Microplanet reports annual results for 2007 with sales order backlog of $6 million



    Stock Listing: MP:TSXV
    Stock Listing (US): MCTYF: OTC
    Outstanding Shares: 29.9 million
    Web Site: www.microplanet.com

    SEATTLE, WA, March 3 /CNW/ - MicroPlanet, (MP:TSXV & MCTYF:OTC) a clean
technology, energy conservation company reports annual financial results for
the year ended December 31, 2007. Sales order backlog at the end of 2007 was
$6 million. All dollar figures are reported in U.S. currency, unless otherwise
stated.
    "In 2007, MicroPlanet achieved a major milestone when it was awarded a
contract for the delivery of 3,000 units to Ergon Energy," said Bruce Lisanti,
CEO of MicroPlanet. "This $6 million contract represents the first major step
in the Company's transition from lab testing and field trials into commercial
sales."
    Lisanti continues, "During the year, MicroPlanet continued to fill its
sales pipeline with the installation of multiple successful pilots focused in
areas where the cost of electricity is relatively high, including: Hawaii,
California and the northeastern US. We are looking forward converting
successful pilots into commercial orders in the coming quarters."

    
    Corporate Highlights:

    -   Sales order backlog at the end of 2007 increased to $6 million
        compared with nil at the end of 2006.
    -   Current sales order pipeline from active pilots represent a potential
        for approximately 55,000 utility, commercial and residential
        installation sites.
    -   New pilot agreements signed in 2008 with major fast food, grocery and
        convenience store chains to install MicroPlanet's commercial 3-Phase
        units.
    -   Contract with Ergon Energy to supply units to improve power quality.
    -   Commercial pilot installation at the Kapalua Resort in Hawaii
        returned energy savings of 12.87%
    -   Residential pilot installation conducted by Sacramento Municipal
        Utility District (SMUD) returned energy savings of 10% on air
        conditioning and indoor lighting loads.
    -   The Company made design improvements across all of its existing
        product lines to improve performance, increase reliability and lower
        costs.
    -   Installed 28 residential pilots with large developers and property
        management companies in Hawaii
    -   Approved by ENERGY STAR as a Service and Product Provider Partner
    -   Expanded the Company's depth with key staff hires in engineering and
        sales
    -   Closed on $1.75 million credit facility.
    

    Revenues for the year ended December 31, 2007 (the "Year") were $22,770
with an order backlog of $6 million compared to revenues $332,462 and order
backlog of nil during the same period in 2006 (the "Prior Year"). Revenues in
2007 were lower as the Company shifted its focus from selling pilot systems to
utilities to providing commercial entities with pilot systems for a 90-120 day
test period to see the results in their environments and to build a backlog of
orders through multiple pilot installations of its commercial, utility and
residential products. Revenues in 2006 resulted primarily from the shipment of
100 proto-type low voltage regulation systems to utilities.
    Expenses for the Year increased by 3.5% to $3,164,952 compared to
$3,010,354 during the Prior Year. Consistent with the Company's transition
into commercialization, expenses increased in the areas of sales and product
development, although general and administrative expenses actually decreased
from the Prior Year.
    Net loss for the Year was $3,287,669 or $0.11 loss per share (basic and
diluted) compared to a net loss of $3,010,909 or $0.11 loss per share (basic
and diluted) during the Prior Year.
    On December 14, 2007, the Company closed on $1.75 million credit
facility. As of December 31, 2007 the Company had not yet drawn any funds from
this credit facility.
    MicroPlanet's financial information for the years ending December 31,
2007 and 2006 along with the accompanying Management's Discussion and Analysis
for the same period are available on SEDAR (www.sedar.com).

    
    2007 Annual Financial Highlights:

    Audited-

    -------------------------------------------------------------------------
    Income Statement                                  2007           2006
    -------------------------------------------------------------------------
    Revenue                                     $     22,770    $    332,462
    Gross margin (deficiency)                   $      8,332    $    (90,025)
    Total expenses                              $  3,164,952    $  3,010,054
    Net loss                                    $ (3,287,669)   $ (3,010,909)
    Basic and diluted loss per share            $      (0.11)   $      (0.11)
    Weighted average shares outstanding           29,575,101      26,327,247
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    Balance Sheet                                     2007           2006
    -------------------------------------------------------------------------
    Cash/Deposits                               $     47,985    $  2,110,200
    Current assets                              $    594,750    $  2,525,511
    Total assets                                $    731,048    $  2,803,761
    Current liabilities                         $    939,088    $    231,955
    Shareholders' equity (deficiency)           $   (208,040)   $  2,571,806
    -------------------------------------------------------------------------
    

    Share grant in lieu of cash compensation

    The Company issued 16,920 common shares to the Bruce Lisanti, the
Company's CEO, for payment of US$12,500 in salary in lieu of cash. The share
issuance is pursuant to an agreement to pay a portion of Mr. Lisanti's annual
base salary in common shares of MicroPlanet in lieu of cash. The remaining
shares will be issued in equal installments on a quarterly basis.
    The common shares issued will be subject to a 4-month hold period in
accordance with stock exchange 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. 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.

    %SEDAR: 00020555E




For further information:

For further information: MicroPlanet Company Contacts: Bruce Lisanti,
President & CEO, Tel: (206) 625-0851, Fax: (206) 625-0999,
blisanti@microplanet.com; MicroPlanet Investor Relations: Gerry Wimmer,
INVESTORFILE.com, Tel: (416) 360-8895, Toll Free: 1-888-894-8222,
gwimmer@investorfile.com

Organization Profile

MicroPlanet Technology Corp.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890