Company: MicroPlanet Technology Corp.
Stock Listing: TSXV - MP
Stock Listing (US): OTC - MCTYF
Web Site: www.microplanet.com
SEATTLE, WA,
April 4, 2013 /CNW/ - MicroPlanet
Technology Corp. ("MicroPlanet" or the "Company"),
(TSXV - MP & OTC - MCTYF) a provider of smart grid and power
quality technology, which significantly increases efficiency,
quality, and conservation of electricity, announces the expansion
of its executive team with the addition of Joe Tanner, and the closing of a non brokered
debt placement.
Mr. Tanner will serve as President and Chief
Operating Officer of MicroPlanet, and will initially devote
significant time to the design engineering and manufacturing
processes, thereby allowing Brett
Ironside to concentrate on customer relationships and
finance. Mr. Tanner previously served as Senior Vice President and
COO of Zeno Corporation, which gained FDA clearance and marketed
various medical devices in North
America, Asia and
Europe. Prior to that Mr. Tanner
served as COO of ETMA Corporation, the largest electronics
manufacturing firm in the Pacific Northwest, and later managed
additional electronics manufacturing firms in China, Malaysia and the
Philippines. Mr. Tanner holds degrees from Harvard University and the University of Texas, and has served as an officer
of both NASDAQ and NYSE traded firms. "MicroPlanet invented,
manufacturers, and markets the leading technology in the world for
smart grid and power quality. The demand for this technology is
skyrocketing and MicroPlanet is perfectly positioned to continue
its position as the global leader in this space. I am honored to be
joining the finest team of technologists in the area of voltage
regulation," said Mr. Tanner.
MicroPlanet also announces that it has closed a
non-brokered private placement of convertible notes (the "Closing")
in the principal amount of $374,000
(the "Notes"). The Notes mature December 31,
2013 and bear interest at a rate of fourteen percent (14%)
per annum payable in arrears upon maturity. The holders of the
Notes will have the option to convert the principal amount into
common shares in the capital of the Company at a conversion price
of $0.10 per share, or receive full
repayment in cash at the end of the term. The Company may, at its
option, at any time before the maturity date, pre-pay and redeem
the Notes. The Notes were sold pursuant to applicable registration
and prospectus exemptions to qualified investors in Canada and the
United States.
MicroPlanet solutions improve power quality and
save energy by dynamically managing incoming voltage to a home
or business through the use of patented, advanced power
electronics. MicroPlanet is based in Seattle, WA and is listed on the TSXV
trading under the stock symbol: MP. www.microplanet.com.
THIS NEWS RELEASE MAY CONTAIN FORWARD-LOOKING
INFORMATION. ACTUAL FUTURE RESULTS MAY DIFFER MATERIALLY FROM THOSE
CONTEMPLATED. THE RISKS, UNCERTAINTIES AND OTHER FACTORS, BOTH
KNOWN AND UNKNOWN, THAT COULD INFLUENCE ACTUAL RESULTS MAY BE
SUBSTANTIAL AND INCLUDE THOSE DESCRIBED IN DOCUMENTS FILED WITH
REGULATORY AUTHORITIES, SUCH AS THE COMPANY'S MOST RECENTLY FILED
ANNUAL AND QUARTERLY REPORTS. ACCORDINGLY, NO ASSURANCES CAN
BE GIVEN THAT ANY OF THE EVENTS ANTICIPATED BY THE FORWARD-LOOKING
STATEMENTS WILL TRANSPIRE OR OCCUR, OR IF ANY OF THEM DO SO, WHAT
BENEFITS THE COMPANY WILL DERIVE THEREFROM.
NEITHER THE TSXV NOR ITS REGULATION SERVICES
PROVIDER (AS THE TERM IS DEFINED IN THE POLICIES OF THE TSXV)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS
RELEASE.
SOURCE MicroPlanet Technology Corp.