MicroPlanet customers are benefiting from savings of 5-12% in electricity
bills, reduced greenhouse gas emissions and improved power quality.
Stock Listing: MP:TSXV
Stock Listing (US): MCTYF: OTC
Web Site: www.microplanet.com
SEATTLE, July 21 /CNW/ - MicroPlanet, (MP:TSXV & MCTYF:OTC) a clean
technology, energy conservation company, is pleased to announce the second
tranche and final closing of the private placement equity financing. The
Company sucessfully raised in two tranches a total in gross proceeds of
approximately $7.1 million.
For the closing of the second and final tranche of the private placement
equity financing, MicroPlanet issued 245,000 units ("Units") at a price of
$0.65 per Unit for gross proceeds of $159,250 in Canadian dollars. Each Unit
consisted of one common share of MicroPlanet and one-half of one common share
purchase warrant. Each whole warrant is exercisable for one common share at a
price of $0.90 per share for a period of 24 months from the closing date. If
at any time during the exercise period of the warrants the volume weighted
average price at which MicroPlanet's common shares have traded on the TSX
Venture Exchange for any 20 consecutive trading days exceeds $1.50 per share,
MicroPlanet may notify the warrant holders and the warrants will expire
30 days following the date of any such notice.
All of the common shares and warrants issued pursuant to the financing
will be subject to a 4-month hold period in accordance with applicable
securities laws and stock exchange requirements.
The financing syndicate of agents (the "Agents") was led by Loewen,
Ondaatje, McCutcheon Limited and included PI Financial Corp. and D&D
In connection with this closing of the second tranche of the financing
transaction, MicroPlanet paid the Agents a 7% commission fee of total gross
proceeds and issued an aggregate of 17,150 non-transferable compensation
options, each entitling the holder to acquire one Unit having the same
characteristics as those described above, at a price of $0.65 per Unit.
"The final closing of our financing coincides with the beginning of
commercial shipments against our current $6.6 million in backlog of orders,"
said Bruce Lisanti CEO of MicroPlanet. MicroPlanet customers are benefiting
from savings of 5-12% in electricity bills, reduced greenhouse gas emissions
and improved power quality, which our proprietary technology delivers by
optimizing the voltage. As a result, the demand for products is at a new high
from commercial businesses and utilities worldwide."
Lisanti continues, "Our commercial customers are now seeing energy
savings that results in average payback periods of less than three years
without any governmental incentive programs"
"Utilities worldwide are beginning to deploy our products to improve
power quality in thousands of locations along their power grid," concluded
Lisanti. MicroPlanet technology is also helping them speed the adoption of
renewable energy sources by stabilizing voltage fluctuations.
Subsequent to the closing of the private placement, MicroPlanet has
approximately 41.1 million shares outstanding.
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.
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 also
reduce peak period demand and can improve utility services. In areas where
substantial energy is generated from wind and solar, MicroPlanet systems also
help to balance the voltage levels, improving the power quality for
residential and commercial users." MicroPlanet website: 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.
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 & CEO, Tel: (206) 625-0851, Fax: 206-625-0999,
firstname.lastname@example.org; MicroPlanet Investor Relations: Gerry Wimmer,
INVESTORFILE.com, Tel: (416) 360-8895, Toll Free: 1-888-894-8222,