Company: MicroPlanet Technology Corp.
Stock Listing: MP:TSXV
Stock Listing (US): MCTYF: OTC
Web Site: www.microplanet.com
WOODINVILLE, WA, Aug. 15, 2012 /CNW/ - (MP:TSXV & MCTYF:OTC) - MicroPlanet Technology Corp. ("MicroPlanet" or the "Company") a provider of smart grid technology which significantly increases efficiency, quality, and conservation of electricity, today reported interim unaudited consolidated financial results for the three-month period ended June 30, 2012 (the "Quarter"). All dollar figures are reported in U.S. currency, unless otherwise stated.
"Subsequent to the quarter end MicroPlanet finally achieved CSA, EN, and UL certifications TUV SUD America Inc. for multiple models of its flagship category-changing product line. This is the culmination of several years' hard work by our dedicated staff and the continuing support of our stakeholders. These certifications permit the installation of these units and open up market opportunities in North America, Europe, Australia and elsewhere," stated Brett Ironside, MicroPlanet President and CEO. "To achieve these certifications we had discontinued sales and distribution efforts of legacy pilot products in order to focus all our efforts on getting this new product suite certified and ready for commercial markets, and minimizing warranty and support liabilities for legacy or interim products."
Ironside continued, "With these initial certifications we have already re-focused our team on getting several of each of these new units assembled in a pre production run so that we can have several installed with targeted clients prior to year end. This product line will deliver on the key aspects of our value proposition - bi directionality, full data, improved power quality, and reduced costs; leading to testimonial sales in the coming quarters, followed by meaningful sales to these and additional customers thereafter."
Existing convertible notes in the amount of $1,979,351 were extended until December 31, 2013.
The company issued a further $782,626 of convertible notes.
Sales and Costs of Goods in the Quarter were Nil as the company transitions to the new product suite. The comprehensive loss was $518,531 or $0.005 per share (basic and diluted) compared to a comprehensive loss of $1,071,773 or $0.02 loss per share (basic and diluted) in the same Prior Year Quarter.
The financial statements for the Company were prepared using International Financial Reporting Standards ("IFRS"), in accordance with Canadian Accounting Standards Board and securities regulatory commission requirements. Results for the Quarter are unaudited.
MicroPlanet's financial information for the three-month periods ended June 30, 2012 and 2011, along with the accompanying Management's Discussion and Analysis for the same period is available on SEDAR (www.sedar.com and company's website at www.microplanet.com.
| Income Statement (unaudited)
| 3-months ending
June 30, 2012
| 3-months ending
June 30, 2011
|Revenue||$ 0||$ 145,944|
|Gross Margin||$ 0||$ (49,332)|
|Net Income (Loss)||$ (518,531)||$ (1,071,773)|
|Basic and diluted income (loss) per share||$ (0.005)||$ (0.02)|
|Weighted average shares outstanding||103,402,097||70,764,349|
About MicroPlanet Technology Corp.
MicroPlanet Technology Corp. 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 Seattle, WA and is listed on the TSX Venture Exchange (TSX-V) 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 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.
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MicroPlanet Company Contacts:
President & Chief Executive Officer