SEATTLE, WASHINGTON--(Marketwired - May 2, 2014) - MicroPlanet Technology Corp. ("MicroPlanet" or the "Corporation") (TSX VENTURE:MP)(PINKSHEETS:MCTYF), a provider of smart grid and power quality technology and products that significantly increase efficiency, quality and conservation of electricity and enables the integration of up to 95%+ penetration of alternative energy into electrical grids' low voltage networks today reports consolidated financial results for the year ended December 31, 2013. All dollar figures are reported in U.S. currency, unless otherwise stated.
The Company's milestones for the year include:
- Manufactured and shipped products totaling $380,245 in net sales for the Year, mostly to utilities in Australia in response to purchase orders, an increase of $302,283 as compared to 2012.
- Validated a new design, and commenced marketing activities for a regulating transformer, to be built, sold and serviced in conjunction with Tyree Industries in Australia.
- Initiated the seeding of significant multiple growth opportunities.
- Shipped twelve regulators to a utility in Australia for a test that could result in an initiative to utilize MicroPlanet regulators as part of the permanent grid design.
- Recruitment of a new Chief Executive Officer and Chief Financial Officer.
- Entered into an agreement with a former executive in a large utility in Australia. He will oversee all aspects of the
Company's business in Australia, focusing especially on sales efforts into utilities.
- Added a very experienced and successful technology businessman and Fortune 500 board member to the
Company's board of directors.
- Initiated concerted efforts to establish strategic relationships to both provide additional capital and to synergistically accelerate the deployment of MicroPlanet products.
- Provided voltage regulation equipment and services to the successful Solar Decathlon 2013, held in Irvine California by the National Renewable Energy Lab of the U.S. Department of Energy.
- Completed three equity and one convertible debt private offerings in year, with gross proceeds totaling $1,575,017 and $374,000, respectively.
- Completed an equity private offering in 2014 with gross proceeds of $913,828 (CDN$1,007,966).
2013 Financial Highlights
| |
|
Year ended December 31, |
|
| |
|
2013 |
|
|
2012 |
|
| Sales |
$ |
380,245 |
|
$ |
77,962 |
|
| Gross margin |
$ |
175,227 |
|
$ |
29,450 |
|
| Gross margin percentage |
|
46 |
% |
|
38 |
% |
| Operating loss |
$ |
(2,032,166 |
) |
$ |
(2,189,474 |
) |
| Comprehensive loss |
$ |
(937,443 |
) |
$ |
(2,478,951 |
) |
| Basic loss per share |
$ |
(0.007 |
) |
$ |
(0.023 |
) |
| Weighted average shares outstanding |
|
141,085,240 |
|
|
109,991,441 |
|
Outlook - The Company plans to focus maximum resources to achieve success with Australian utilities, providing the groundwork for success in many countries with similar needs and power characteristics. The significant penetration of photovoltaic and other distributed electric generation sources in many countries throughout the world are expected to have the effect of accelerating the Company's penetration into other geographical regions and market segments, such as commercial establishments. This market-by-market approach, whereby the Company collects key performance data and gains enthusiastic and prominent customers, is expected to expand the Company's sales in the years ahead. The Company has historically maintained a firm discipline of limiting its expenditures to only those that contribute to generating new sales orders, including developing new and refining existing products, and it anticipates to substantially continue to do so during 2014. In order to do so, the Company will need to raise additional capital to fund operations through 2014 and 2015 in order to achieve positive operating cash. In the past, the Company has primarily raised its operating capital through debt or equity private placements. The Company intends to devote resources to expanding its discussions with potential strategic partners that also provide additional working capital to the Company.
Forward-Looking Information
This discussion includes various forward-looking statements regarding the Company and its future activities and financial results. These statements are based on certain assumptions that are considered reasonable by management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties and actual results could differ materially from those indicated by such forward-looking statements. Forward-looking information in this document is identified by words such as "anticipate", "believe", "focus", "intend", "expect", "plan", "forecast", "target", "projected", "could", "may", "will", "develop" or similar expressions and includes suggestions of future outcomes including statements of the Company's growth strategy and related schedules, planned capital expenditures, expected future sales, timelines for future regulatory, partner or internal approvals and access to capital.
The factors or assumptions on which the forward-looking information is based include: projected capital investment, the ability of the Company to obtain necessary regulatory and partner approvals and the ability to access capital through future equity, debt offerings or otherwise.
About MicroPlanet Technology Corp.
MicroPlanet Technology Corp. is a smart grid, energy conservation company, whose technology dynamically and steplessly regulates voltage with unrivaled speed and accuracy using its patented and advanced power electronics. MicroPlanet's technology solutions have been deployed in seven countries by more than 20 utilities, the U.S military and multiple commercial customers to manage voltage on networks, 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 Seattle, WA and is listed on the TSXV and trades on the OTC under the stock symbol: MP and MCTYF, respectively. www.microplanet.com
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THE TERM DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.