Company: MicroPlanet Technology Corp.
Stock Listing: TSXV - MP
Stock Listing (US): OTC - MCTYF
Web Site: www.microplanet.com
SEATTLE, WA, April 4, 2013 /CNW/ - MicroPlanet Technology Corp. ("MicroPlanet" or the "Company"), (TSXV - MP & OTC - MCTYF) a provider of smart grid and power quality technology, which significantly increases efficiency, quality, and conservation of electricity, announces the expansion of its executive team with the addition of Joe Tanner, and the closing of a non brokered debt placement.
Mr. Tanner will serve as President and Chief Operating Officer of MicroPlanet, and will initially devote significant time to the design engineering and manufacturing processes, thereby allowing Brett Ironside to concentrate on customer relationships and finance. Mr. Tanner previously served as Senior Vice President and COO of Zeno Corporation, which gained FDA clearance and marketed various medical devices in North America, Asia and Europe. Prior to that Mr. Tanner served as COO of ETMA Corporation, the largest electronics manufacturing firm in the Pacific Northwest, and later managed additional electronics manufacturing firms in China, Malaysia and the Philippines. Mr. Tanner holds degrees from Harvard University and the University of Texas, and has served as an officer of both NASDAQ and NYSE traded firms. "MicroPlanet invented, manufacturers, and markets the leading technology in the world for smart grid and power quality. The demand for this technology is skyrocketing and MicroPlanet is perfectly positioned to continue its position as the global leader in this space. I am honored to be joining the finest team of technologists in the area of voltage regulation," said Mr. Tanner.
MicroPlanet also announces that it has closed a non-brokered private placement of convertible notes (the "Closing") in the principal amount of $374,000 (the "Notes"). The Notes mature December 31, 2013 and bear interest at a rate of fourteen percent (14%) per annum payable in arrears upon maturity. The holders of the Notes will have the option to convert the principal amount into common shares in the capital of the Company at a conversion price of $0.10 per share, or receive full repayment in cash at the end of the term. The Company may, at its option, at any time before the maturity date, pre-pay and redeem the Notes. The Notes were sold pursuant to applicable registration and prospectus exemptions to qualified investors in Canada and the United States.
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 is based in Seattle, 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.
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SOURCE: MicroPlanet Technology Corp.
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MicroPlanet Company Contacts:
President & Chief Executive Officer