MicroPlanet Reports First Quarter Financial Results for 2009



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

    SEATTLE, WA, May 15 /CNW/ - MicroPlanet, (MP:TSXV & MCTYF:OTC) a smart
grid, energy conservation company today reports interim unaudited consolidated
financial results for the three-month period ended March 31, 2009 (the
"Quarter"). All dollar figures are reported in U.S. currency, unless otherwise
stated.

    
    First Quarter Highlights:

    -   Revenues for the Quarter were $342,942 compared to $Nil during the
        same period in 2008.

    -   The Company announced that it secured a C$1 million line of credit
        during the Quarter.

    -   The Company continued to extend its reach in Australia by announcing
        a distribution agreement with Ergon Energy, a major utility.

    -   Announced the launch of a new generation of products for the
        commercial business market.

    -   Expanded the customer base with new sales orders for its utility and
        commercial product lines.

    -   Announced the appointment to its board of directors of a veteran of
        the utility industry, Alan H. Richardson.
    

    "During the first quarter, MicroPlanet continued fulfilling on its
backlog of orders with shipments of both our utility and commercial products.
We also secured additional orders and signed pilot agreements with new
customers," said Bruce Lisanti, CEO of MicroPlanet. "Now that Ergon Energy in
Australia is established as our distribution partner, we anticipate an
increase in orders from other Australian utilities that will allow us to grow
our backlog and revenue stream, even in a slow economy."
    Revenues for the Quarter were $342,942 compared to $Nil during the same
period in 2008 (the "Prior Year Quarter"). The revenues in the Quarter were
due to the shipments to utilities in Australia in addition to sales of the
Company's commercial three phase product. Sales efforts during the Quarter
were directed primarily towards increasing the backlog of orders through pilot
installations of its commercial, utility and residential products. Revenues
for the Quarter include a price increase on the utility product that was
shipped during the fourth quarter of 2008. Revenues at the original price were
recognized in 2008, but the price increase wasn't finalized until the Quarter.
    Cost of sales for the Quarter was $208,705 compared to $Nil during the
Prior Year Quarter. Cost of sales consists primarily of direct labor and
product costs associated with the installation and trial of MicroPlanet
products at customer sites. As discussed above, cost of sales includes only
those shipments made during the Quarter and nothing for the shipment in the
fourth quarter of 2008 for which there was a subsequent price increase. As a
result, gross margin improved dramatically from the fourth quarter of 2008.
Due to the temporary nature of this increase in sales during the Quarter,
gross margin is expected to decline during the second quarter of 2009.
However, gross margin should still be greater than the prior quarters in 2008
as a result of the new pricing structure for the utility product.
    Expenses for the Quarter decreased by 2.4% to $1,263,101 compared to
$1,294,218 during the Prior Year Quarter. Expenses include the cost of
research and development of the MicroPlanet technology and related products,
identifying and developing potential markets for the products and other
related activities.
    Net loss for the Quarter was $1,127,161 or $0.03 loss per share (basic
and diluted) compared to a net loss of $1,293,209 or $0.04 loss per share
(basic and diluted) in the Prior Year Quarter.
    MicroPlanet's financial information for the three-month periods ended
March 31, 2009 and 2008 along with the accompanying Management's Discussion
and Analysis for the same period are available on SEDAR (www.sedar.com).

    
    First Quarter Financial Highlights:

    Unaudited

    -------------------------------------------------------------------------
    Income Statement                         3 months ended   3 months ended
                                             March 31, 2009   March 31, 2008
    -------------------------------------------------------------------------
    Revenue                                  $      342,942   $            -
    Gross margin                             $      134,237   $            -
    Total expenses                           $    1,263,101   $    1,294,218
    Net loss                                 $   (1,127,161)  $   (1,293,209)
    Basic and diluted loss per share         $        (0.03)  $        (0.04)
    Weighted average shares outstanding          41,200,172       29,880,122
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    Balance Sheet                                 As of            As of
                                             March 31, 2009    Dec. 31, 2008
    -------------------------------------------------------------------------
    Cash/Deposits                            $      134,468   $      644,992
    Current assets                           $    1,038,792   $    1,801,186
    Total assets                             $    1,280,619   $    2,072,004
    Current liabilities                      $    1,218,981   $      920,470
    Total liabilities                        $    1,257,761   $      967,268
    Shareholders' equity                     $       22,858   $    1,104,736
    -------------------------------------------------------------------------
    

    Federal Stimulus

    The recently enacted Federal Stimulus Package contains unprecedented
amounts of funding directed specifically to smart grid technologies and
efficiency solutions such as those offered by MicroPlanet. The determination
of the specific projects to be funded is currently underway, and the Company
is working with members of Congress and their staff to determine which
programs the Company would be eligible for and how best to proceed. The
Federal Stimulus Package has the potential to impact each of the three
segments that the Company is currently pursuing as it could partner with
utilities, commercial businesses and residential homebuilders/property
managers to submit proposals for large scale deployments of its efficient,
smart grid technologies.

    Resignation of Chief Financial Officer

    MicroPlanet's Chief Financial Officer, Andy Larson, has given his notice
of resignation to the Company to pursue other interests. Mr. Larson will
remain working at MicroPlanet until May 29, 2009 to assist with the
transition. MicroPlanet will conduct a search for a Chief Financial Officer.
"We thank Andy for his years of dedicated service as MicroPlanet's CFO and we
wish him all the best in his future professional endeavors," said Myron
Tetreault, Chairman of MicroPlanet.

    Share grant in lieu of cash compensation and option grant

    The Company issued 71,835 common shares in the 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.

    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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