VANCOUVER, British Columbia, April 08, 2020 (GLOBE NEWSWIRE) -- Legend Power® Systems (TSX-V: LPS) advises that in response to COVID-19’s impact on economic activity and its potential to slow the Company’s growth prospects, management has implemented a pro-active cost reduction and continuity plan.
A review of expenditures resulted in cost reductions to conserve cash and reduce operating costs without impairing the Company’s ability to quickly grow as the economy improves. The Company has maintained communication with its customers and prospects to work together in setting expectations for alignment during and after the current pandemic period being experienced. For potential customers choosing to continue active sales cycles, Legend Power Systems is working with them to meet their objectives. This includes continuing to complete most scheduled SmartGATE Insights™ and SmartGATE™ platform installations. Any customers who have deferred installations will be brought back into the process when the timing is right for their companies.
As a result of these measures, Legend Power will reduce overall expenditures by approximately $1 million for the coming six months. These cost-containment efforts can be extended, if required, and pared back or removed as the economy gets back on track.
Refinement of their industry leading SmartGATE Insights building power analysis solution and enhancement of the SmartGATE platform continue to move forward and are anticipated to achieve planned milestones.
About Legend Power® Systems Inc.
Legend Power® Systems Inc. (www.legendpower.com) is a global leader in onsite power management technology. They help buildings overcome grid volatility 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
+ 1 647 503 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.
Forward-Looking Statements
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