Stock Listing: MP:TSXV
Stock Listing (US): MCTYF: OTC
Web Site: www.microplanet.com
SEATTLE, WA, April 30, 2012 /CNW/ - MicroPlanet Technology Corp. ("MicroPlanet" or the "Company"), (MP:TSXV & MCTYF:OTC.PK) a provider of smart grid technology which significantly increases efficiency, quality, and conservation of electricity, today reports consolidated financial results for the three months and year ended December 31, 2011. All dollar figures are reported in U.S. currency, unless otherwise stated.
Fiscal 2011 Highlights:
- Successfully supplied voltage management solutions to U.S. Department of Energy's (NREL) 2011 Solar Decathlon;
- Delivered units to U.S. Department of Defense for use in base housing in Guam;
- Sold Low Voltage Regulators to two new large utilities in Australia;
- MicroPlanet common shares began trading on the U.S. OTC: Pink Sheets in December;
- Relocated headquarters to a smaller, more efficient location;
- Made significant progress in development and refinement of final product platforms for both 60 Hz and 50 Hz;
- Completed and shipped the first prototype 50 Hz commercial unit to Australia for testing and validation;
- Generated revenues of $1.5 million, which comprised of sales and leasing of energy management products to utilities, U.S. Department of Defense, U.S. Department of Energy, and commercial enterprises;
- Achieved gross margins of $418,062 and 28%;
- Reduced operating expenses by $602,387 or 17% as compared to the Prior Year;
- Reported loss of $1,178,631 for the year, net of $1,681,012 change in fair value of warrant liability recognized in 4Q creating a net gain in the period;
- Announced the creation of an agreement with Smart Grid Partners for distribution of the Company's products in Australia and New Zealand;
- Raised $2,561,975 of equity capital in private placements;
- Reduced convertible note debt by 50% to $1,979,351 from $3,947,738 in the Prior Year through redemption and conversion to common shares;
- Repaid and terminated outstanding Line of Credit indebtedness ($502,715 at December 31, 2010);
- Extended maturities for one year on $1,979,351 of convertible note debt;
2011 Financial Highlights (year-end audited; quarterly unaudited):
|3 months ending||3 months ending||12 months ending||12 months ending|
|Income statement (USD)||December 31,||December 31,||December 31,||December 31,|
|Gross margin %||9%||28%||28%||31%|
|Net gain (loss)||$||767,777||$||(947,246)||$||(1,178,631)||$||(3,647,417)|
|Basic undiluted gain (loss) per share||$||0.01||$||(0.02)||$||(0.01)||$||(0.07)|
|Weighted average shares outstanding||101,143,911||63,250,809||83,342,885||49,079,109|
During 2011 the Company focused on and made significant progress in finalizing the new platform product development and extensions of its product base, as well as reducing operating costs and expanding its investor base. These successes will form the basis for product validation, customer acceptance, market expansion, increased sales and more efficient operations for 2012 and beyond.
The Company expects to significantly increase the number of products through the certification process for common platform 4 kVA products during 2012, including commercial products for customers using both 50 Hz and 60 Hz power sources. The expanded product line will dramatically increase the Company's ability to enter and expand market opportunities in key markets in Australia, North America, the United Kingdom and the European Union.
The Company has reduced its operating costs significantly during the past two years, from $4,636,773 in 2009 (excluding interest income/expense and foreign exchange loss) to $2,927,820 in 2011.
The Company was able to raise significant amounts of equity capital during 2011 by expanding its investor base in both Canada and the U.S. The success in raising equity and attracting new investors in the midst of challenging economic conditions, coupled with the OTC: Pink Sheet designation in the U.S., provides the Company with an ongoing opportunity to access the necessary capital required to fund operations. The company is preparing to deliver pre-existing orders and focus on sales outreach upon certification of the existing product suite, which is expected in the near term. However, there remains significant risk in the Company's ability to raise additional capital which presents material uncertainties that may cast doubt on the Company's ability to continue as a going concern.
MicroPlanet's financial information for the 3-month and 12-month periods ended December 31, 2011 and 2010 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.
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. 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.
For further information:
MicroPlanet Investor Relations:
Dave Burwell / Grant Howard
The Howard Group
MicroPlanet Company Contacts:
President & Chief Executive Officer