SOURCE: MP2 Technologies

August 05, 2009 09:00 ET

MP2 Technologies Finalizes Agreement to Sell Assets of Weatherly Aircraft Nevada, Inc.

Also Announces Update on Newest Venture

IRVING, TX--(Marketwire - August 5, 2009) - MP2 Technologies (MP2) (PINKSHEETS: MPTO) announced today that it has completed the sale of the assets of Weatherly Aircraft Nevada, Inc., its wholly owned subsidiary to North American Factory for Technologically Advanced Aircraft, Inc. (NAFTAA), formerly Symphony Aircraft. Financial terms of the asset purchase were not immediately disclosed as final payouts depend on completion of future events related to Weatherly aircraft parts certification by the FAA.

This sale completes the first business transaction proving MP2's business model of "turning vision into value" by creating an aircraft company within an 8 month period from a myriad of components that included acquiring manufacturing equipment and aircraft parts, hiring former Weatherly aircraft production staff, building an additional team in Bogalusa, LA, and acquiring a low cost lease of a 50,000 sq. ft. facility in Bogalusa in which to build the aircraft.

Patrick Walsh, President of MP2, stated, "We are very happy to have completed this transaction with Weatherly. Through this first acquisition, which was a learning experience for all involved, we demonstrated that we had the expertise to bring together numerous components to create a viable business entity, and with the funding NAFTAA provides, should develop into a strong competitor in its market."

MP2 will now focus its efforts on the development of its newest venture, Gem Vision, Inc., crafters of finished precious gemstones and jewelry created from raw precious gems. MP2 has already completed an agreement with Bayside Holdings, Inc. to purchase raw, uncut diamonds and other precious gems and is now negotiating an agreement with a Dallas-based gem stone specialty firm, and a jewelry design firm to complete the Company's business. Revenues from this venture are expected to be between $2-3million in its first year of operation with margins of approximately 30%.

In an unrelated matter, MP2 stated that it is has begun negotiations with two software firms to also become a part of MP2 and expect announcements within the next month related to those companies.

MP2 Technologies, Inc. serves as a holding company for technology and service-related businesses that can share common management resources and access to marketing channels. New acquisitions will be announced over time as opportunities that fit the company's acquisition profile become available. Acquired companies will benefit from MP2's public company expertise, executive management, and sales and marketing contacts throughout the world. More information on the company can be found at their website at

Safe Harbor Act Disclaimer: Forward-looking statements in this release are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks, and uncertainties and actual results could differ from those discussed. This material is information only and is not an offer or solicitation to buy or sell the securities.

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