VANCOUVER, British Columbia, Sept. 06, 2018 (GLOBE NEWSWIRE) -- Legend Power® Systems Inc. (TSX-V: LPS), a global leader in voltage management technology, announces the follow-on purchase of three Harmonizer™ systems by a multi-family and commercial real estate investment company, totalling C$236,735. This order brings to 6, the number of its 435 multi-family buildings that the customer has outfitted with Legend’s energy-saving solution.
The customer is an investor in, and active manager of, properties in the U.S. and Canada. Its $7 billion portfolio of multi-family properties, includes over 435 buildings totaling approximately 36,000 units. The customer also has a commercial property portfolio of over 50 buildings containing approximately 5.9 million square feet of floor space. Legend estimates the total potential market for its products in the North American multi-family rental buildings vertical at US$750 million1.
“Our technology is a great fit for landlords looking to improve net operating income and drive increased property value across their holdings,” said Legend’s CEO Randy Buchamer. “We expect multi-family to become one of our more productive verticals as we continue to demonstrate a strong value proposition and a way for our customers to achieve high sustainability standards. We’d like to thank our customer for their repeat business.”
About the Three System Deployment
The three systems purchased by the customer were chosen for apartment buildings located in Ontario; two in Mississauga (229 units consuming 900,000 kWh/year and 337 units consuming 1.2 million kWh/year) and one in Toronto (331 units consuming 1.6 million kwh/year). All three buildings are at various levels of sub-metering installation.
Ontario Offers Harmonizer Landlords Incentives
Ontario multi-family building owners that invest in Harmonizers may apply to increase rents under the Province of Ontario Landlord and Tenant Board’s, Rent Increase Guideline Program. The program encourages Landlord’s investment in capital projects, including those considered as promoting energy conservation such as Legend’s energy efficiency technology.
For more information about our technology or to request an assessment of how much energy Legend Power can save in your building, please visit us on the web at: http://legendpower.com/products/#Harmonizer.
1 Source: U.S. Department of Housing and Urban Development and U.S. Census Bureau, Rental Housing Finance Survey; Rental apartment properties containing over 50 units at average revenue of C$60k per apartment.
About Legend Power® Systems Inc.
Legend Power® Systems Inc. (www.legendpower.com) is a global leader in voltage management technology. We help buildings use less energy by eliminating ‘overvoltage’; an inherent challenge associated with power grids around the world. Legend’s industry-proven Harmonizer™ enables dynamic power-management of an entire building. The proprietary and patented system reduces total energy consumption and power costs, while also maximizing the life of electrical equipment. Legend’s unique solution is also a key contributor to both corporate sustainability efforts, and the meeting of utility energy efficiency targets.
For further information, please contact:
Steve Vanry, CFO
+ 1 604 671 9522
svanry@legendpower.com
Sean Peasgood, Investor Relations
+ 1 647 503 1054
sean@sophiccapital.com
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
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