Company: MicroPlanet Technology Corp.
Stock Listing: MP:TSXV
Stock Listing (US): MCTYF: OTCBB
Web Site: www.microplanet.com
WOODINVILLE, WA, Nov. 8, 2011 /CNW/ - MicroPlanet Technology Corp.
("MicroPlanet" or the "Co mpany"), (TSXV: MP) (OTC: MCTYF) a provider
of smart grid technology which significantly increases efficiency, qu
ality, and conservation of electricity, today announces that has
received approval from the TSX Venture Exchange ("TSXV") for a Shares
for Interest transaction.
The Shares for Interest transaction satisfies interest payments
outstanding to certain holders of the secured convertible notes of the
Company (the "Notes"). The Notes bear interest at the rate of twelve
percent (12%) per annum payable semi-annually in arrears. At the option
of the holder of the Note, interest payments may be made in the form of
Common Shares at an issue price equal to the market price of the Common
Shares at the time of settlement. The amounts outstanding on the Notes
have been reduced from C$4,000,000 to C$2,063,000 since July 2011.
In lieu of an aggregated cash interest payment in the amount of C$12,885
to the holders of the Notes, the Company will issue an aggregate of
99,116 Common Shares to the holders of the Notes. The payment of the
interest will be based on a price per Common Share of C$0.13, such
price being the closing price of the Common Shares on October 31, 2011.
The Common Shares issuable will be subject to a four-month hold period
in accordance with applicable securities laws and TSXV requirements.
About MicroPlanet Technology Corp.
MicroPlanet solutions 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 in seven countries by more than 20 utilities, the U.S
military and multiple commercial customers to save energy, improve
power quality and grid efficiency and to facilitate the integration of
renewable energy sources, including solar and wind. MicroPlanet is
based in Woodinville, WA and is listed on the TSXV trading under the
stock symbol: MP. 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. 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 THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THE TERM IS
DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE MicroPlanet Technology Corp.
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