MicroPlanet Technology Corp.
TSX VENTURE : MP
OTC PINK : MCTYF

MicroPlanet Technology Corp.

December 04, 2014 08:00 ET

MicroPlanet Reports 2014 Q3 Results

SEATTLE, WASHINGTON--(Marketwired - Dec. 4, 2014) - MicroPlanet Technology Corp. ("MicroPlanet" or the "Corporation") (TSX VENTURE:MP)(OTC PINK: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 September 30, 2014 (the "Quarter").

MicroPlanet reported the following results for the Quarter

  • Continued concerted efforts to pursue strategic alternatives to provide additional capital and to synergistically expand & accelerate the deployment of MicroPlanet products. Such strategic alternatives include establishment of strategic relationship(s) and the establishment of and contracting with a related Australian entity.
  • Continued monitoring of previously supplied voltage regulation equipment to United Energy in Melbourne, Australia to facilitate a trial of the use of low voltage regulators as part of a standard design to achieve grid stability in an urban setting.
  • Advanced discussions with and provided additional design proposal information to a leading Australian gas producer that incorporates MicroPlanet product and technology. The Company believes that its design will result in significant hard and soft cost savings in gas producers' drilling operations.
  • Added Wolfgang Struss as the Company's CEO with Joe Tanner, former CEO, becoming the Chairman of MicroPlanet, Inc.
  • Reduced operating expenses by $164,384 for the Quarter as compared to same quarter of the prior year to further preserve capital.
  • Financial Summary for the three and nine month periods ended September 30 in US dollars:
Three Months ended September 30, Nine Months ended September 30,
2014 2013 2014 2013
Sales $ - $ 33,195 $ 14,502 $ 205,833
Operating loss $ (377,548) $ (509,168) $ (1,257,627) $ (1,607,531)
Comprehensive income (loss) $ 102,226 $ (560,410) $ (1,306,303) $ (670,840)
Basic income (loss) per share $ 0.001 $ (0.004) $ (0.006) $ (0.005)
Weighted average shares outstanding 188,953,596 143,605,597 206,822,302 132,954,241

MicroPlanet's unaudited interim consolidated financial information for the three-month periods ended September 30, 2014 and 2013, 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).

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.

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