NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
BURNABY, BC, March 26, 2012 /CNW/ - Legend Power Systems Inc. (TSX.V: LPS) ("Legend Power" or the "Company") announces that its Chairman and Chief Executive Officer, Gerry Gill, advised the Company on March 23, 2012 that he will be retiring effective immediately. The Company has appointed Randy Buchamer, President and Chief Operating Officer of the Company as acting Chief Executive Officer of the Company. Mr. Gill has also resigned as a director of the Company and will no longer be standing for re-election at the Company's March 29, 2012 annual general meeting. The Company intends to fill the vacancy that will be left by Mr. Gill once a suitable candidate has been identified.
Mr. Gill, who founded Legend Power in 2001, feels that it is an appropriate time for him to step down as he will be 65 years of age this April. Mr. Gill said, "The Company is in good shape. It is completing a financing, getting sales and has a competent and committed team of employees to carry out the Company's plan." Gill also said "he wanted to thank all of the shareholders, employees and board of directors for their support over the past 12 years."
In addition, the Company is pleased to announce that its previously announced brokered private placement (the "Offering") has been increased by 1,654,664 units of Legend Power ("Units") to approximately 16,029,664 Units at a price of $0.08 per Unit for aggregate gross proceeds of approximately $1,282,373. The increased size of the Offering includes the full exercise by Ionic Securities Ltd. of its option to over-allot the Offering by 1,875,000 Units. Full details of the Offering are set out in the Company's news releases issued on January 19, 2012 and March 14, 2012, which are available on SEDAR at www.sedar.com.
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.
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 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.
For further information:
Chief Financial Officer and Corporate Secretary
Legend Power Systems Inc.
+ 1 604 420 1500
LEGEND POWER SYSTEMS INC.
8561 Commerce Court
Burnaby, BC V5A 4N5
+1 604 420 1500