Marketwire
WOODINVILLE, WASHINGTON--(Marketwired - Sept. 3, 2013) - MicroPlanet Technology Corporation ("MicroPlanet" or the "Corporation") (TSX VENTURE:MP)(PINKSHEETS:MCTYF), a provider of smart grid voltage regulation technology that significantly increase the efficiency, quality and conservation of electricity, and also enables the integration of alternative energy into power grids, announces the joint acceptance and qualification of the MicroPlanet Voltage Regulating Converters for use in the Tyree Industries Pty Ltd. Regformer products, a change in its Board of Directors and reports its unaudited interim consolidated financial results for the three-month period ended March 31, 2013 (the "Quarter").
Tyree Qualification and Acceptance
Tyree Industries Pty Ltd Australia ("Tyree"), the leading supplier of power transformers in Australia, and MicroPlanet have completed their extensive testing of the MicroPlanet Regulating Converter as contemplated by their previously announced (November 13, 2012) Integration and Commercialization Agreement ("Agreement"). In issuing the Certificate of Acceptance, Tyree and MicroPlanet accepted and approved the Voltage Regulating Converters as designed, manufactured and tested by MicroPlanet. The Certificate of Acceptance states that, "The Voltage Regulating Converters performed to specification and functional performance characteristics criteria as required in the Regformer™ Products. Testing as conducted by Tyree Industries is performed in accordance with ISO9001 requirements." The Regformer™ product line represents new Tyree product offerings that integrate MicroPlanet's unparalled voltage regulation technology with Tyree's market leading transformers. With this acceptance Tyree and MicroPlanet commence the commercialization phase of the Agreement, which could result in license fees of $15.8 million to MicroPlanet over the first three years.
Change in Board
Tom Van Horn, a member of MicroPlanet's board of directors since 2006, has accepted the position as CEO of a high-tech Internet startup company. As a result Mr. Vanhorn has concluded that he should resign from the board of MicroPlanet. The board thanks Mr. Vanhorn for his contributions to the company over past seven years and wishes him the very best in his new endeavor.
MicroPlanet reported the following results for the Quarter
The Company's results for the Quarter include (all dollar figures are reported in U.S. currency, unless otherwise stated):
- Tested and shipped prototype module in accordance with the Company's Commercialization Agreement with Tyree Industries Pty Ltd (Tyree), the leading supplier of power transformers in Australia.
- Tyree conducted and successfully completed a comprehensive range of tests of the Company's prototype module integrated with Tyree's transformer.
- With this success of both parties' testing, Tyree and the Company have accepted the design of the Company's prototype module and the parties are actively commencing the commercialization phase of its previously announced (November 13, 2012) agreement, which could result in license fees of $15.8 million to the Company over the first three years.
- Product sales of $65,198 to two utility companies in Australia.
- Received a $53,000 deposit for future delivery of 6 additional units of the Company's new three phase product.
- Received a request from the Department of Energy's National Research Energy Laboratory and received a purchase order with deposit, to provide the Company's voltage regulation products to help manage the micro grid at their biennial Solar Decathlon event in October.
- Issued share capital and warrants that provided gross proceeds of $788,144.
- Financial Summary for the period ended June 30:
| |
Three months ended June 30, |
|
|
Six months ended June 30, |
|
| |
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
| Sales |
$ |
65,198 |
|
$ |
- |
|
$ |
172,638 |
|
$ |
77,962 |
|
| Operating loss |
$ |
(665,688 |
) |
$ |
(528,343 |
) |
$ |
(1,098,363 |
) |
$ |
(1,018,993 |
) |
| Comprehensive loss |
$ |
(154,185 |
) |
$ |
(527,787 |
) |
$ |
(110,430 |
) |
$ |
(256,918 |
) |
| Basic loss per share |
$ |
(0.0012 |
) |
$ |
(0.0051 |
) |
$ |
0.0008 |
|
$ |
0.0025 |
|
| Weighted average shares outstanding |
|
132,462,064 |
|
|
103,402,097 |
|
|
130,014,774 |
|
|
103,402,097 |
|
MicroPlanet's unaudited consolidated financial information for the three-month and six-month periods ended June 30, 2013 and 2012, along with the accompanying Management's Discussion and Analysis for the same period is available on SEDAR (www.sedar.com).
About MicroPlanet Technology Corp.
MicroPlanet Technology Corp. is a smart grid, energy conservation Corporation whose technology regulates voltage steplessly, with unrivalled speed and accuracy. MicroPlanet Technology Corporation products are used by utilities to optimize the management of voltage on their networks, to improve power quality, and to manage the integration of bi-directional distributed energy from solar PV and wind into the power grid. In commercial and residential building installations, MicroPlanet products have been proven to significantly increase equipment useful lives and reduce electric bills, maintenance costs and greenhouse gases. MicroPlanet is based in Seattle, WA and is listed on the TSX Venture Exchange (TSX-V) trading under the stock symbol: MP. MicroPlanet's website is 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.