BURNABY, BC, Nov. 16, 2011 /CNW/ - At Legend Power we are committed to
continuing on our corporate renewal to make Legend Power a sustainable
and high growth organization. During 2011, we developed a compelling
strategic plan, properly priced and positioned our product and reduced
our cost of running the business. We have completed our revamp of all
areas of our business and we will closely monitor our results and where
required, continue to fine tune areas of the company for optimum
results. Our "reengineering" of Legend Power is done; it is time to
profitably grow the business.
Quite frankly, after the first quarter of 2011, it was apparent that the
incumbent sales team and existing sales system were not capable of
consistently meeting corporate revenue targets. I am now confident that
changes have been made to correct that.
During the summer, we added Peter Hwang as our Director of Sales based
in Toronto. Peter is a proven energy industry performer and together we
have engaged three very experienced energy sales directors to represent
Legend Power in the Ontario market. Peter and his team have sold tens
of millions of dollars of energy efficiency solutions throughout
Ontario over the last several years. In my opinion, this is an "A"
The primary goal of the new sales team is to ensure that we achieve our
sales potential by utilizing a systemic and repeatable sales model.
This model will be replicated and stamped within any territory and
expanded aggressively with strategic channel partners. The key was
developing and validating it prior to a large scale expansion.
The sales team has implemented some key strategic objectives to ensure a
successful sales launch. Firstly, they initiated a core lead generation
strategy that is on track and measuring to create sufficient leads to
drive our sales target. This level of activity combined with our
completely revamped value proposition and supporting marketing
collateral provides the sales team with enough qualified prospects to
quickly ramp up revenue and achieve ongoing profitability.
This ongoing level of consistent activity with a clear and concise
message is the key to our success. We developed and implemented a sales
training program which is being used internally and with our new key
Legend Power will soon announce significant progress on securing
partnerships with proven energy solution resellers to resell our
solutions in Ontario and when appropriate to other regions across North
By implementing our new process over the last few months, we have
received several new commitments for future installations of our
We will continue to utilize our Q & A format update based on the most
common questions asked by our shareholders:
How are things going? Are you making progress?
We continue to implement our business plan and we are securing
commitments for our products. We have taken the necessary steps to
ensure we have proven sales talent and a world-class sales system to
drive our sales. Since our September implementation of the new system,
results have been very positive and we believe we have the right sales
process in place to be successful.
We continue to manage the cost of running the business and manage our
cash very closely. We are focused on growing our revenue so we quickly
We also are having numerous senior discussions with International
property managers, resellers and other strategic clients that could
result in "company-maker" contracts.
Since the January 2011 turnaround launch, what have you learned and do
you still believe Legend Power will be successful?
I have no doubt we will be successful. Our team is pumped about the
future of Legend Power.
Turnarounds take time and one must be open to challenging the status quo
and have the will to implement positive change. We have the will and we
are most certainly committed to take the necessary steps to make Legend
Power successful. In short, we are absolutely committed.
We have "listened to the voice of our customer" and we are making the
necessary changes to our business to align our customers' expectations
with our solutions and services. We have made huge strides here and we
will continue to modify our business practices appropriately.
We have experienced some funding incentive approval and payment delays
since the Ontario Power Authority (OPA) altered their incentive
program. Although the changes have been mainly administrative, we are
working with the OPA to improve the timeliness of processing our
incentive requests and payments so we can provide timely information to
our prospects. We expect the program delays to be eliminated by the end
of this year.
Our new sales team and sales processes continue to properly engage our
prospects and systemically drive the buying process to shorter sales
cycles. The changes made to our sales personnel and systems are the
most profound improvement made since I joined the company. We have very
high expectations of our sales team and processes.
There hasn't been much news on Legend Power. Do you expect more press
releases about the company's progress on a go forward basis?
Yes. During a turnaround, although there is a lot of activity and
progress, the progress may not be press worthy. We have had long
"quiet" periods without issuing news releases but on a go forward basis
you should expect more press releases detailing clear proof that we are
making solid progress.
With continued positive results we will be more aggressive in sharing
our story and progress with the investment community.
So you are confident that Legend Power has a bright future and will
prove to be a good investment for your stakeholders?
Absolutely. We have worked hard to turn around the company and achieve
alignment with our prospects and markets. Before we changed the sales
team and process, we were trying to sell technology and everything we
did made it seem complicated and perhaps even risky.We have implemented
a sales system that has been validated by our prospects and third party
We have taken huge strides to present a proper business solution to our
target markets in a way that they understand and value the business
impact our solution may have in their organizations.
The new sales team is an experienced professional group with many
successful sales years in our target markets. Our resellers have
existing relationships with our prospects and they have developed
significant trust with our prospects over the years. The resellers are
very excited about our product and our sales system and are committed
to growing their sales of Legend Power solutions.
Overall we have made great progress turning around Legend Power. Today's
Legend Power is very different from the Legend Power of late 2010:
We have clarity on our business strategy
Team morale is high
Monthly burn rate cut in half
Reduced product costs and increased margins.
Proven new sales team and process
Reseller channel growing
Target market feedback is very positive
We believe we are just at the beginning of a growth stage that will make
Legend Power an industry leader in energy conservation. The key
ingredients are in place and it is now a function of execution to be
We will continue to work hard and smart to deserve your trust.
President and COO
SOURCE Legend Power Systems Inc.
For further information:
| Randy Buchamer, President and COO |
Legend Power Systems Inc.
| || || || || || || || LEGEND POWER SYSTEMS INC. |
8561 Commerce Court
Burnaby, BC V5A 4N5