SEATTLE, WASHINGTON--(Marketwired - May 30, 2014) - 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 report its unaudited interim consolidated financial results for the three-month period ended March 31, 2014 (the "Quarter") and to announce the TSXV final approval of its previously announced non-brokered private placement.
MicroPlanet reported the following results for the Quarter
- Continued concerted efforts to establish strategic relationships to both provide additional capital and to synergistically accelerate the deployment of MicroPlanet products.
- Provided voltage regulation equipment and on site services to United Energy in Melbourne, Australia to implement a trial of the use of low voltage regulators as part of a standard design to achieve grid stability.
- Initiated and received final TSXV Exchange approval on May 26, 2014 of a private equity offering with gross proceeds of combined closings totaling CDN$1,007,966.
- Reduced operating expenses by USD$186,332 for the Period as compared to Prior Period to preserve capital.
- Financial Summary for the three month period ended March 31 in US dollars:
| || ||Three Months ended March 31,|| |
| || ||2014|| || ||2013|| |
|Sales||$||14,502|| ||$||107,440|| |
|Comprehensive income (loss)||$||(204,201||)||$||43,755|| |
|Basic income (loss) per share||$||(0.001||)||$||0.000|| |
|Weighted average shares outstanding|| ||161,422,249|| || ||113,455,030|| |
MicroPlanet's unaudited interim consolidated financial information for the three-month periods ended March 31, 2014 and 2013, along with the accompanying Management's Discussion and Analysis for the same period is available on SEDAR (www.sedar.com).
Unit Private Placement
The Corporation received final TSXV Exchange approval of its previously announced unit private placement wherein the Corporation issued a total of 50,398,310 Units at a price of CDN$0.02 per Unit for gross proceeds of CDN$1,007,966. 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 CDN$0.02 per common share. Directors and Officers of the Corporation participated in the final closing of the private placement by investing USD$87,500 (CDN$96,577) and receiving 4,828,862 Units.
The Units were sold pursuant to applicable registration and prospectus exemptions to qualified investors in the United States and Canada. The common shares and any common shares acquired pursuant to the exercise of the warrants comprising the Units are subject to a four-month hold period in accordance with applicable securities laws.
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
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THE TERM DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.