Major Ontario Multi-Family Portfolio Owner Makes Follow-on Order for 10 SmartGATE™ Platforms - 100% SmartGATE Insights™ Conversion
VANCOUVER, BC / ACCESSWIRE / April 13, 2021 / Legend Power Systems® (TSXV:LPS) and (OTCQB:LPSIF), a global leader in commercial electrical system solutions, today announced a 10-unit SmartGATE Platform sale to a major multifamily residential property owner. The 10-platform purchase is the largest dollar value transaction in Legend Power Systems' history and was achieved within 60 days of completing an Insights engagement for 10 buildings. These follow-on units will bring the total number of SmartGATE Platforms installed in this customer's multi-family buildings to 14. The customer is a privately owned business developing, constructing, and managing apartment buildings for 60 years and its portfolio of 9,600 units includes the some of the most upscale properties in Ontario,
"This follow-on investment in additional SmartGATE Platforms shows commitment to sustainability leadership, tenant safety and satisfaction," said Randy Buchamer, President and CEO of Legend Power Systems. "We have worked with this customer for a number of years, producing tangible results for us both from an energy savings standpoint and by making their buildings better. We were not surprised with the volatility of the incoming power supply to these buildings or our customer being unaware of the previously unmeasured impact to their financial results which were both highlighted by the Insights assessments. We are pleased to provide a key part in making our customer's buildings better for tenants and the environment."
The SmartGATE Insights assessments highlighted energy waste and building system risk which could potentially impact tenants based on the electrical grid power entering buildings. Key indicators of Legends' growth trajectory are evident in this transaction; i) days between delivery of Power Impact Report to customer and resulting customer purchase of SmartGATE Platform; and ii) conversion rate of the number of building electrical feeds assessed with SmartGATE Insights which result in a SmartGATE Platform sale. Both metrics were positive in this sale with the results being 60 days and 100% respectively which exceed Legend's forecast of 365-days and 50% respectively.
Legend's SmartGATE Insights and Power Impact Report is a valuable tool that provides building owners a better understanding of the financial impact the power grid is having on their buildings and how SmartGATE solutions can solve these challenges for them. The Power Impact Report delivers non-technical explanations of the negative financial effects being suffered in single buildings and entire portfolios combined with actionable solutions customized for our customers.
About SmartGATE
SmartGATE is an industry-leading, turnkey solution which 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:
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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SOURCE: Legend Power Systems Inc.
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