Legend Power Systems Reports Record Purchase Orders Received of Over $2.5 Million

April 04, 2024 7:00 AM EDT | Source: Legend Power Systems Inc.

Vancouver, British Columbia--(Newsfile Corp. - April 4, 2024) - Legend Power® Systems (TSXV: LPS), a global leader in commercial electrical system solutions, reports record bookings for the second quarter of fiscal 2024. With north of $2.5 million in signed purchase orders with deposits for the quarter, this represents the largest bookings quarter ever for the Company. Additionally, this total includes the largest single purchase of SmartGATEs in the Company's history. With multi-system orders for two returning commercial real estate companies totalling nearly $2 million as well as a multi-system order for a new US based ESCO. Legend Power is delivering on expected pipeline conversions. These sales result in initial payment terms that are greater than the expected 25% of bookings due to a "system only" sale, which requires a 50% payment upon ordering.

The firm is also announcing the first SmartGATE delivery to the US Federal Government. The first system was delivered to the Department of Homeland Security and is expected to be installed in the next 60 days. The City of New York has closed its first round of bids for school projects, which includes the SmartGATE solution in the specification and the award is expected to result in bookings in the near future.

"We are very excited to get these initial large deals across the line," stated Mike Cioce, Vice President of Sales and Marketing for Legend Power Systems. "The diverse set of customers including commercial real estate, government and an ESCO speaks to the breadth of our solution and the value we are being able to demonstrate across many end markets. With energy and power quality beginning to be a mainstream theme for all industries, we are well positioned with a strong sales pipeline and validated product offering."

"These orders from both existing and new customers are a testament to the value the SmartGATE offers," added Randy Buchamer, CEO of Legend Power. "With initial deposits now being the norm we are seeing an immediate improvement in our balance sheet and we expect this trend to continue as the sales pipeline converts to bookings. We expect further bookings momentum throughout 2024."

About SmartGATE

SmartGATE is an industry-leading, turnkey solution that identifies and fixes underperformance and waste in the electrical system of a commercial building. These performance issues often impact key areas of commercial real estate metrics including occupant safety and satisfaction as well as financial performance. This waste can also lead to higher operating costs, lower net operating income and other potential financial risks to the building owner, including adverse tenant experiences.

About Legend Power® Systems Inc.

Legend Power® Systems Inc. (www.legendpower.com) provides an intelligent energy management platform that analyzes and improves building energy challenges, significantly impacting asset management and corporate performance. Legend's proven solutions support proactive executive decision-making in a complex and volatile business and energy environment.

For further information, please contact:

Jonathan Lansky, Director
+1 416 417 7664

Sean Peasgood, Investor Relations
+ 1 647 503 1054

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Forward-Looking Statements

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