BURNABY, BC, Aug. 18 /CNW/ - Legend Power Systems Inc. (TSX.V:LPS) (FSE: XLE) ("Legend Power") announces that the non-brokered private placement of 3,750,000 units for total proceeds of $1,500,000 previously announced in Legend Power's news release of July 13, 2010 is not proceeding.
In addition, Legend Power issued a shareholder report commenting on its business development activities. The text of the shareholder report is as follows:
To Our Valued Shareholders:
In light of the recent decline in the company's share price we wish to
update you with the company's status and to provide you with relevant
Legend Power is moving forward at a good pace. We are making great
strides in our marketing program and have accomplished important
milestones in educating potential customers in different industries about
our technology. We are building relationships with large companies and
all the major utilities for future sustainable growth. These
accomplishments were made despite a less than ideal economic climate
which still continues to be in a recovery mode.
Our activities to date have left Legend Power better positioned for
future growth. We are continually updating our marketing strategy in the
face of challenges posed by the economic conditions. Our customers'
purchase decisions have been delayed or become limited not on the merits
of our technology or our capacity to provide customer service, but due to
economic restraints on capital expenditure. Despite that, we are
receiving orders for audits and installations. More importantly, these
continued installations have successfully proven savings for our
customers through our measurement and verification process, again
establishing that our technology is as effective as we have maintained.
The stock markets generally have been unsettled and erratic lately and
this condition combined with a short period of less frequent positive
company news has had a direct negative impact on our share price. We can
only surmise that the market is waiting for new sales news or new
financing plans, both of which are proceeding with due speed. We look
forward to sharing news on these fronts in the near future.
After almost nine years of research and development, we have started the
process of commercializing our technology. We are nearing completion of
our commercialization strategy and think you will be pleased to see the
results of our collective efforts in the near future.
Once again, thank you for your continued support.
Chairman and CEO
About Legend Power Systems Inc.
Legend Power Systems Inc. (www.legendpower.com) is a leading electrical energy conservation company that manufactures and markets a patented device to help commercial and industrial customers achieve significant energy savings through voltage optimization. Legend Power's Electrical Harmonizer-AVR helps companies reduce their electricity bills, maintenance costs, and increases the life of electrical equipment, while contributing to a reduction in green house gas emissions. View "Legend Power Corporate Video" on YouTube at http://www.youtube.com/watch?v=EcBIFsXZTIA
FORWARD LOOKING STATEMENTS: This release may contain forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Legend Power believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of Legend Power's management on the date such statements were made. Legend Power expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Legend Power Systems Inc.
For further information: For further information: Gerry Gill, Chairman & CEO, Legend Power Systems Inc., + 1 604 420 1500, firstname.lastname@example.org