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Company: MicroPlanet Technology Corp.
Stock Listing: MP:TSXV
Stock Listing (US): MCTYF: OTC
Web Site: www.microplanet.com
SEATTLE, April 15 /CNW/ - MicroPlanet, (MP:TSXV & MCTYF:OTC) an energy conservation clean tech company today reports consolidated financial results for the three months and year ended December 31, 2009. All dollar figures are reported in U.S. currency, unless otherwise stated.
2009 Q4 Operational Highlights (unaudited):
- Generated revenues of $1.1 million.
- Achieved gross margins of 32%.
- Obtained certification from Underwriters Laboratory and Canadian
Standards Association for its new commercial products.
- Released a second generation technology platform that is
substantially faster and more energy efficient.
2009 Operational Highlights:
- Generated revenues of $2.3 million comprised of sales of energy
management products to utilities and commercial companies in the
United States, Australia and the United Kingdom; sales represent a
200% increase over 2008.
- Achieved gross margins of $642,956 or 28% as compared to negative
margins in 2008.
- Transitioned to a new contract manufacturer to lower costs and speed
- Developed and certified a faster, less expensive and more efficient
technology platform that will be the core of all utility and
- Appointed Mr. Alan Richardson, former President and CEO of the
American Public Power Association, as Director
- Appointed Mr. Kurt Maass as Chief Financial Officer
- Expanded its sales efforts with the US Department of Defense
- Subsequent to the end of the year, announced the appointment of Brett
Ironside, Director, as President and CEO
"The Company's delivery rate for our energy management products that improve the grid's efficiency continued to accelerate in 2009," said Brett Ironside, CEO of MicroPlanet. "As utilities worldwide actively pursue smart grid technologies, corporations look to reduce energy consumption through conservation, and the need for products to help increase grid stability due to the deployment of renewable generation accelerates, the Company's products are well-positioned to play an important role in these large-scale opportunities."
"Adding to our sales growth momentum in 2010 will be the emphasis the US Government is placing on energy efficiency and renewable generation," Ironside continues. "We expect that proven energy conservation technologies such as ours will be in high demand as prospective customers recognize the return on investment that can be gained from increasing energy efficiency. We are also seeing a demand for our technology to help stabilize the grids as renewable energy sources such as wind and solar are deployed in larger quantities."
MicroPlanet's financial information for the 3-month and 12-month periods ended December 31, 2009 and 2008 along with the accompanying Management's Discussion and Analysis for the same period will be available on SEDAR (www.sedar.com) and the Company's website later today.
2009 Financial Highlights (year-end audited; quarterly unaudited):
Income Statement 3 months 3 months 12 months 12 months
(US$) ended ended ended ended
December 31, December 31, December 31, December 31,
2009 2008 2009 2008
Revenue $ 1,100,863 $ 432,191 $ 2,291,743 $ 725,874
(deficiency) $ 355,972 $ (397,065) $ 642,956 $ (450,767)
Gross margin % 32.3% -91.8% 28.1% -62.1%
expenses $ 1,705,613 $ 1,117,433 $ 5,500,591 $ 4,986,220
Net loss $ (1,348,515) $ (1,505,047) $ (4,852,758) $ (5,412,653)
share $ (0.03) $ (0.04) $ (0.12) $ (0.15)
outstanding 41,371,364 36,085,841 41,371,364 36,085,841
Share grant in lieu of cash compensation and option grant
The Company issued 95,732 common shares in the fourth quarter to Bruce Lisanti, the Company's former CEO, for a quarterly payment of $12,500 of salary in lieu of cash for the employment period ending December 31, 2009. The share issuance is pursuant to an agreement that was 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.
Private placement equity financing
MicroPlanet announces that it is proceeding with a non-brokered private placement offering for up to C$1.5 million of common shares in the Company at a price of C$0.14 per share. The proceeds from this private placement will be used for the marketing and development of the Company's smart grid and energy conservation products as well as for general working capital needs.
In a continued and consistent indication of belief in the Company, Brett Ironside CEO and President of MicroPlanet, intends to participate in this offering with other interested investors.
The offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.
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 Technology Corp. energy management systems improve power quality and save energy by dynamically managing incoming voltage to a home or business through the use of patented, advanced power electronics. MicroPlanet's technology has been deployed by 20 utilities worldwide to improve power quality, grid efficiency and facilitate the integration of renewable energy sources, including solar and wind. MicroPlanet is based in Seattle, WA and is listed on the TSX Venture Exchange (TSX-V) trading under the stock symbol: MP. 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.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THE TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE MicroPlanet Technology Corp.
For further information: For further information: MicroPlanet Company Contacts: Brett Ironside, President & CEO, Tel: (206) 625-0851, Fax: (206) 625-0999, firstname.lastname@example.org; Kurt Maass, CFO, Tel: (206) 332-9169, Fax: (206) 625-0999, email@example.com; MicroPlanet Investor Relations: Gerry Wimmer, INVESTORFILE.com, Tel: (416) 360-8895, Toll Free: 1-888-894-8222, firstname.lastname@example.org