WOODINVILLE, WA, March 7, 2012 /CNW/ - MicroPlanet Technology Corp. ("MicroPlanet" or the "Company"), (TSXV:MP) & (OTCPK:MCTYF) a provider of smart grid technology which significantly increases efficiency, quality, and conservation of electricity, is pleased to announce that it has received multiple orders from Australian utilities for both Low Voltage Regulators ("LVR2") and the new soon to be released Utility Smart Voltage Regulators ("USVR"). The sales are a result of February meetings with the 13 largest of the 15 Australian mainland utilities representing over 97% of the total Australian electrical utility market.
"We have received initial orders from ETSA Utilities, Essential Energy and Ergon," stated Brett Ironside, MicroPlanet President and CEO. "Response was nothing short of exceptional and we are anticipating several more orders from other utilities by the end of March, as we received immediate verbal interest from 9 of the 13 utilities we met within Australia." These first sales were facilitated by MicroPlanet's Australian distributor Smart Grid Partners ("SGP").
"In Australia, there is significant attention being paid to the challenges associated with distributed generation from renewable sources such as solar. The additional influx of electricity into the end points of the grid, places stress on existing local utility infrastructures," stated Brett Ironside. "This follows our recent success in seamlessly integrating the solar electricity generated into the power grid at the 2011 Solar Decathlon (sponsored by the U.S. Department of Energy)."
Certifications - MicroPlanet is in compliance testing for FCC and EMI this week and expects to receive initial certifications that will enable the manufacture and delivery of the initial trial USVR's to the Australian utilities. This testing will be followed by further UL and CE certification testing in the next several weeks, which will be focused on certification for the commercial units for North American markets.
Finance - The Company continues to seek additional funds that are required for it to meet its obligations. In the interim, most staff members elected to take a portion of their wages in stock in the company and a director and an officer of the Company have purchased certain inventory and assets in order to provide the Company with operating funds. There is no guarantee that the Company will be successful in its efforts to raise additional funds. MicroPlanet also announces the resignation of CFO Kurt Maass. We thank Kurt for his significant contributions the past several years.
About SmartGrid Partners
SmartGrid Partners is a solutions integrator established to provide strategic advisory and venture capability in the rapidly emerging Smart Grid domain. Based in Brisbane, Queensland, Australia, SGP was founded by veterans of the electricity and energy sectors with decades of hands-on experience leading and advising energy concerns in Australia and the United Kingdom. http://www.smartgridpartners.com.au/
About MicroPlanet Technology Corp.
MicroPlanet is a provider of smart grid technology which significantly increases efficiency, quality, and conservation of electricity; 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 Toronto Venture Exchange, trading under the stock symbol: MP. http://www.microplanet.com/
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For further information:
MicroPlanet Investor Relations:
Dave Burwell / Grant Howard
The Howard Group
MicroPlanet Company Contacts:
President & Chief Executive Officer