Shares of Legend Power Systems Inc. (TSX-Venture:LPS) are rallying today on news that the company announced a follow-on purchase of three Harmonizer™ systems by a multi-family and commercial real estate investment company, totalling $236,735. This order brings to six, the number of its 435 multi-family buildings that the customer has outfitted with Legend’s energy-saving solution.
The customer is an investor in, and active manager of, properties in the U.S. and Canada. Its $7-billion portfolio of multi-family properties, includes over 435 buildings totaling approximately 36,000 units. The customer also has a commercial property portfolio of over 50 buildings containing approximately 5.9 million square feet of floor space. Legend estimates the total potential market for its products in the North American multi-family rental buildings vertical at $750 million U.S.
Commenting on today’s news, Legend’s CEO Randy Buchamer stated, "Our technology is a great fit for landlords looking to improve net operating income and drive increased property value across their holdings". He continued by saying, "we expect multi-family to become one of our more productive verticals as we continue to demonstrate a strong value proposition and a way for our customers to achieve high sustainability standards."
As mentioned off the top, shares of LPS are up a strong 18% in late-afternoon trading at $0.59, albeit on low volume as the stock isn’t actively traded for the most part. Shares have been in a downtrend for most of 2018, however continued orders such as this one may just turn the pendulum for the stock price direction.
