Legend Power announces non-brokered private placement



    
    /NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
    UNITED STATES/
    

    BURNABY, BC, Aug. 17 /CNW/ - Legend Power Systems Inc. (TSX.V: LPS)
("Legend Power") announces that it has arranged, subject to regulatory
approval, a non-brokered private placement (the "Offering") of up to 200,000
units (the "Units") at a price of $0.50 per Unit for gross proceeds of up to
$100,000. Each Unit will consist of one common share of Legend Power (a
"Share") and one half of one common share purchase warrant (a "Warrant"). Each
whole Warrant will entitle the holder thereof to purchase one Share at a price
of $0.60 per Share for a period of 18 months following the closing of the
Offering.
    The Offering is scheduled to close concurrently with the brokered private
placement previously announced on July 30, 2009. Closing of the Offering is
subject to the receipt of all necessary corporate and regulatory approvals,
including the TSX Venture Exchange (the "Exchange").
    The Company may pay a finder's fee on the Offering within the maximum
amount permitted by the policies of the Exchange.
    Net proceeds from the Offering will be used by Legend Power to execute
its sales and marketing plan, both in Canada and in the United States, to
repay certain notes payable, which will significantly improve Legend Power's
balance sheet, and for general corporate purposes. All securities issued in
connection with the Offering will be subject to a statutory hold period of
four months plus one day from the date of completion of the Offering, in
accordance with applicable securities legislation.

    About Legend Power Systems Inc.

    Legend Power Systems Inc. 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 eliminates
inefficiencies by delivering the optimal level of voltage a user needs. Many
customers receive higher voltage levels than required at certain points of the
grid from electrical utilities delivering higher levels to compensate for line
loss across the feeder length. Higher than nominal voltage can affect the
lifespan of electrical equipment and result in high monthly utility bills. By
delivering the optimal voltage to the user, Legend Power's Electrical
Harmonizer-AVR helps companies reduce their electricity bills, maintenance
costs and greenhouse gas emissions while increasing the life of electrical
equipment. The technology also decreases capital and operating costs for
electrical utilities.

    This news release does not constitute an offer to sell or the
solicitation of an offer to buy any of the Shares in the United States. The
Shares have not been and will not be registered under the U.S. Securities Act
of 1933 or any state securities laws, and may not be offered or sold in the
United States without registration under the U.S. Securities Act of 1933 and
all applicable state securities laws, or an applicable exemption from
registration requirements.

    Forward Looking Information

    Statements contained herein that are not based on historical or current
fact, including without limitation statements containing the words
"anticipates," "believes," "may," "continues," "estimates," "expects," and
"will" and words of similar import, constitute "forward-looking statements"
within the meaning of the U.S. Private Securities Litigation Reform Act of
1995. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results, events or
developments to be materially different from any future results, events or
developments expressed or implied by such forward-looking statements. Such
factors include, among others, the following: general economic and business
conditions, both nationally and in the regions in which the Company operates;
history of losses and uncertainty of revenues; ability to obtain required
financing; technology changes and/or market changes, including actual
electrical billing rates; adequate protection of the Company's proprietary
rights; competition; changes in business strategy or development plans; and
other factors referenced in the Company's filings with Canadian securities
regulators. Although the Company believes that expectations conveyed by the
forward-looking statements are reasonable based on the information available
to it on the date such statements were made, no assurances can be given as to
the future results, levels of activity, performance or achievements. Given
these uncertainties, readers are cautioned not to place undue reliance on such
forward-looking statements. The Company does not assume the obligation to
update any forward-looking statements except as otherwise required by
applicable law.

    
    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.
    





For further information:

For further information: Gerry Gill, Chairman & CEO, Legend Power
Systems Inc., (604) 420-1500, ggill@legendpower.com; LEGEND POWER SYSTEMS
INC., 8618 Commerce Court, Burnaby, BC, V5A 4N6, (604) 420-1500,
www.legendpower.com

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Legend Power Systems Inc.

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