Business
Legend announces update on private placement and issues shareholder report
Legend announces update on private placement and issues shareholder report
About this update from Legend Power Systems Inc.
[{"type":"text","content":"\n\n\n\n Aug. 18, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\nBURNABY, BC, Aug. 18 /CNW/ - Legend Power Systems Inc. (TSX.V:LPS) (FSE: XLE) ("Legend Power") announces that the non-brokered private placement of 3,750,000 units for total proceeds of $1,500,000 previously announced in Legend Power's news release of July 13, 2010 is not proceeding.\nIn addition, Legend Power issued a shareholder report commenting on its business development activities. The text of the shareholder report is as follows:\n\nTo Our Valued Shareholders:\n\nIn light of the recent decline in the company's share price we wish to\nupdate you with the company's status and to provide you with relevant\ninformation.\n\nLegend Power is moving forward at a good pace. We are making great\nstrides in our marketing program and have accomplished important\nmilestones in educating potential customers in different industries about\nour technology. We are building relationships with large companies and\nall the major utilities for future sustainable growth. These\naccomplishments were made despite a less than ideal economic climate\nwhich still continues to be in a recovery mode.\n\nOur activities to date have left Legend Power better positioned for\nfuture growth. We are continually updating our marketing strategy in the\nface of challenges posed by the economic conditions. Our customers'\npurchase decisions have been delayed or become limited not on the merits\nof our technology or our capacity to provide customer service, but due to\neconomic restraints on capital expenditure. Despite that, we are\nreceiving orders for audits and installations. More importantly, these\ncontinued installations have successfully proven savings for our\ncustomers through our measurement and verification process, again\nestablishing that our technology is as effective as we have maintained.\n\nThe stock markets generally have been unsettled and erratic lately and\nthis condition ...