MicroPlanet Technology Corp.
TSX VENTURE : MP
PINKSHEETS : MCTYF

MicroPlanet Technology Corp.

May 31, 2013 08:00 ET

MicroPlanet Announces CFO Appointment & Reports 2013 Q1 Results

WOODINVILLE, WASHINGTON--(Marketwired - May 31, 2013) - MicroPlanet Technology Corp. ("MicroPlanet" or the "Company") (TSX VENTURE:MP)(PINKSHEETS:MCTYF), a provider of smart grid technology which significantly increases efficiency, quality, and conservation of electricity, has appointed Edward Garth as the Company's Chief Financial Officer and reports its interim unaudited consolidated financial results for the three-month period ended March 31, 2013 (the "Quarter").

Announcing Edward Garth as Chief Financial Officer

"We are delighted to have Ed join our executive team. While my three months at MicroPlanet has further confirmed my optimism of the substantial growth opportunities that are close at hand," reports Joe Tanner, Company CEO, "there is much to do. With his over thirty years of collaborative financing and building of high technology companies, Ed brings a broad set of critical tools that are essential to the Company as it positions itself to maximize the opportunities being developed in Australia." Mr. Garth commenced his career as a CPA with Touche Ross & Co. as an auditor and tax advisor. As a consummate entrepreneur for the past 30+ years, Ed has managed the financial, administrative and legal affairs of over twenty-five private and public companies as founder, turn-around specialist, advisor and/or executive officer.

MicroPlanet reported the following results for the Quarter

The Company's results for the Quarter include (all dollar figures are reported in U.S. currency, unless otherwise stated):

  • Built the prototype module in accordance with the Company's Commercialization Agreement with Tyree Industries Pty Ltd, the leading supplier of power transformers in Australia.
  • Completion of the prototype module was the first step in a process that is expected to result in the Company supplying certain components and licensing its technology in accordance with the Tyree agreement. As previously announced (November 13, 2012) this agreement provides for minimum license fees of $15.8 million to the Company over the first three years.
  • Recruitment of a new Chief Executive Officer.
  • Sales of $107,440 to a utility company in Australia.
  • Operating expenses of $512,487.
  • Received gross proceeds of $379,965 from the issuance of convertible notes.

Financial Highlights

Comprehensive income for the Quarter was $43,755 compared to comprehensive income of $270,869 in the same Prior Year Quarter with the current and prior year Quarters, both Quarters being computed net of gains (losses) resulting from changes in the fair value of warrant liability and convertible debt, $319,641 (2012, $936,021) and $291,640 (2012, ($36,205)) respectively.

MicroPlanet's unaudited consolidated financial information for the three-month periods ended March 31, 2013 and 2012, along with the accompanying Management's Discussion and Analysis for the same period is available on SEDAR (www.sedar.com).

Income Statement (unaudited)
(US$)
3-months
ending
March 31, 2013
3-months
ending
March 31, 2012
Revenue $ 107,440 $ 77,962
Operating loss $ 512,487 $ 512,100
Comprehensive Income $ 43,755 $ 270,869
Basic and diluted income per share $ 0.00 $ 0.00
Weighted average shares outstanding 127,540,292 103,402,097

About MicroPlanet Technology Corp.

MicroPlanet Technology Corp. is a smart grid, energy conservation Corporation whose technology improves power quality and saves electric energy by the dynamic management of incoming voltage to a home or business. Installation of MicroPlanet products for utilities has improved utility services and facilitates the integration of renewable energy sources, including solar and wind, to the power grid. MicroPlanet is based in Seattle, WA and is listed on the TSX Venture Exchange (TSX-V) trading under the stock symbol: MP. MicroPlanet's website is 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.

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