Vancouver - Legend Power Systems Inc. (TSX.V: LPS) (OTCQB: LPSIF) ('Legend Power' or the 'Company'), a global leader in commercial electrical system solutions, today reported its Q1 2021 financial results for the three months ended December 31, 2020.

Financial Highlights for the quarter ending December 31, 2020 (Q1 2021)

Revenue of $766k versus $1.00 million reported in Q1 2020; Gross profit of $202k compared to $137k in Q1 2020; Adjusted EBITDA loss of $678k versus a $1.33 million loss in Q1 2020; Net loss of $874k versus the $1.48 million loss in Q1 2020 and Cash of $2.04 million, no debt, and $2.99 million in working capital at December 31, 2020.

Quarterly Update

Legend's pipeline of opportunities - both with prospective and existing clients - continued to grow through the first quarter of fiscal 2021 ending December 31, 2020. The Company gained more access to senior decision-makers, especially those concerned with tenant safety and reducing costs by optimizing incoming grid power. The increase in commitments from building owners continues to scale. Some of these commitments include multi-building assessments with our SmartGATE Insights service and others for full SmartGATE Platforms. This resurgence in activity has been broad-based and includes engagements in the multi-family, schools, commercial office, and ESCO verticals. During the first quarter of fiscal 2021, these resulted in: Verbal commitments for over 50 new SmartGATE Insights engagements for the first three months of calendar 2021; The first phase of SmartGATE Insights Service engagements resulted in customer commitments for SmartGATE platform purchases and follow-on requests to analyze more buildings; The region of Peel in Ontario, Canada invested in SmartGATE platforms for four of its low-income multi-residential buildings; A joint project with the ESCO of a Fortune 100 Global Corporation entered the optimization and testing stage; Channel sales partner Haven Consultants International purchased an additional 3 SmartGATE platforms, and; An Ontario-based College purchased 2 SmartGATE platforms, becoming the 10th leading college or university to deploy SmartGATE.

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 Power's proven solutions support proactive executive decision-making in a complex and volatile business and energy environment.

The proprietary and patented system reduces total energy consumption and power costs, while also maximizing the life of electrical equipment. Legend Power's unique solution is also a key contributor to both corporate sustainability efforts and the meeting of utility energy efficiency targets.

Contact:

Steve Vanry

Tel: 1 604 671 9522

Email: svanry@legendpower.com

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.

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