MicroPlanet Announces Private Placement

Company: MicroPlanet Technology Corp.
Stock Listing: MP: TSXV
Stock Listing (US): MCTYF: OTC
Web Site: www.microplanet.com

SEATTLE, WA, May 20, 2011 /CNW/ - MicroPlanet Technology Corp. ("MicroPlanet" or the "Company") (TSXV: MP) (OTC: MCTYF), an energy conservation smart grid company, today is pleased to announce that it intends to complete a private placement of up to 9,000,000 units (the "Units") at a price of $0.10 per Unit (the "Offering"). Each Unit consists of one common share of MicroPlanet (the "Common Shares") and one Common Share purchase warrant (the "Warrants"). Each Warrant entitles the holder to acquire one Common Share at any time prior to 4:00 p.m. (Seattle time) on the date that is two years from the closing date of the Offering upon payment of the exercise price of $0.15 per Common Share. Closing of the Offering is expected to occur on or about May 20, 2011.

The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange ("TSXV"). Certain members of the Company's management and its Board of Directors intend to participate in the Offering by acquiring, in the aggregate, 1,100,000 Units.

In connection with the Offering, the Company has agreed to pay a success-based finder's fee consisting of 500,000 Warrants to The Howard Group, Inc.

The Offering, if completed, would raise initial gross proceeds of up to $900,000 and up to a further $1,350,000 assuming full exercise of the Warrants. MicroPlanet intends to use these proceeds for the procurement of parts to support manufacturing of MicroPlanet's products; for the marketing and development of MicroPlanet's smart grid and energy conservation products; and for general working capital purposes.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in the United States. The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an application exemption from the registration requirements.

Shares for Debt

The Company also announces that it will be filing a Shares for Debt Application with the TSXV to satisfy interest payments outstanding to certain holders of the secured convertible notes of the Company (the "Notes"). The Notes bear interest at the rate of twelve percent (12%) per annum payable semi-annually in arrears. At the option of the holder of the Note, interest payments may be made in the form of Common Shares at an issue price equal to the market price of the Common Shares at the time of settlement.

In lieu of an aggregated cash interest payment in the amount of C$31,836 to the holders of the Notes, the Company intends, subject to TSXV approval, to issue an aggregate of 303,202 Common Shares to the holders of the Notes. The payment of the debt will be based on a price per Common Share of $0.105, such price being the closing price on April 29, 2011. The Common Shares issuable will be subject to a four-month hold period in accordance with applicable securities laws and TSXV requirements.

About MicroPlanet Technology Corp.

MicroPlanet Technology Corp. solutions improve power quality and save energy by dynamically managing incoming voltage to a home or business through the use of patented, advanced power electronics. MicroPlanet's technology has been deployed in seven countries by more than 20 utilities, the U.S military and multiple commercial customers to save energy, improve power quality and grid efficiency and to facilitate the integration of renewable energy sources, including solar and wind. MicroPlanet is based in Seattle, WA and is listed on the TSX Venture Exchange (TSX-V) trading under the stock symbol: MP. www.microplanet.com

THIS NEWS RELEASE MAY CONTAIN FORWARD-LOOKING INFORMATION. ACTUAL FUTURE RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTEMPLATED. THE RISKS, UNCERTAINTIES AND OTHER FACTORS, BOTH KNOWN AND UNKNOWN, THAT COULD INFLUENCE ACTUAL RESULTS MAY BE SUBSTANTIAL AND INCLUDE THOSE DESCRIBED IN DOCUMENTS FILED WITH REGULATORY AUTHORITIES, SUCH AS THE COMPANY'S MOST RECENTLY FILED ANNUAL AND QUARTERLY REPORTS AND ANNUAL INFORMATION FORM. ACCORDINGLY, NO ASSURANCES CAN BE GIVEN THAT ANY OF THE EVENTS ANTICIPATED BY THE FORWARD-LOOKING STATEMENTS WILL TRANSPIRE OR OCCUR, OR IF ANY OF THEM DO SO, WHAT BENEFITS THE COMPANY WILL DERIVE THEREFROM.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THE TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

SOURCE MicroPlanet Technology Corp.

For further information:

MicroPlanet Investor Relations: MicroPlanet Company Contacts:
Gerry Wimmer
INVESTORFILE.com
Tel:  416-360-8895
gwimmer@investorfile.com
Brett Ironside
President & CEO
Tel:  206-625-0851
Fax: 206-625-0999
bironside@microplanet.com
Kurt Maass
CFO
Tel:  206-625-0851
Fax: 206-625-0999
kmaass@microplanet.com

Profil de l'entreprise

MicroPlanet Technology Corp.

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