Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

or

Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?

or

Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.

MicroPlanet Reports 2014 Q2 Results

MCTYF

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.

MicroPlanet Company Contacts:
Joe Tanner
President & Chief Executive Officer
Ph: 360-910-1600
Fax: 425-984-2746
jtanner@Microplanet.com

Ed Garth
Chief Financial Officer
Tel: 206-790-7790
Fax: 425-984-2746
egarth@microplanet.com



Get the latest news and updates from Stockhouse on social media

Follow STOCKHOUSE Today