Business
Legend Power issues corporate update to shareholders
Legend Power issues corporate update to shareholders
About this update from Legend Power Systems Inc.
[{"type":"text","content":"\n\n\n\n Jun. 3, 2010 (Canada NewsWire Group) -- Legend Power Systems Inc. ("Legend Power") (TSX.V:LPS) (FSE:XLE), a leading electrical energy conservation company specializing in voltage optimization and grid efficiency for commercial and industrial energy consumers, is pleased to provide a corporate update to shareholders.\nLegend Power has achieved the following milestones since formally launching the commercialization of their smart-grid technology at the beginning of 2010:\n\nLaunch of Direct Sales Team: Since the implementation of a new sales team in November 2009 and the launch of a direct sales process in January 2010, Legend Power's opportunity pipeline has grown from 32 beta clients to more than 300 business opportunities representing over $18,000,000 in potential revenue.\n\nEnhanced "Green" Incentive Funding in Ontario: Due to high energy costs and generous incentive programs, the majority of business opportunities for Legend Power have thus far been in the greater Toronto area, the 416 area code. Recently, government incentive funding was expanded to include the entire province, more than tripling Legend Power's potential customer base.\n\nCash Neutral Solution: Legend Power has introduced a revenue sharing model, whereby clients get a completely cash neutral solution for installation and adoption of Legend Power's technology and therefore immediately experiencing savings in energy cost, maintenance and green house gas emission.\n\nGaining Sales Traction: The Company has announced 5 sales of its patented Electric Harmonizer-AVR in the last 6 weeks to multi-facility, multi-national companies. The months of June and July will see the first recorded results from the commencement of the early stages of commercialization for the company as 5 installations and additional purchase orders with tier-1 clients are expected.\n\nExpansion to US Markets: Legend Power is currently in the process of setting up the infrastructure in California to be able to execute on the US side of its business plan in the next 60 days. With energy costs in most parts of the US being double or certainly more than those of Legend Power's existing sales areas, the momentum is expected to gain sharply in the US within a reasonably short period of time.\n\nLaunch of Distributorships: Legend Power recently announced an MOU with a UK...