MP

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(TM), 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           Nine months ended 
                                  September 30,               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


FOR FURTHER INFORMATION PLEASE CONTACT: 
MicroPlanet Technology Corp.
Joe Tanner
President & Chief Executive Officer
360-910-1600
425-984-2746 (FAX)
jtanner@MicroPlanet.com


MicroPlanet Technology Corp.
Ed Garth
Chief Financial Officer
206-790-7790
425-984-2746 (FAX)
egarth@microplanet.com
www.microplanet.com

(TSXV:MP)
Historical Stock Chart
From May 2024 to Jun 2024

(TSXV:MP)
Historical Stock Chart
From Jun 2023 to Jun 2024