Legend Power Announces $2 Million Public Offering by Way of Short Form Offering Document


    BURNABY, BC, Jan. 30 /CNW/ - Legend Power Systems Inc. (TSX.V: LPS)
("Legend Power") announces it is offering by way of Short Form Offering
Document (the "Offering") up to 3,636,364 common shares (the "Shares") at a
price of $0.55 per share, subject to obtaining a minimum offering amount of
$300,000 aggregate gross proceeds ("Minimum Offering"). The maximum offering
amount is $2,000,000 aggregate gross proceeds ("Maximum Offering"). The
Offering is subject to a minimum subscription level of $2,000 (the "Minimum
Subscription"). The Offering is being made on a non-brokered basis, however a
finder's fee ("Finder's Fee") will be paid as outlined below, and is subject
to the Minimum Offering being subscribed for within 60 days after the TSX
Venture Exchange's ("TSX-V") acceptance of the Offering.
    Legend Power will pay a Finder's Fee to persons who are properly
qualified to market and sell Shares under jurisdictional Securities Laws. The
amount of the Finder's Fee is calculated as a percentage of the actual dollar
value of the Shares purchased. The percentage increases in approximately
$50,000 increments as follows:

           Value of Shares Purchased ($)    Finder's fee (per cent)
           $2,000 to $50,000                5 per cent
           $50,001 to $100,000              6 per cent
           $100,001 to $150,000             7 per cent
           $150,001 or more                 8 per cent

    The closing of the Offering is expected to occur before, on or about
April 3, 2009. Versant Partners Inc. ("Versant") has been engaged by Legend
Power to execute the Agent's Certificate in the Short Form Offering Document
pursuant to the requirements of the TSX-V Policy 4.6. Versant will receive a
cash fee equal to $25,000 plus the greater of $20,000 or 2 per cent of the
gross proceeds of the sale of Shares, plus GST, payable upon closing of the
    As at December 31, 2008, Legend Power had approximately $264,000 in
working capital. When combined with the Offering, this results in funds
available of $495,000 (Minimum Offering) and $2,039,000 (Maximum Offering).
    "Legend Power achieved many milestones in 2008, but we must build on our
achievements to position ourselves for growth in 2009 and beyond," says Gerry
Gill, Chairman and CEO of Legend Power Systems Inc. "The response in Ontario
for Legend Power's Electrical Harmonizer-AVR has been greater than expected.
This injection to our working capital will allow us to expand our operations
in 2009."
    In January 2009, Ontario's Chief Energy Conservation Officer recognized
Canada Post with a Certificate of Recognition for Energy Conservation for its
voltage optimization initiatives, by installing Legend Power's Electrical
Harmonizer-AVR, at postal facilities in Greater Toronto.
    Legend Power has elected to focus on sales and marketing in Ontario due
to Ontario's urgent need to meet specific conservation targets and the
incentive funding programs offered by Ontario's Conservation and Demand
Management Program through Ontario's Building Owners and Managers Association.
Legend Power will continue its sales and marketing opportunities in British
Columbia, which also provides incentive funding through BC Hydro's Power Smart
Partner Program.
    Legend Power will use the net proceeds from the sale of the Shares to
expand its operations, sales and technical capabilities in British Columbia
and Ontario; build inventory; increase marketing expenditures; and purchase
equipment and assets required for the expansion.
    The Offering is subject to regulatory approval and applicable only in the
Province of British Columbia. All Shares acquired by any purchaser in excess
of $40,000 will be subject to a four month hold period from the date of
closing; no more than 50 per cent of the Shares sold may be subject to the
four month hold period; and no purchaser may purchase more than 20 per cent of
the Offering. In the event that the Minimum Offering has not been raised, all
subscriptions will be returned to the investors without interest or
    Legend Power's detailed financial information for the year ending
September 30, 2008 along with accompanying Management's Discussion and
Analysis for the same period, 2008 Annual Information Form and Short Form
Offering Document dated January 30, 2009 are available on SEDAR
(www.sedar.com) and at Legend Power's website at www.legendpower.com.

    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. Most
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.

    Forward Looking Information

    This release and referenced materials contain forward looking statements,
within the meaning of the "safe-harbour" provisions of the Private Securities
Act of 1995, which are subject to a number of known and unknown risks,
uncertainties and other factors that may cause actual results to differ
materially from those anticipated in our forward looking statements. Factors
that could cause actual results to differ materially include: rapid
technological and/or market changes in the industry including actual
electrical billing rates; the adequate protection of the Company's proprietary
rights; and other factors described in the Company's regulatory filings.
Although we believe the expectations reflected in our forward looking
statements are reasonable, individual results may vary, and we cannot
guarantee future results, levels of activity, performance or achievements.

    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: Ginny Morgan, Legend Power Systems Inc.,
gmorgan@legendpower.com; Fred Cowans or Tracy Weslosky, Pro-Edge Consultants
Inc., (866) 544-9622, info@pro-edge.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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