Using less power means lower power bills and electrical equipment lasts longer. Both offer a long-term financial benefit for schools equipped with Harmonizers. We are aggressively taking action to let schoolboards in Ontario know that our technology qualifies for this additional funding.”
The education market in Ontario has proven to be an early adopter of Legend’s technology with schoolboards installing Harmonizer’s to reduce electricity costs, maximize the life of electrical equipment, and to reduce the environmental impact of their schools.
Strict guidelines limit the pool of qualifying products and measures to ensure funding is applied to facilities improvement, repairs, and retrofit upgrades. The $1 billion fund is divided into two segments with $800 million allocated for school condition improvement and $200 million for greenhouse gas reduction. Legend’s Harmonizer qualifies in both segments. The technology is listed by name as an eligible component in the $200 million segment guaranteeing the product qualifies for funding.
“The fact that a Voltage Harmonizer was approved by the Ministry of Education for funding further validates the effectiveness of our solution and the universal applicability of our technology,” said Randy Buchamer, President and CEO of Legend Power. “Ontario Utilities support our technology by subsidising it for our customers. The government recognizes it’s benefit by listing it as an eligible component. Our technology is becoming known within our target markets as a best-in-class solution for saving energy. This budget funding is a major step forward to streamline the Harmonizer purchasing process for schoolboards in Ontario.”
This additional source of funding adds to the growing demand for Legend’s technology in the education market. More institutions can now acquire Legend’s Harmonizer because of fewer budgetary barriers. Legend Power is deploying resources to aggressively capitalize on this mutually beneficial opportunity.
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
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