Hope?MicroPlanet Corporate Update2:08PM ET on Friday Mar 11, 2016 by Marketwire MicroPlanet Technology Corp. ("MicroPlanet" or the "Corporation"), (NEX: MP.H)(OTC PINK: MCTYF), a provider of smart grid and power technology and products, is providing an update of its activities and operating status.
MicroPlanet is currently inactive due to financial hardship. However, the Corporation has been able to maintain and establish relationships with customers during its period of inactivity and has immediate customer demand for its products from utility companies in Australia, the United Kingdom and France. Management is currently exploring different options that would allow the Corporation to reconstitute manufacturing and meet its customer demand.
In that regard, MicroPlanet applied to the Alberta Securities Commission ("ASC") and Ontario Securities Commission ("OSC") for partial revocation orders in respect of the cease trade orders issued thereby in May 2015 (the "Cease Trade Orders") permitting the Corporation to undertake certain proposed transactions (the "Proposed Transactions"), namely the conversion of certain debts of the Corporation into equity securities and an offering of convertible notes, in order to improve the Corporation's balance sheet and raise funds to be used to rectify the Corporation's compliance issuance and maintain the viability of its business.
On March 8, 2016 and March 10, 2016, the ASC and OSC, respectively, issued partial revocation orders in respect of the Cease Trade Orders permitting MicroPlanet to undertake the Proposed Transactions.
While management remains optimistic that its efforts will prove successful, there remains a significant risk that the Corporation will not be able to raise adequate capital to fund operations and meet its obligations and continue as a going concern.