MicroPlanet Receives Approval for Shares for Interest Transaction

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

WOODINVILLE, WA, Nov. 8, 2011 /CNW/ - MicroPlanet Technology Corp. ("MicroPlanet" or the "Co mpany"), (TSXV: MP) (OTC: MCTYF) a provider of smart grid technology which significantly increases efficiency, qu ality, and conservation of electricity, today announces that has received approval from the TSX Venture Exchange ("TSXV") for a Shares for Interest transaction.

The Shares for Interest transaction satisfies 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. The amounts outstanding on the Notes have been reduced from C$4,000,000 to C$2,063,000 since July 2011.

In lieu of an aggregated cash interest payment in the amount of C$12,885 to the holders of the Notes, the Company will issue an aggregate of 99,116 Common Shares to the holders of the Notes. The payment of the interest will be based on a price per Common Share of C$0.13, such price being the closing price of the Common Shares on October 31, 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 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 Woodinville, WA and is listed on the TSXV 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.  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 THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THE TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

SOURCE MicroPlanet Technology Corp.

For further information:

MicroPlanet Investor Relations:   MicroPlanet Company Contacts:
Dave Burwell / Grant Howard   Brett Ironside Kurt Maass
The Howard Group   President & Chief Executive Officer Chief Financial Officer
Ph: 888-221-0915   Tel:  425-984-2741 Tel:  425-984-2756
Fax: 403-237‐8387   Fax: 425-984-2760 Fax: 425-984-2760
info@howardgroupinc.com   bironside@microplanet.com kmaass@microplanet.com
www.howardgroupinc.com

 

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MicroPlanet Technology Corp.

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