Legend Power Systems cancels C$1.5 million private placement of units

By Devika Patel

Knoxville, Tenn., Aug. 18 - Legend Power Systems Inc. said it will not proceed with a C$1.5 million non-brokered private placement of units that priced July 13.

The company also sent a report to its shareholders in which it said it was poised for future growth and proceeding at "a good pace." The company said the update was in response to a decline in share price, which Legend said was due to the stock markets being "unsettled and erratic lately."

The electrical energy conservation company is based in Burnaby, B.C.

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