VANCOUVER, Jan. 29, 2016 /CNW/ - Legend Power Systems Inc. (TSXV – LPS) is pleased to provide a Fiscal 2015 highlight summary of our progress in the Ontario, Canada marketplace to support our financials and MD&A for the year ended September 30, 2015.
Legend Power continues to build a solid reputation for pioneering, leading patented energy saving technologies that reduce energy consumption in commercial buildings. Our energy saving Harmonizer received strong support from Ontario based utilities and "key influencers" who provide expertise and services to our target markets.
Energy costs continue to increase every year and building owners, tenants and energy providers are focused on ways to reduce commercial building energy costs. Ontario's industry incentives to implement energy saving technologies are well funded beyond 2020.
The shift for Legend during the second half of 2015, was from "does the product work?" to "how much energy will the Harmonizer save in my building?" Achieving wide spread product acceptance was the key accomplishment for the year and was the base to establish our first dedicated sales force and the catalyst for growing sales.
Legend reports in Canadian dollars in accordance with IFRS
Fiscal 2015 Financial Highlights
- Achieved sales of $626,524 including Q4 sales of $208,707; the first complete quarter with our new sales team in place
- Margins for the period increased to 69% from 28% the previous year
- During Q4, the Company additionally delivered Harmonizers with an invoice amount of $189,980, revenue from which was not recognized in fiscal 2015 as it did not then fully meet IFRS Revenue Recognition criteria. The revenue will be recognized during fiscal 2016.
Fiscal 2015 Business Highlights
- Was awarded the "2015 TSX Venture 50" – Top Clean Technology and Renewable Energy Company
- Successfully installed our 100th system
- Expanded our markets from traditional retail to secondary schools, post-secondary institutions, social housing, office towers, high density residential, hotel, light manufacturing, MUSH (Municipal, University, School, Hospital), and warehousing / logistics
- Strengthened our senior management team with the addition of industry veteran Aaron Arsenault a proven energy market professional (Enernoc) who joined Legend as Director of Sales. The sales team was further strengthened with the additions of Luigi Reale and Kathleen Reeves, two proven sales professionals. The new sales team has created a high level of sales activities and our quarter over quarter sales continue to increase
- Expanded our engineering team by adding over 40 years of combined experience with Chris Troutman as a Senior Software Engineer and Steve Cline as a Senior Hardware Engineer
- Introduced a 2000 amp Harmonizer, increasing (doubling) the capability of a single unit, to economically provide energy savings for a 25 - 40 story office tower
- Introduced and successfully deployed a Harmonizer specifically designed for the electrical environment of the high density residential tower
- Created an innovative bypass system which improves the functionality of our system and creates further competitive advantage. We have filed patents on our invention to further enhance our industry leading patent portfolio
- Successfully completed a 6 location Energy Savings Performance Agreement (ESPA) with the YMCA – proving a new no cash down financial product to make customer product acquisition decisions easier
- Expanded our reseller network to include an Eastern Canada Partner, with the first projects (a hotel) successfully completed with follow on orders expected
Legend is poised for a breakthrough 2016. We have identified many other potential prospects in the Ontario marketplace with defined energy consumption challenges, and Legend has a solution for them. Legend continues to build product acceptance with "key influencers" and leaders in our target markets.
The key goals in the coming year are to continue to achieve quarter over quarter growth, secure top brand name accounts in each vertical, expand our sales presence in Ontario, begin sales in the USA, build out our reseller channel and continue to enhance our product's energy saving capabilities while adding additional functionality.
We are excited about this coming year and the significant opportunities available to Legend. We will continue to expand the commercialization of our product and grow our sales. We thank shareholders for their continued support and look forward to a breakout year. Final thanks go out to our team members who continue to dedicate their effort to make Legend Power a high achieving organization.
About Legend Power Systems Inc.
Legend Power Systems Inc., "Legend" (www.legendpower.com) markets a proprietary device, the 'Harmonizer' that helps individual buildings reduce energy consumption through the utility-proven concept of Conservation Voltage Reduction, (CVR). Legend 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. Legend was recognized as the top performing cleantech company on the TSX Venture Exchange in 2015.
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, 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.
SOURCE Legend Power Systems Inc.
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