Business
Legend Power announces retirement of Chairman and Chief Executive Officer and increase in size of brokered private placement
NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES ...
About this update from Legend Power Systems Inc.
[{"type":"text","content":"\n\n\n\n\n\nNOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE\n UNITED STATES\n\n\nBURNABY, BC, March 26, 2012 /CNW/ - Legend Power Systems Inc. (TSX.V:\n LPS) (\"Legend Power\" or the \"Company\") announces that its Chairman and\n Chief Executive Officer, Gerry Gill, advised the Company on March 23,\n 2012 that he will be retiring effective immediately. The Company has\n appointed Randy Buchamer, President and Chief Operating Officer of the\n Company as acting Chief Executive Officer of the Company. Mr. Gill has\n also resigned as a director of the Company and will no longer be\n standing for re-election at the Company's March 29, 2012 annual general\n meeting. The Company intends to fill the vacancy that will be left by\n Mr. Gill once a suitable candidate has been identified.\n\n\nMr. Gill, who founded Legend Power in 2001, feels that it is an\n appropriate time for him to step down as he will be 65 years of age\n this April. Mr. Gill said, \"The Company is in good shape. It is\n completing a financing, getting sales and has a competent and committed\n team of employees to carry out the Company's plan.\" Gill also said \"he\n wanted to thank all of the shareholders, employees and board of\n directors for their support over the past 12 years.\"\n\n\nIn addition, the Company is pleased to announce that its previously\n announced brokered private placement (the \"Offering\") has been\n increased by 1,654,664 units of Legend Power (\"Units\") to approximately\n 16,029,664 Units at a price of $0.08 per Unit for aggregate gross\n proceeds of approximately $1,282,373. The increased size of the\n Offering includes the full exercise by Ionic Securities Ltd. of its\n option to over-allot the Offering by 1,875,000 Units. Full details of\n the Offering are set out in the Company's news releases issued on\n January 19, 2012 and March 14, 2012, which are available on SEDAR at\n www.sedar.com.\n\n\nAbout Legend Power Systems Inc. \n\n\nLegend Power Systems Inc. (www.legendpower.com) is a leading electrical energy conservation company that manufactures\n and markets a patented device to help commercial and industrial\n customers achieve significant energy savings through voltage\n optimization. Legend Power's Electrical Harmonizer-AVR helps companies\n reduce their electricity bills, maintenance costs, and increases th...