Legend Power Systems Inc. Reports Annual Financial Results for 2009
BURNABY, BC,
Operational Highlights for 2009: - Following capitalization in September, we assembled professional and competent management and sales teams to execute the program. - We eliminated debt so our financial position is healthy and secure, allowing for sales and marketing efforts to be properly funded. We also installed appropriate systems for monitoring lead generation and customer fulfillment. - Our successful marketing program has resulted in an increased awareness of our technology, specifically for its simplicity, logic and effectiveness. - Our consolidated audit and sales teams in Ontario have performed building audits in facilities resulting in proposals with the potential for sales being more imminent than ever. - The measurement and verification process to document the savings and overall performance of the Electrical Harmonizer-AVR has been refined and is being implemented successfully. - The Electrical Harmonizer-AVR continues to qualify for incentive funding in British Columbia. The BOMA (Building Owners and Managers Association) incentive funding in Ontario has recently doubled, substantially reducing the payback period for our customers and effectively defeating some ROI concerns in their purchase decision process. - Our R&D program will continue to be partially funded with a grant from the Industrial Research Assistance Program (IRAP), a division of the National Research Council of Canada, allowing Legend Power to assume leadership in the development of new and improved technologies.
2009 Annual Financial Highlights, Audited:
Revenues for the year ended
Expenses for the Year decreased to
Net loss for the Year was
------------------------------------------------------------------------- INCOME STATEMENT For the year ended September 30 2009 2008 ---- ---- ------------------------------------------------------------------------- Revenue $24,079 $690,212 Total expenses $2,393,214 $2,714,210 Income (loss) before other items $(2,371,259) $(2,382,795) Per share basic and diluted $(0.09) $(0.16) Net income (loss) $(2,298,150) $(2,294,753) Per share basic and diluted $(0.09) $(0.15) Weighted average shares outstanding 27,446,339 15,295,038 ------------------------------------------------------------------------- Cash and cash equivalents as at September 30, 2009, was $3,177,060 compared to $690,455 for the same period in 2008. As at September 30, 2009, the Company had working capital of $3,334,592 compared to $875,290 in the same period in 2008. ------------------------------------------------------------------------- BALANCE SHEET As of September 30 2009 2008 ---- ---- ------------------------------------------------------------------------- Total assets $5,022,321 $2,941,749 Current liabilities $301,714 $454,056 Shareholders' equity $3,774,841 $1,792,548 Cash dividend paid - - -------------------------------------------------------------------------
Legend Power's detailed financial information for the years ending
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. View "Legend Power Corporate Video" on YouTube at http://www.youtube.com/watch?v=EcBIFsXZTIA
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.
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.
LEGEND POWER SYSTEMS INC. 8618 Commerce Court, Burnaby BC, V5A 4N6
For further information: For further information: Gerry Gill, CEO, Legend Power Systems Inc., [email protected]; Investor Relations: Stuart Omsen, Director of Corporate & Business Development, Legend Power Systems Inc., [email protected]
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