MicroPlanet to provide voltage regulation for U.S. DOE MicroPlanet to provide voltage regulation for U.S. DOE
2013-08-13 09:18 ET - News Release
Mr. Joe Tanner reports
MICROPLANET ANNOUNCES CLOSING OF PRIVATE PLACEMENT AND CORPORATEUPDATE
MicroPlanet Technology Corp. has closed its previously announced non-brokered private placement and is providing a corporate update.
Corporate update
MicroPlanet previously announced (Nov. 12, 2012) that it had entered into the integration and commercialization agreement, a multimillion-dollar formal licensing agreement, with Tyree Industries Pty. Ltd., the leading supplier of power transformers in Australia. In accordance with the development phase of the agreement, MicroPlanet has built and delivered the prototype module to Tyree for testing. Upon completion of testing and mutual review of testing results, a determination will be made as to the readiness of the product design to move to the next phase of the agreement, which will include a complete design documentation and issuance of a notice of acceptance. The company believes that its agreement with Tyree is progressing satisfactorily toward the production phase.
MicroPlanet has received purchase orders from two Australian utilities totalling $215,260 (Australian) ($215,899), of which it has fulfilled $68,500 (Australian) to date. Significantly, the purchase orders include eight of MicroPlanet's three-phase regulators (SVR) that was designed in response to utility customer's request. The SVR represents the three-phase version of the company's widely deployed one-phase regulator (LVR) with added communication capabilities and additional features.
MicroPlanet today is pleased to announce that the U.S. Department of Energy's National Renewable Energy Laboratory (NREL) has requested MicroPlanet to provide voltage regulation technology services for the U.S. Department of Energy Solar Decathlon 2013 and XPO to be held in Irvine, Calif., Oct. 3 to Oct. 6 and Oct. 10 to Oct. 13, 2013. MicroPlanet has received a $45,000 (U.S.) purchase order from the City of Irvine, the host of the XPO and the DOE's Solar Decathlon.
The Solar Decathlon, held every other year, challenges 20 international teams to design, build and operate solar-powered houses that are cost-effective, energy-efficient and attractive. Prior to MicroPlanet's successful management of the voltage at the previous Solar Decathlon 2011, NREL's Byron Stafford, Solar Decathlon site operations manager, stated: "The integration of distributed and renewable electricity generation sources is becoming more prevalent and a challenge for the grid. The Solar Decathlon is a concentrated microcosm of what occurs in the real world as distributed and renewable generation sources cause increases in line voltage. As we experienced during Solar Decathlon 2009, line voltage rise causes inverters to trip, stopping electricity from being passed back into the grid from the renewable sources. We are pleased to find the MicroPlanet technology with the capabilities and features to efficiently, precisely, and bi-directionally regulate voltage."
Unit private placement
The corporation issued 8,583,304 units at a price of five cents per unit for gross proceeds of $429,165.20. Each unit comprised one common share in the capital of the corporation and one common share purchase warrant. Each warrant entitles the holder to acquire one common share in the capital of the corporation at any time until the date that is 36 months following the closing date upon payment of the exercise price of 10 cents per common share.
The units were sold pursuant to applicable registration and prospectus exemptions to qualified investors in Canada and the United States. The common shares comprising the units and any common shares acquired pursuant to the exercise of the warrants are subject to a four-month hold period in accordance with applicable securities laws.
We seek Safe Harbor.