MicroPlanet Reports Q3 Results

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

SEATTLE, Nov. 22, 2011 /CNW/ - (MP:TSXV & MCTYF:OTC) - MicroPlanet Technology Corp. ("MicroPlanet" or the "Company") a provider of smart grid technology which significantly increases efficiency, quality, and conservation of electricity, today reported interim unaudited consolidated financial results for the three-month period ended September 30, 2011 (the "Quarter"). All dollar figures are reported in U.S. currency, unless otherwise stated.

Quarter Highlights

  • Sales for the Quarter consisted of deliveries of the Company's Second Generation Low Voltage Regulators ("LVR2") to both new and existing Australian energy utility customers, and rental income from supplying voltage regulation services to the U.S. Department of Energy's National Renewable Energy Labs for the 2011 Solar Decathlon (http://www.solardecathlon.gov/).
  • Reported sales of $303,149, compared to $23,403 for the prior year quarter.
  • Operating expenses of $810,261 compared to $746,043 for the prior year quarter.
  • Net loss of $247,697 (net of $477,821 foreign exchange gain) compared to $1,040,146 for the prior year quarter.

"During the quarter we were successful in validating two units of our newly UL-certified 4 kVA product line as an effective solution for the integration of electricity generated by distributed renewable sources back into the grid," stated Brett Ironside, MicroPlanet President and CEO. "Our technology performed very well during the US Department of Energy's 2011 Solar Decathlon, successfully regulating the voltage generated by the solar homes in the competition back to the grid, as well as regulating the voltage of electricity flowing from the local electric utility into the competition's microgrid. We are pleased to have proven the efficacy of our products as integrators of distributed renewable generation sources back into the grid at such a prestigious event."

The Company also manufactured and shipped LVR2s to both new and existing electric utility customers in Australia. "Our LVR2s have become a stocking item for another Australian utility's standard parts catalog," Ironside continued. "More utilities are recognizing the attractive value proposition our products create and are using them in greater numbers to mitigate low voltage volatility at the edges of their existing grids, thereby delaying or eliminating altogether the need for expensive upgrades to generation, transmission or distribution facilities. Our partnership with our Australian representative Smart Grid Partners is delivering results with these new shipments."

The Company has also taken significant strides to address maturing debt. During the Quarter, the Company raised an additional CAD$900,000 in capital and converted CAD$1,462,000 in face value of convertible notes to shares in the Company's common stock, obtained note holder agreement and TSX Venture Exchange ("TSXV") approval to extend CAD$875,000 in face value of convertible notes for an additional 12 months, and redeemed face value CAD$400,000 in convertible notes for cash.

Outlook

"We continue to prioritize and work on the certification of our three-phase 4 kVA platform and are pursuing the opportunities presented by the validation of our split-phase 4kVA product line in the Solar Decathlon," Ironside explained. "Proving the ability to integrate renewable energy into the local grid demonstrates the robust nature of our four-quadrant regulation scheme, and our ability to regulate voltage bi-directionally, in addition to increasing and decreasing voltage to customer-defined set points as conditions warrant. This particular market segment will become much more important as concentrations of distributed generation increase."

Additionally our first 4 KVA 50 Hz prototype for the UK and Australian markets has arrived at the Queensland University of Technology ("QUT") in Brisbane Australia. This marks the initiation of a two-stage validation and scale integration study for our 50 Hz product line. The study is funded by Ergon Energy, QUT, with the prototype provided by MicroPlanet. The first phase is expected to be four to six months with a larger scoped grid scale installation from months six to 18.

Subsequent to the end of the Quarter, the Company continued to address maturing debt by receiving approval from the TSXV to extend the maturity of CAD$1,138,000 of face value of convertible notes that matured during the Quarter. A total of CAD$125,000 in face value of convertible notes were redeemed for cash.

Financial Highlights

Net comprehensive loss for the Quarter was $247,697 (net of $477,821 foreign exchange gain) or $0.00 loss per share (basic and diluted) compared to a net comprehensive loss of $1,040,146 or $0.02 loss per share (basic and diluted) in the same Prior Year Quarter.

The financial statements for the Company were prepared using International Financial Reporting Standards ("IFRS"), in accordance with Canadian Accounting Standards Board and securities regulatory commission requirements. Certain previously-reported GAAP-based results for the Prior Year Quarter were reclassified or adjusted to IFRS for comparison purposes. The results for the Quarter, along with reclassifications of results of the Prior Year Quarter, are unaudited.

MicroPlanet's financial information for the three-month and nine-month periods ended September 30, 2011 and 2010, along with the accompanying Management's Discussion and Analysis for the same period is available on SEDAR (www.sedar.com) and company's website at www.microplanet.com.

Income Statement (unaudited)
(US$)
3-months ending
September 30, 2011 
3-months ending
September 30, 2010 
9-months ending
September 30, 2011 
9-months ending
September 30, 2010 
Revenue $ 303,149 $ 23,403 $ 1,474,807 $ 1,471,807
Gross Margin $ 124,285 $ 10,343 $ 415,447 $ 482,246
Net Comprehensive Loss $ 247,697 $ 1,040,146 $ 1,934,559 $ 2,852,851
Basic and diluted loss per share $ (0.00) $ (0.02) $ (0.03) $ (0.06)
Weighted average shares outstanding  97,638,966 51,322,706 69,281,283 46,449,326

Option Grants

The Company also announced today that it has granted options to purchase an aggregate of 200,000 Common Shares at a price of C$0.105 per share to a director. In accordance with the Company's stock option plan, (the "Plan") a maximum of 10% of the issued and outstanding common shares of the Company are reserved for issuance pursuant to the exercise of stock options to be granted under the Plan.

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.  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:
Dave Burwell / Grant Howard
The Howard Group
Ph: 888-221-0915
Fax: 403-237-8387
info@howardgroupinc.com
www.howardgroupinc.com
Brett Ironside
President & Chief Executive Officer   
Tel:  425-984-2740
Fax: 425-984-2760
bironside@microplanet.com
Kurt Maass
Chief Financial Officer
Tel:  425-984-2740
Fax: 425-984-2760
kmaass@microplanet.com

Profil de l'entreprise

MicroPlanet Technology Corp.

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