GERRY GILL, CHAIRMAN & CEO
To our valued Shareholders:
2009 was a year of tremendous challenge as Legend Power sought funding during the drastic economic downturn; however, in this same vein, it was an instrumental year for the company as we successfully attracted new capital during the latter half of 2009. This has allowed us to proceed to the next critical phase in our evolution: implementing an effective commercialization program.
We are proud to share some of our accomplishments from the past year:
- Following capitalization, we have moved quickly to assemble a professional and competent management and sales teams to execute our commercial program.
- With no debt, our financial position is healthy and secure allowing for sales and marketing efforts to be properly funded and the appropriate systems in place for monitoring lead generation and customer fulfillment.
- As we make further connectors with potential customers, our technology is increasingly recognized for its simplicity, logic and effectiveness.
- Our consolidated audit and sales team in Ontario have performed building audits in facilities with the potential for sales being more imminent than ever.
- The measurement and verification process to document the savings and overall performance of the Electrical Harmonizer has been refined and is being implemented successfully.
- The Electrical Harmonizer continues to qualify for incentive funding in British Columbia and the BOMA (Building Owners and Managers Association) incentive funding in Ontario has recently doubled, substantially reducing the payback period for our customers and effectively defeating some ROI concerns in their purchase decision process.
- Our R&D program will continue to be partially funded with a grant from the Industrial Research Assistance Program (IRAP), a division of the National Research Council of Canada, allowing Legend Power to assume leadership in the development of new and improved technologies.
We wish to thank all our investors for their support and confidence; our Board of Directors for their guidance; and our employees for their commitment and dedication.
At Legend Power we are charged up about the opportunities ahead of us as we look to the Canadian markets and beyond. With sustainability at the forefront of international policy discussion, we will enable our customers to deliver visible reductions in their greenhouse gas emissions while achieving improved results in their bottom line — a win-win scenario. We look forward to reporting on our successes in 2010 as they materialize.
Gerry Gill
Chairman & Chief Executive Officer
January 2010.
