SEATTLE, WASHINGTON--(Marketwired - March 11, 2016) - MicroPlanet Technology Corp. ("MicroPlanet" or the "Corporation"), (NEX:MP.H)(OTC PINK:MCTYF), a provider of smart grid and power technology and products, is providing an update of its activities and operating status.
MicroPlanet is currently inactive due to financial hardship. However, the Corporation has been able to maintain and establish relationships with customers during its period of inactivity and has immediate customer demand for its products from utility companies in Australia, the United Kingdom and France. Management is currently exploring different options that would allow the Corporation to reconstitute manufacturing and meet its customer demand.
In that regard, MicroPlanet applied to the Alberta Securities Commission ("ASC") and Ontario Securities Commission ("OSC") for partial revocation orders in respect of the cease trade orders issued thereby in May 2015 (the "Cease Trade Orders") permitting the Corporation to undertake certain proposed transactions (the "Proposed Transactions"), namely the conversion of certain debts of the Corporation into equity securities and an offering of convertible notes, in order to improve the Corporation's balance sheet and raise funds to be used to rectify the Corporation's compliance issuance and maintain the viability of its business.
On March 8, 2016 and March 10, 2016, the ASC and OSC, respectively, issued partial revocation orders in respect of the Cease Trade Orders permitting MicroPlanet to undertake the Proposed Transactions.
While management remains optimistic that its efforts will prove successful, there remains a significant risk that the Corporation will not be able to raise adequate capital to fund operations and meet its obligations and continue as a going concern.
Forward-Looking Statements
This news release includes certain statements that constitute forward-looking statements under applicable securities legislation. All statements other than statements of historical fact are forward-looking statements. In some cases, forward- looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", or the negative of these terms or other comparable terminology. These forward- looking statements include, among other things, statements in respect of the nature of the Proposed Transactions and expectations of future financial performance of the Corporation.
These statements are only predictions and are based upon current expectations, estimates, projections and assumptions, which the Corporation believes are reasonable but which may prove to be incorrect and therefore such forward-looking statements should not be unduly relied upon. In making such forward-looking statements, assumptions have been made regarding, among other things, industry activity, the state of financial markets, business conditions, continued availability of capital and financing, and the ability of the Corporation to obtain necessary regulatory approvals.
By its nature, forward-looking information involves numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward- looking statements will not occur. These risks and uncertainties include: the possibility that the parties will not proceeds with the Proposed Transactions; that the ultimate terms of the Proposed Transactions will differ from those that are currently contemplated; that the Proposed Transactions will not be successfully completed for any reason (including the failure to obtain the required approvals from regulatory authorities, including the TSX Venture Exchange); and the cooperation of creditors of the Corporation. Investors are cautioned that forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. The Corporation has no obligation to update any forward-looking statements set out in this news release, except as required by applicable law.
About MicroPlanet Technology Corp.
MicroPlanet is a smart grid, energy conservation corporation whose technology regulates voltage steplessly, with unrivalled speed and accuracy. MicroPlanet 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 NEX board of the TSX Venture Exchange trading under the stock symbol: MP.H MicroPlanet's website is www.microplanet.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.