MicroPlanet Reports Annual Results for 2008 with Sales Order Backlog of $7.9 Million



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

    SEATTLE, WA, April 30 /CNW/ - MicroPlanet, (MP:TSXV & MCTYF:OTC) a smart
grid, energy conservation company today reports annual consolidated financial
results for the year ended December 31, 2008. All dollar figures are reported
in U.S. currency, unless otherwise stated.

    
    Corporate Highlights:

    -   Generated revenues of $725,874, comprised of sales to utilities and
        commercial companies in the United States, Australia and the United
        Kingdom.
    -   Secured $2.7 million in new orders and increases in standing orders
        during the year, resulting in a $7.9 million backlog at the end of
        the year.
    -   Completed an equity financing for gross proceeds of C$7.1 million,
        providing funding to expand sales efforts and product offerings in
        addition to augmenting the investor base to include several new
        institutional investors.
    -   Announced that products are being deployed to manage voltage and save
        energy at Flying J Travel Plazas and Fuel Stops after the pilot
        reduced energy consumption by 8.78%.
    -   Relocated office space to a larger, more cost-effective facility,
        which provided the necessary space for R&D, prototype assembly and a
        test facility.
    

    Revenues for the year ended December 31, 2008 (the "Year") were $725,874
compared to $22,770 during the same period in 2007 (the "Prior Year"). The
revenues in 2008 were due to the shipment of products to utilities in the
United Kingdom and Australia in addition to sales in the US of the Company's
commercial three phase products. Sales efforts during 2008 were directed
primarily towards multiple pilot installations with military, commercial,
utility and residential customers. The Company's pilot installations continue
to deliver substantial energy savings, averaging 5-12%, as well as delivering
improvements in power quality and increasing grid stability, allowing for a
more rapid deployment of renewable power generation.
    Cost of sales for the Year was $1,176,641 compared to $14,438 during the
Prior Year. Cost of sales during the Year exceeded revenue, resulting in a
negative gross margin of $450,767. The revenue and margin figures include the
first commercial manufacturing of the new utility products, which occurred at
low volumes with high start-up costs. The Company plans to achieve a positive
gross margin on all products during 2009 with a combination of volume driven
price reductions in manufacturing and engineering design changes to reduce
costs. The commercial three phase products already have a positive gross
margin.
    Expenses for the Year increased by 57.5% to $4,986,220 compared to
$3,164,952 during the Prior Year. During the Year, the Company closed on a
round of financing in the amount of C$7,077,785 to grow the operations of the
business. This growth was necessary to fulfill on a growing backlog of orders
and to expand the Company's line of product offerings in order to meet its
customers' requirements. The result was an overall increase in expenditures
for the Year, The downturn in the economy during the fourth quarter of the
Year has slowed the anticipated pace of growth in commercial revenues and
constrained the financing available from equity sources. In response to these
market conditions, the Company reduced overall expenses by 12% from the third
quarter to the fourth quarter of the Year. .
    Net loss for the Year was $5,412,653 or $0.15 loss per share (basic and
diluted) compared to a net loss of $3,287,669 or $0.11 loss per share (basic
and diluted) in the Prior Year.
    MicroPlanet's financial information for the years December 31, 2008 and
2007 along with the accompanying Management's Discussion and Analysis for the
same period are available on SEDAR (www.sedar.com).

    
    2008 Annual Financial Highlights:

    Audited

    -------------------------------------------------------------------------
    Income Statement                                   2008          2007
    -------------------------------------------------------------------------
    Revenue                                       $    725,874  $     22,770
    Gross margin (deficiency)                     $   (450,767) $      8,332
    Total expenses                                $  4,986,220  $  3,164,952
    Net loss                                      $ (5,412,653) $ (3,287,669)
    Basic and diluted loss per share              $      (0.15) $      (0.11)
    Weighted average shares outstanding             36,085,841    29,575,101
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Balance Sheet                                      2008          2007
    -------------------------------------------------------------------------
    Cash/Deposits                                 $    644,992  $     47,985
    Current assets                                $  1,801,186  $    594,750
    Total assets                                  $  2,072,004  $    731,048
    Current liabilities                           $    920,470  $    939,088
    Total liabilities                             $    967,268  $    939,088
    Shareholders' equity (deficiency)             $  1,104,736  $   (208,040)
    -------------------------------------------------------------------------
    

    Share grant in lieu of cash compensation and option grant

    The Company issued 108,098 common shares in the 4th quarter to Bruce
Lisanti, the Company's CEO, for payment of $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.
    The Company has granted 150,000 options to purchase common shares at an
exercise price of $0.24 Cdn per share to a director of the Company. In
accordance with the Company's stock option 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. is a smart grid, energy conservation company
whose technology improves power quality and saves electric energy by the
dynamic management of incoming voltage to a home or business. In commercial
and residential building installations, MicroPlanet products have been proven
to significantly reduce electric bills, maintenance costs and greenhouse
gases. Installation of MicroPlanet products for utilities has improved utility
services and facilitates the integration of renewable energy sources,
including solar and wind, to the power grid. MicroPlanet is based in Seattle,
WA and is listed on the TSX Venture Exchange (TSX-V) trading under the stock
symbol: MP. MicroPlanet's website is 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; Andy Larson, CFO, Tel: (206) 625-0851, Fax: (206)
625-0999, alarson@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.

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