Outstanding Shares: 29.8 million
Web Site: www.microplanet.com
SEATTLE, Dec. 14 /CNW/ - MicroPlanet, a high technology energy
conservation company, today announced that it has closed on an agreement to
secure a standby Line of Credit previously announced on October 10, 2007. The
final agreement includes an option to increase the previously announced credit
facility by $500,000 to a total of $1.75MM.
The proceeds from this credit facility will be used to ramp up production
to deliver products for commercial orders received.
The Credit Facility extends to December 30, 2008 and can be terminated by
the Company on notice any time after December 30, 2007. The Facility bears an
interest rate of 1% per month on the drawn amount and has a standby fee of
1/4 of 1%. As was previously announced, $1.25MM of the credit facility is
convertible into common shares at $0.55 per common share. The additional
$500,000 is convertible into common shares at $0.75 per common share.
In connection with this credit facility, a 3% finders fee of $52,500 is
payable to a company controlled by Brett Ironside, a Director of MicroPlanet.
About MicroPlanet Technology Corp.
MicroPlanet's technology helps to reduce the total amount of energy we
need to produce by significantly increasing the efficiency of the electric
grid. MicroPlanet's products dynamically manage the voltage delivered to a
business or home to optimal levels, which saves energy, lowers electricity
bills and helps reduce greenhouse emissions. The Company's products can also
reduce peak period demand and can improve utility services.
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.
THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED OF THE
INFORMATION CONTAINED HEREIN.
For further information:
For further information: MicroPlanet Company Contacts: Bruce Lisanti,
President & Chief Executive Officer, Tel: (206) 625-0851,
email@example.com; MicroPlanet Investor Relations: Gerry Wimmer,
INVESTORFILE.com, Tel: (416) 360-8895, Toll Free: 1-888-894-8222,