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.
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
Operating expenses of $810,261 compared to $746,043 for the prior year
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
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.
"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.
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)
September 30, 2011
September 30, 2010
September 30, 2011
September 30, 2010
Net Comprehensive Loss
Basic and diluted loss per share
Weighted average shares outstanding
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.
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