Legend Power Systems Expands Relationship with The NYC Department of Citywide Administrative Services

December 08, 2022 at 07:00 AM EST

Initial Testing Exceeds Energy Savings, GHG Emissions and Power Quality Metrics

Vancouver, British Columbia--(Newsfile Corp. - December 8, 2022) - Legend Power® Systems (TSXV: LPS), a global leader in commercial electrical system solutions, announces they met or exceeded all expectations for the SmartGATE initial deployments with The NYC Department of Citywide Administrative Services (NYC DCAS), setting the stage for future deployments. The first two SmartGATE Systems not only met the anticipated energy savings targets, but also exceeded expectations for protection from negative grid events. NYC DCAS recently published the results of the initial systems on their nyc.gov website here (Phase V Smart Building Systems).

"Our first two SmartGATE Systems were on target, easily reducing the energy and GHG by over 4% and exceeding the expectations on offsetting negative grid events. They clearly demonstrated value by protecting valuable equipment inside the schools where they were deployed and thereby providing continuity for students and teachers," said Mike Cioce, Vice President of Sales and Marketing for Legend Power Systems. "Reaching these milestones paves the way for the most exciting part: Legend and the SmartGATE platform playing a vital role in the City of New York's long-term electrification and decarbonization efforts."

NYC recently announced a $4 billion plan to convert New York City Schools to all electric power (New York City Launches Public School Program). Completion of the IDEA SmartGATE evaluation comes just in time to enable Legend Power Systems SmartGATE Active Power Management to play a significant role in this massive effort.

"Proving SmartGATE through New York's IDEA program paves the way for Active Power Management to be written into the design standard for not only the School Construction Authority but also the Design and Construction Service group, which services the balance of NYC buildings," continued Mr. Cioce.

The City of New York Public Schools operates over 1,700 schools and DCAS operates the balance of NYC Government facilities. DCAS has 12 lines of services and purchases over $1 billion of goods and services annually. DCAS serves as the hub for energy management and carbon reduction for government operations and leads efforts to reduce energy use and emissions from City operations, including assisting agencies with achieving key citywide goals; 1) 40% emissions reduction by 2025; 2) 50% emissions reduction by 2030; 3) 20% reduction in energy use by 2030; and 4) Carbon neutrality by 2050.

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:

Jonathan Lansky, Director
+1 416 417 7664
lansky.j@icloud.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.

Forward-Looking Statements

This Press Release may contain statements which constitute "forward-looking information", including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities and operating performance of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities or performance and involve risks and uncertainties, and that the Company's future business activities may differ materially from those in the forward-looking statements as a result of various factors. Such risks, uncertainties and factors are described in the periodic filings with the Canadian securities regulatory authorities, including the Company's quarterly and annual Management's Discussion & Analysis, which may be viewed on SEDAR at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results to not be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements other than as may be required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/147216

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Legend Power Systems Expands Relationship with The NYC Department of Citywide Administrative Services

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