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BURNABY, BC, Nov. 2 /CNW/ - Legend Power Systems Inc. (TSX.V: LPS) ("Legend Power") announces that it has engaged Contact Financial Corp. ("Contact Financial") to develop and execute a comprehensive marketing and investor communications plan called the "Fast Focus" program to help raise awareness of Legend Power over a 3-month renewable term, subject to TSX Venture Exchange (the "Exchange") approval.
"We chose Legend Power Systems as our latest "Fast Focus" client because the company is well positioned in the clean energy sector and is unique in that its technology does not require permitting, long lead times on manufacturing and installation and in many cases can be implemented at a cash neutral expense. The company has many catalysts in the short term and recently announced the launch of its North American sales program that should see record sales of its technology over the coming quarters," says Keir Reynolds, vice president of Contact Financial.
Contact Financial is a Vancouver-based strategic marketing and communication firm that is expected to increase Legend Power's exposure to industry stakeholders and investors. Contact Financial will be responsible for providing advice to Legend Power with respect to corporate development, producing and distributing effective marketing communication tools, and increasing investor awareness. Contact Financial is at arm's length to Legend Power. For more information about Contact Financial please visit www.contactfinancial.com.
Under the renewable agreement, Contact Financial will receive a fee of $25,000 for an initial term of three months and $7,000 per month, on a month-to-month basis, following. In addition, Contact Financial will receive 150,000 incentive stock options (the "Options") to purchase common shares in the capital of Legend Power ("Shares"), exercisable at a price of $0.60 per Share for a period expiring two years from date of signing. The Options will vest over a period of 12 months, in accordance with Exchange policy and Legend Power's stock option plan.
Clarification on Brokered Private Placement
In its news release dated October 26, 2009, Legend Power indicated that D&D Securities Company ("D&D") was paid a cash commission equal to $18,896, in connection with the closing of the second tranche (the "Second Tranche") of its previously announced brokered private placement. D&D was actually paid a cash commission equal to $10,896 in connection with the closing of the Second Tranche.
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.
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 Canadian securities legislation. 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 Legend Power 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 Legend Power's proprietary rights; competition; changes in business strategy or development plans; and other factors referenced in Legend Power's filings with Canadian securities regulators. Although Legend Power 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. Legend Power 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.
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.
SOURCE Legend Power Systems Inc.
For further information: For further information: Gerry Gill, Chairman & CEO, Legend Power Systems Inc., (604) 420-1500, firstname.lastname@example.org; LEGEND POWER SYSTEMS INC., 8618 Commerce Court, Burnaby, BC, V5A 4N6, (604) 420-1500, www.legendpower.com