MicroPlanet Technology Corp.
TSX VENTURE : MP
PINKSHEETS : MCTYF

MicroPlanet Technology Corp.

August 13, 2013 08:00 ET

MicroPlanet Announces Closing of Private Placement and Corporate Update

SEATTLE, WASHINGTON--(Marketwired - Aug. 13, 2013) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

MicroPlanet Technology Corporation ("MicroPlanet" or the "Corporation") (TSX VENTURE:MP)(PINKSHEETS:MCTYF), a provider of smart grid technology and products which significantly increases efficiency, quality and conservation of electricity and enables the integration of alternative energy into the power grids, announces the closing of its previously announced non-brokered private placement and is providing a corporate update.

Corporate Update

MicroPlanet previously announced (November 12, 2012) that it had entered into the Integration and Commercialization Agreement, a multi-million dollar formal licensing agreement, with Tyree Industries Pty Ltd. (Tyree), the leading supplier of power transformers in Australia. In accordance with the development phase of the Agreement, MicroPlanet has built and delivered the prototype module to Tyree for testing. Upon completion of testing and mutual review of testing results, a determination will be made as to the readiness of the product design to move to the next phase of the agreement, which will include a complete design documentation and issuance of a Notice of Acceptance. The Company believes that its agreement with Tyree is progressing satisfactorily toward the production phase.

MicroPlanet has received purchase orders from two Australian utilities totaling AUD$215,260 (CDN$215,899), of which it has fulfilled AUD$68,500 to date. Significantly, the purchase orders include eight (8) of MicroPlanet's three phase regulators ("SVR") that was designed in response to utility customer's request. The SVR represents the 3 phase version of the Company's widely deployed one phase regulator ("LVR") with added communication capabilities and additional features.

MicroPlanet today is pleased to announce that the U.S. Department of Energy's National Renewable Energy Laboratory (NREL) has requested MicroPlanet to provide voltage regulation technology services for the U.S. Department of Energy Solar Decathlon 2013 and XPO to be held in Irvine, CA., October 3-6 and October 10-13, 2013. MicroPlanet has received a USD$45,000 purchase order from the City of Irvine, the host of the XPO and the DOE's Solar Decathlon.

The Solar Decathlon (www.solardecathlon.gov/), held every other year, challenges 20 international teams to design, build, and operate solar-powered houses that are cost-effective, energy-efficient, and attractive. Prior to MicroPlanet's successful management of the voltage at the previous Solar Decathlon 2011, NREL's Byron Stafford, Solar Decathlon Site Operations Manager, stated: "The integration of distributed and renewable electricity generation sources is becoming more prevalent and a challenge for the grid. The Solar Decathlon is a concentrated microcosm of what occurs in the real world as distributed and renewable generation sources cause increases in line voltage. As we experienced during Solar Decathlon 2009, line voltage rise causes inverters to trip, stopping electricity from being passed back into the grid from the renewable sources. We are pleased to find the MicroPlanet technology with the capabilities and features to efficiently, precisely, and bi-directionally regulate voltage."

Unit Private Placement

The Corporation issued 8,583,304 Units at a price of $0.05 per Unit for gross proceeds of CDN$429,165.20. Each Unit was comprised of one common share in the capital of the Corporation and one common share purchase warrant. Each warrant entitles the holder to acquire one common share in the capital of the Corporation at any time until the date that is 36 months following the closing date upon payment of the exercise price of $0.10 per common share.

The Units were sold pursuant to applicable registration and prospectus exemptions to qualified investors in Canada and the United States. The common shares comprising the Units and any common shares acquired pursuant to the exercise of the warrants are subject to a four-month hold period in accordance with applicable securities laws.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in the United States. The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an application exemption from the registration requirements.

About MicroPlanet Technology Corp.

MicroPlanet Technology Corp. is a smart grid, energy conservation Corporation whose technology regulates voltage steplessly, with unrivalled speed and accuracy. MicroPlanet Technology Corporation 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 TSX Venture Exchange (TSX-V) trading under the stock symbol: MP. MicroPlanet's website is www.microplanet.com.

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