VANCOUVER, British Columbia, April 02, 2019 (GLOBE NEWSWIRE) -- Legend Power® Systems Inc. (TSXV: LPS), a global leader in onsite energy management technology, announces the purchase of three SmartGATE™ systems by an apartment building investment company, totalling C$389,974.
The purchase by the apartment building owner, which has been constructing and managing apartment buildings in southern Ontario cities for 60 years, is further indication of the acceptance of the strong dual value-proposition represented by SmartGATE. With a portfolio including more than 80 high-rise residential towers and over 8,900 units, and previous acknowledgment for energy efficiency excellence by Ontario’s Energy Minister for retrofitting over 7,000 units, the company embodies the desire to deliver fiscal prudence and sustainability in a single purchase.
"Legend Power’s technology is a great fit for landlords looking to improve net operating income and drive increased property value across their portfolio," said Legend’s CEO Randy Buchamer. "When a well-established multi-property business sees a strong financial case and a way to achieve high sustainability standards with one purchase, we know our value proposition is resonating. With an estimated total available market for SmartGATE™ in the North American multi-family rental buildings vertical of US$750 million1, we expect multi-family to become another very productive vertical."
Additional System Detail
The three systems purchased by the multi-residential company are for non sub-metered apartment buildings located in Ontario; 2 in London (458 units consuming 3.3 million kWh/year and 283 units consuming 2.4 million kWh/year) and one in Kitchener (247 units consuming 1.7 million kWh/year).
Ontario Offers SmartGATE™ Landlords Incentives
Ontario multi-family building owners that invest in SmartGATE™ systems can 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/#SmartGATE.
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.
Legend Renews Engagement with Sophic Capital for Investor Relations
The Company also announces that it has renewed its agreement with Sophic Capital Inc. (“Sophic”) to act as its Investor Relations firm. Sophic will be paid $7,000 per month for a term of 12 months and has been granted options to purchase up to 250,000 common shares in the capital of the Company (each a “Common Share”) at a price of $0.26 per Common Share. The options will vest quarterly, in four tranches of 62,500 each and shall be exercisable up until 5:00 PM (ET) on the earlier of (i) 90 days after termination of the agreement or (ii) March 5, 2022, being the date that is three years from the date of the agreement. The options are governed by the provisions of the Company’s stock option plan and the policies of the TSX Venture Exchange. Sophic currently holds 469,450 Common Shares and 375,000 options in the capital of Legend Power.
About Legend Power Systems Inc.
Legend Power® Systems Inc. (www.legendpower.com) is a global leader in onsite energy management technology. We help buildings overcome grid instability challenges common to utilities around the world. Legend’s industry-proven SmartGATE™ 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
+ 1 416 565 2805
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.
Forward-Looking Statements
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