Company: MicroPlanet Technology Corp.
Stock Listing: MP:TSXV
Stock Listing (US): MCTYF: OTC
Web Site: www.microplanet.com
SEATTLE, WA, Aug. 25 /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 June 30, 2009 (the
"Quarter"), and the six-month period ended June 30, 2009. All dollar figures
are reported in U.S. currency, unless otherwise stated.
Second Quarter Highlights:
- Revenues for the Quarter were $222,600 compared to $10,000 during the
same period in 2008.
- The Company announced that it secured subscriptions for C$2,737,000 of
Convertible Notes during the Quarter.
- The Company continued to extend its presence in Australia, as four
additional utilities began purchasing equipment through the
Distribution Agreement with Ergon Energy.
- Announced the first order with the US Department of Defense at the
K-Bay Marine base in Hawaii, and in August also announced an order
with the United States Coast Guard in Hawaii.
- In July announced a commercial order with Castle & Cooke in Hawaii.
- Announced the appointment of a new Chief Financial Officer, an
experienced financial executive, Kurt C. Maass.
"During the second 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. The Australian activity
and our work with several branches of the US Department of Defense will allow
us to grow our backlog and revenue streams, even in a slow economy."
Revenues for the Quarter were $222,600 compared to $10,000 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.
Cost of sales for the Quarter was $235,024 compared to $12,604 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. A new Manufacturing Agreement, which was signed on
June 10, 2009, as well as additional engineering work designed to reduce
manufacturing complexity, should result in a cost reduction of the units
produced for the main utility customer. As a result, gross margins are
expected to improve during the third and fourth quarter.
Expenses for the Quarter decreased by 20.7% to $1,031,638 compared to
$1,300,294 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
Net loss for the Quarter was $1,043,157 or $0.03 loss per share (basic
and diluted) compared to a net loss of $1,296,937 or $0.04 loss per share
(basic and diluted) in the Prior Year Quarter.
MicroPlanet's financial information for the three-month and six-month
periods ended June 30, 2009 and 2008 along with the accompanying Management's
Discussion and Analysis for the same period are available on SEDAR
Second Quarter Financial Highlights:
Income Statement 3-months 3-months 6-months 6-months
Unaudited ending ending ending ending
June 30, June 30, June 30, June 30,
2009 2008 2009 2008
Revenue $ 222,600 $ 10,000 $ 565,542 $ 10,000
Gross margin $ (12,424) $ (2,604) $ 121,813 $ (2,604)
Total expenses $ 1,031,638 $ 1,300,294 $ 2,294,739 $ 2,594,512
Net loss $ (1,043,157) $ (1,296,937) $ (2,170,318) $ (2,590,146)
per share $ (0.03) $ (0.04) $ (0.05) $ (0.08)
outstanding 41,273,620 32,249,097 41,237,099 31,064,609
U.S. Federal Stimulus Package
The recently enacted U.S. 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 staffs to determine which programs
have the highest priority. The U.S. Federal Stimulus Package has the potential
to impact each of the three segments that the Company is currently pursuing.
The Company is partnering with several utilities and submitting proposals for
large scale deployments of its efficient, smart grid technologies as well as
applying directly to the Department of Energy for grants related to advanced
energy conservation projects.
Share grant in lieu of cash compensation and option grant
The Company issued 103,607 common shares in the Quarter to Bruce Lisanti,
the Company's CEO, for a quarterly payment of $12,500 of salary in lieu of
cash. The share issuance is pursuant to an agreement to pay a portion of Mr.
Lisanti's annual salary in common shares of MicroPlanet in lieu of cash. 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
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WHAT BENEFITS THE COMPANY WILL DERIVE THEREFROM.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THE
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For further information:
For further information: MicroPlanet Company Contacts: Bruce Lisanti,
President & CEO, Tel: (206) 625-0851, Fax: (206) 625-0999,
email@example.com; Kurt Maass, CFO, 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,