MicroPlanet Reports 2014 Q1 Results and Announces TSXV Final Approval of Private Placement
30 May 2014 - 10:00PM
Marketwired
MicroPlanet Reports 2014 Q1 Results and Announces TSXV Final
Approval of Private Placement
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 |
|
|
Operating loss |
$ |
(324,414 |
) |
$ |
(432,675 |
) |
|
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.
MicroPlanet Technology Corp.Joe TannerPresident & Chief
Executive
Officer360-910-1600425-984-2746jtanner@Microplanet.comMicroPlanet
Technology Corp.Ed GarthChief Financial
Officer206-790-7790425-984-2746egarth@microplanet.comwww.microplanet.com
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