MicroPlanet Technology Corp.

MicroPlanet Technology Corp.

December 04, 2013 08:00 ET

MicroPlanet Announces Final Closing of Private Placement and Reports 2013 Q3 Results

SEATTLE, WASHINGTON--(Marketwired - Dec. 4, 2013) - 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 announce the closing of its previously announced non-brokered private placement and reports its unaudited interim consolidated financial results for the three-month period ended September 30, 2013 (the "Quarter").

Unit Private Placement

The Corporation issued a total of 7,883,240 Units at a price of $0.05 per Unit for gross proceeds of CDN$391,662, which includes the 4,995,673 Units issued as announced on November 6, 2013. 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 $0.05 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.

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):

  • Successfully completed both Company internal and Tyree led extensive testing of the previously announced new RegFormer™, a regulating distribution transformer product that integrates MicroPlanet's voltage regulation technology with Tyree's market leading transformers.
  • Commenced sales presentations of the initial RegFormer product to Australian utilities. These sales presentations represented the kick-off of the commercialization phase for the Regformer. The RegFormer has been presented to a total of 9 Australian utilities, three of which have expressed a strong interest in participating in the initial rollout and validation of the product.
  • Successfully completed certification audits by TUV, the company's certifying body, allowing the continued shipment of all of the Company's products.
  • Redesigned the control board for the 25 kVA, single-phase LVR product, which migrates the latest technology into the Company's leading product.
  • Received a purchase order for the first updated LVR units to be shipped to United Energy in Australia. United Energy is scheduled to commence a pilot study in the first quarter of 2014, the results of which could result in an accelerated deployment and further a trend of permanent installations of the Company's products on the electrical grid at a higher rate.
  • Participated as a vendor and co-sponsor to the U.S. Department of Energy's 2013 Solar Decathlon. Specifically, the Company's voltage regulation products successfully managed the voltage in the micro grid established specifically for the biennial Solar Decathlon event in October.
  • Added John M. Fluke, to the MicroPlanet Board of Directors. Mr. Fluke has been the chairman of Fluke Capital Management (parent of Fluke Venture Partners) since 1980. Prior to 1990, John served as chairman and chief executive officer of Fluke Corporation, the world leader in precision electronic measuring devices. He has served as a director of PACCAR Inc. (Fortune 500 #168) since 1984.
  • Entered into an agreement with Grahame Foulger, a former executive in a large utility in Australia. Grahame will oversee all aspects of the Company's business in Australia, focusing especially on sales efforts into utilities.
  • Issued share capital and warrants that provided gross proceeds of $406,970.
  • Loss from operations of $560,410.
  • Financial Summary for the three month period ended September 30:
Three months ended September 30, Nine months ended September 30,
2013 2012 2013 2012
Sales$33,195 $- $205,833 $77,962
Operating loss$(509,168)$(750,613)$(1,607,531)$(1,769,606)
Comprehensive loss$(560,410)$(979,835)$(670,840)$(1,236,753)
Basic loss per share$(0.004)$(0.009)$(0.005)$(0.012)
Weighted average shares outstanding 143,605,597 109,295,751 132,954,241 105,380,988

MicroPlanet's unaudited consolidated financial information for the three-month and nine-month periods ended September 30, 2013 and 2012, 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


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