Stock Symbol: MP
Outstanding Shares: 29.8 million
Web Site: www.microplanet.com
SEATTLE, WA, Oct. 10 /CNW/ - MicroPlanet, a high technology energy
conservation company, today announced that it has entered into an agreement
with a syndicate of lenders to provide up to a $1.25MM standby Line of Credit.
Bruce Lisanti, President and CEO of MicroPlanet stated "We secured these
additional resources to help fund the growth required to meet the demand for
our products. To fulfill existing and expected agreements we have recently
added to our engineering and sales departments and we plan to continue
recruiting to enable the Company to keep pace with anticipated growth. The
proceeds from this credit facility will also help us ramp up production of
several new product lines more quickly. Based on the positive results of
multiple pilot installations, we are expecting several large commercial orders
in the coming months and we want to be in a position to be able to respond to
our customers' preferred delivery schedules."
In a continued and consistent indication of their confidence and support
for MicroPlanet, several directors of the Company intend to participate in the
syndicate with new institutional investors. These Directors include Brett
Ironside, Myron Tetreault, and Tom Van Horn.
The $1.25MM Credit Facility extends to December 30, 2008 and can be
terminated by the Company on notice any time after December 30, 2007. The
Facility bears an interest rate of 1% per month on the drawn amount, has a
standby fee of 1/4 of 1% and is convertible into common shares at the lenders
option at $0.55 per common share.
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 can also
reduce peak period demand and can improve utility services.
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.
For further information:
For further information: MicroPlanet Company Contacts: Bruce Lisanti,
President & Chief Executive Officer, Tel: (206) 625-0851,
email@example.com; MicroPlanet Investor Relations: Gerry Wimmer,
INVESTORFILE.com, Tel: (416) 360-8895, Toll Free: 1-888-894-8222,