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Legend Power Systems U.S. Partners Submit Proposals Requiring 300 SmartGATE Systems

By: Newsfile

Expansion in Distributors and Sales Builds Upon U.S. Relationships

Vancouver, British Columbia--(Newsfile Corp. - December 15, 2022) - Legend Power® Systems (TSXV: LPS), a global leader in commercial electrical system solutions, announces that 3 Energy Service Companies (ESCOs) for U.S. Federal facilities have written Legend Power's products and services into 3 major deal proposals. If the proposals are approved, Legend's contribution could represent 300 SmartGATE systems.

These proposals build on new milestones in several key areas: Legend recently announced an expanded relationship with the City of New York as part of the City's $4 billion school electrification plan, and earlier this year announced a limited deployment with the USA General Services Administration (GSA) for large scale deployment testing. Furthermore, Legend is pleased to announce the recent sale of a number of systems to direct strategic customers.

"The pipeline and backlog for LPS has never been healthier," said Mike Cioce, Vice President of Sales and Marketing for Legend Power Systems. "ESCOs provide one-stop shopping for U.S. government agencies, vastly simplifying our sales process while reducing our sales cycle and marketing spend. When we look at the GSA program, the progress with DCAS in NYC and the expansion with our ESCO partners, we are well on our way to record bookings."

The Company has multiple channels right now driving results. The GSA program is only one of 3 paths Legend is active with the U.S. Federal Government; our ESCO partners have significant existing relationships and are writing us into large deals, as well, we are working directly with a large military base for up to 80 systems.

This momentum is perfect timing as the Biden administration announced a proposed rule to "electrify and cut emissions from new or newly renovated federal buildings. Beginning in 2025, these facilities will be required to reduce their on-site emissions associated with the energy consumption of the building by 90% … (by) 2030, the standard will fully decarbonize the on-site emissions in new federal buildings and major renovations," according to https://www.energy.gov/articles/biden-harris-administration-announces-steps-electrify-and-cut-emissions-federal-buildings.

"Looking ahead, the timing of the GSA deployment planning process and this major electrification effort for over 300,000 buildings codifies the path to thousands to tens of thousands of SmartGATE systems in the coming years," said Mr. Cioce.

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/148166

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