SEATTLE, WASHINGTON--(Marketwired - Sept. 3, 2014) - MicroPlanet Technology Corp. ("MicroPlanet" or the "Corporation") (TSX VENTURE:MP)(PINKSHEETS:MCTYF) a provider of smart grid and power quality technology and products, which significantly increases efficiency, quality and conservation of electricity and enables the integration of alternative energy into the power grids is pleased to report its unaudited interim consolidated financial results for the three-month period ended June 30, 2014 (the "Quarter").
MicroPlanet reported the following results for the Quarter
- Continued concerted efforts to establish strategic relationships to both provide additional capital and to synergistically accelerate the deployment of MicroPlanet products.
- Provided on site services related to previously supplied voltage regulation equipment to United Energy in Melbourne, Australia to facilitate a trial of the use of low voltage regulators as part of a standard design to achieve grid stability.
- Presented on site a design proposal to a leading Australian gas producer that incorporates MicroPlanet product and technology that reflects significant hard and soft cost savings in its drilling operations and conducted follow up interactions.
- Final closings of a private equity offering with gross proceeds during the Period of $691,569 (CDN$751,922).
- Reduced operating expenses by $100,023 for the Period as compared to Prior Period to further preserve capital.
- Financial Summary for the three and six month periods ended June 30 in US dollars:
| | | | |
| | Three Months ended June 30, | | Six months ended June 30, |
| | | 2014 | | 2013 | | 2014 | | 2013 |
| Sales | $ | - | $ | 65,198 | $ | 14,502 | $ | 172,638 |
| Operating loss | $ | (555,665) | $ | (665,688) | $ | (880,079) | $ | (1,098,363) |
| Comprehensive loss | $ | (1,204,328) | $ | (516,512) | $ | (1,408,529) | $ | (472,757) |
| Basic loss per share | $ | (0.007) | $ | (0.004) | $ | (0.008) | $ | (0.004) |
| Weighted average shares outstanding | | 182,723,153 | | 132,462,064 | | 172,131,544 | | 130,014,774 |
MicroPlanet's unaudited interim consolidated financial information for the three-month periods ended June 30, 2014 and 2013, 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 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.