MicroPlanet Reports 2012 Q1 Results & Provides Corporate Update
20 Maggio 2012 - 9:37PM
PR Newswire (Canada)
Stock Listing: MP:TSXV Stock Listing (US): MCTYF: OTC Web Site:
www.microplanet.com WOODINVILLE, WA, May 23, 2012 /CNW/ - -
MicroPlanet Technology Corp. ("MicroPlanet" or the "Company") a
provider of smart grid technology which significantly increases
efficiency, quality, and conservation of electricity, today
reported interim unaudited consolidated financial results for the
three-month period ended March 31, 2012 (the "Quarter"). All dollar
figures are reported in U.S. currency, unless otherwise stated.
Quarter Overview -- Sales of $77,962 to a utility company in
Australia -- Margins on sales of 38% -- Operating expenses of
$520,100 -- Income of $307,075, resulting from a $936,021 change of
fair value of warrant liability -- Sale of inventory to management
of $138,484 and loans from investors of $75,000 to finance
continuing operations "MicroPlanet is finally nearing completion
and certification of its flagship category-changing product line
and fostering relationships with potential testimonial customers in
appropriately targeted jurisdictions," stated Brett Ironside,
MicroPlanet President and CEO. "The past quarters have presented
unique challenges due to cash flow limitations, but we were able to
weather the storm thanks to the continued support of our employees
and several key investors in Canada and the United States. Because
of their support, we were able to continue critical work on the
certification of products and development of customer
relationships." Ironside continued, "We expect to receive final
certification for various new models of our new commercial product
line over the next few months, and will then deliver these products
to potential customers in Australia for final testing and
verification. We remain encouraged that these products will deliver
on the key aspects of our value proposition - bi directionality,
full data, improved power quality, and reduced costs - which will
lead to significant testimonial sales in the coming quarters,
followed by meaningful sales to these and additional customers
thereafter." Subsequent to the end of the Quarter, the Company
borrowed $105,000 from investors to fund operations. It is the
intent of the investors to invest into capital stock of the Company
in a future private placement, as approved by the TSX Venture
Exchange. The company is also working with its current debt holders
to extend these maturity dates and also potentially increase their
debt positions. Financial Highlights Net income for the Quarter was
$307,075 (including a gain of $936,021 resulting from a change of
fair value of warrant liability) or $0.00 per share (basic and
diluted) compared to a comprehensive loss of $615,088 or $0.01 loss
per share (basic and diluted) in the same Prior Year Quarter. The
financial statements for the Company were prepared using
International Financial Reporting Standards ("IFRS"), in accordance
with Canadian Accounting Standards Board and securities regulatory
commission requirements. Results for the Quarter are unaudited.
MicroPlanet's financial information for the three-month periods
ended March 31, 2012 and 2011, along with the accompanying
Management's Discussion and Analysis for the same period is
available on SEDAR (www.sedar.com) and company's website at
www.microplanet.com.
___________________________________________________________________
|Income Statement (unaudited) | 3-months ending | 3-months ending |
|(US$) | March 31, 2012 | March 31, 2011 |
|_______________________________|_________________|_________________|
|Revenue | $ 77,962 | $ 1,025,714 |
|_______________________________|_________________|_________________|
|Gross Margin | $ 29,450 | $ 340,494 |
|_______________________________|_________________|_________________|
|Net Income (Loss) | $ 307,075 | $ (615,088) |
|_______________________________|_________________|_________________|
|Basic and diluted income (loss)| $ (0.00) | $ (0.01) | |per share
| | |
|_______________________________|_________________|_________________|
|Weighted average shares | 103,402,097 | 63,250,809 | |outstanding
| | |
|_______________________________|_________________|_________________|
Private Placement of Notes MicroPlanet is further pleased to
announce that it intends to issue, by private placement, up to $1.5
million in secured, convertible notes of the Corporation (the
"Notes"). The Notes have a two-year term and bear interest at
the rate of twelve percent (12%) per annum payable in arrears upon
maturity. The holders of the Notes will have the option to
convert the principal amount into common shares in the capital of
the Corporation at a conversion price of $0.07 per share, or
receive full repayment in cash at the end of the term. The
Corporation may, at its option, at any time before the maturity
date, pre-pay and redeem the Notes, provided that interest in paid
in full to the original maturity date. Closing of the
financing is expected to occur on or about June 22, 2012 and is
subject to certain conditions including, but not limited to, the
receipt of all necessary approvals including the approval of the
TSX Venture Exchange and applicable securities regulatory
authorities. The Notes will be sold pursuant to applicable
registration and prospectus exemptions to qualified investors in
Canada. This news release does not constitute an offer to sell or a
solicitation of any offer to buy the securities in the United
States. The securities offered have not been and will not be
registered under the U.S. Securities Act of 1933 and may not be
offered or sold in the United States absent registration or an
applicable exemption from registration requirements of such Act.
About MicroPlanet Technology Corp. MicroPlanet Technology Corp.
solutions improve power quality and save energy by dynamically
managing incoming voltage to a home or business through the use of
patented, advanced power electronics. MicroPlanet's technology has
been deployed in seven countries by more than 20 utilities, the U.S
military and multiple commercial customers to 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 TSX Venture
Exchange trading under the stock symbol: MP. 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. MicroPlanet
Technology Corp. CONTACT: MicroPlanet Investor Relations: Dave
Burwell / Grant HowardThe Howard GroupPh: 888-221-0915Fax: 403-237
8387info@howardgroupinc.comwww.howardgroupinc.comMicroPlanet
Company Contacts:Brett IronsidePresident & Chief Executive
OfficerTel: 425-984-2740Fax: 425-984-2760bironside@microplanet.com
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