VANCOUVER, British Columbia, June 24, 2019 (GLOBE NEWSWIRE) -- Legend Power® Systems Inc. (TSXV: LPS), a global leader in onsite energy management technology, is pleased to announce that Cosimo (Cos) La Porta, a current director of the Company has been appointed Chairman of the Board of Directors.
Mr. La Porta is a veteran of the Starbucks Coffee Company, having served 18-years in a number of senior executive leadership roles in the United States, Canada and International markets. In his most recent role, Mr. La Porta was the Executive Vice President, US Retail Business where he was responsible for 150,000 employees, and the operations of 7,600 company operated retail stores. Prior to assuming his US executive role, he spent two years as senior vice president of retail operation for China and Asia Pacific, leading 16 markets that comprised of Starbucks fastest growing region. “I am extremely grateful and proud to be part of a very innovative, cultured company that is focused on solving a very global problem,” said Mr. La Porta. “I have tremendous confidence in the management team and board as we continue to scale this business and maximize shareholder value.”
Legend today also announced that all resolutions were passed by the requisite majority at its annual general meeting held in Vancouver, British Columbia on June 20, 2019. Ernst & Young LLP, Chartered Professional Accountants were re-appointed as auditors of the Company for the ensuing year and shareholders approved the Company’s 2019 10% rolling stock option plan.
The following four incumbent directors were re-elected: Randy Buchamer, Cosimo La Porta, Michael Atkinson, and Dave Guebert.
Following the annual general meeting, the Board of Directors appointed Randy Buchamer President and CEO of Legend, and Steve Vanry as CFO, COO and Corporate Secretary.
The Company also announced that it has granted stock options to acquire up to 1,350,000 common shares, 1,050,000 of which were granted to certain directors and officers. Each of the stock options is exercisable for a five-year term expiring on June 24, 2024 at a price of $0.30 per common share. On June 21, 2019, the last day that the common shares traded prior to the granting of the stock options, the closing trading price of the common shares on the TSX Venture Exchange was $0.30. The options are subject to vesting provisions, with one-sixth vesting six months from the date of grant, and one-sixth vesting and becoming exercisable every six months thereafter. The stock options are non-transferable.
About Legend Power Systems Inc.
Legend Power® Systems Inc. (www.legendpower.com) is a global leader in onsite energy management technology. We help buildings overcome grid volatility challenges common to utilities around the world. Legend’s industry-proven SmartGATE™ enables dynamic power management of an entire building. The proprietary and patented system reduces total energy consumption and power costs, while also maximizing the life of electrical equipment. Legend’s unique solution is also a key contributor to both corporate sustainability efforts and the meeting of utility energy efficiency targets.
For further information, please contact:
Steve Vanry, CFO
+ 1 604 671 9522
svanry@legendpower.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.