Company: MicroPlanet Technology Corp.
Stock Listing: TSXV - MP
Stock Listing (US): OTC - MCTYF
Web Site: www.microplanet.com
SEATTLE, WA, April 4, 2013 /CNW/ - MicroPlanet Technology Corp. ("MicroPlanet" or the "Company"), (TSXV - MP & OTC - MCTYF) a provider of smart grid and power quality
technology, which significantly increases efficiency, quality, and
conservation of electricity, announces the expansion of its executive
team with the addition of Joe Tanner, and the closing of a non brokered
debt placement.
Mr. Tanner will serve as President and Chief Operating Officer of
MicroPlanet, and will initially devote significant time to the design
engineering and manufacturing processes, thereby allowing Brett
Ironside to concentrate on customer relationships and finance. Mr.
Tanner previously served as Senior Vice President and COO of Zeno
Corporation, which gained FDA clearance and marketed various medical
devices in North America, Asia and Europe. Prior to that Mr. Tanner
served as COO of ETMA Corporation, the largest electronics
manufacturing firm in the Pacific Northwest, and later managed
additional electronics manufacturing firms in China, Malaysia and the
Philippines. Mr. Tanner holds degrees from Harvard University and the
University of Texas, and has served as an officer of both NASDAQ and
NYSE traded firms. "MicroPlanet invented, manufacturers, and markets
the leading technology in the world for smart grid and power quality.
The demand for this technology is skyrocketing and MicroPlanet is
perfectly positioned to continue its position as the global leader in
this space. I am honored to be joining the finest team of technologists
in the area of voltage regulation," said Mr. Tanner.
MicroPlanet also announces that it has closed a non-brokered private
placement of convertible notes (the "Closing") in the principal amount
of $374,000 (the "Notes"). The Notes mature December 31, 2013 and bear
interest at a rate of fourteen percent (14%) per annum payable in
arrears upon maturity. The holders of the Notes will have the option to
convert the principal amount into common shares in the capital of the
Company at a conversion price of $0.10 per share, or receive full
repayment in cash at the end of the term. The Company may, at its
option, at any time before the maturity date, pre-pay and redeem the
Notes. The Notes were sold pursuant to applicable registration and
prospectus exemptions to qualified investors in Canada and the United
States.
MicroPlanet 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 is based in
Seattle, WA and is listed on the TSXV 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 THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THE TERM IS
DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE: MicroPlanet Technology Corp.
MicroPlanet Investor Relations:
Dave Burwell / Grant Howard
The Howard Group
Ph: 888-221-0915
Fax: 403-237-8387
info@howardgroupinc.com
www.howardgroupinc.com
MicroPlanet Company Contacts:
Brett Ironside
President & Chief Executive Officer
Tel: 206-625-0851
Fax: 206-625-0999
bironside@microplanet.com