Click here to close now.


News Feed Item

MicroPlanet Reports 2013 Results

SEATTLE, WASHINGTON -- (Marketwired) -- 05/02/14 -- MicroPlanet Technology Corp. ("MicroPlanet" or the "Corporation") (TSX VENTURE: MP)(PINKSHEETS: MCTYF), a provider of smart grid and power quality technology and products that significantly increase efficiency, quality and conservation of electricity and enables the integration of up to 95%+ penetration of alternative energy into electrical grids' low voltage networks today reports consolidated financial results for the year ended December 31, 2013. All dollar figures are reported in U.S. currency, unless otherwise stated.

The Company's milestones for the year include:

--  Manufactured and shipped products totaling $380,245 in net sales for the
    Year, mostly to utilities in Australia in response to purchase orders,
    an increase of $302,283 as compared to 2012.
--  Validated a new design, and commenced marketing activities for a
    regulating transformer, to be built, sold and serviced in conjunction
    with Tyree Industries in Australia.
--  Initiated the seeding of significant multiple growth opportunities.
--  Shipped twelve regulators to a utility in Australia for a test that
    could result in an initiative to utilize MicroPlanet regulators as part
    of the permanent grid design.
--  Recruitment of a new Chief Executive Officer and Chief Financial
--  Entered into an agreement with a former executive in a large utility in
    Australia. He will oversee all aspects of the
    Company's business in Australia, focusing especially on sales efforts
    into utilities.
--  Added a very experienced and successful technology businessman and
    Fortune 500 board member to the
    Company's board of directors.
--  Initiated 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 services to the successful
    Solar Decathlon 2013, held in Irvine California by the National
    Renewable Energy Lab of the U.S. Department of Energy.
--  Completed three equity and one convertible debt private offerings in
    year, with gross proceeds totaling $1,575,017 and $374,000,
--  Completed an equity private offering in 2014 with gross proceeds of
    $913,828 (CDN$1,007,966).

2013 Financial Highlights

                                                    Year ended December 31,
                                                       2013            2012
Sales                                         $     380,245   $      77,962
Gross margin                                  $     175,227   $      29,450
Gross margin percentage                                  46%             38%
Operating loss                                $  (2,032,166)  $  (2,189,474)
Comprehensive loss                            $    (937,443)  $  (2,478,951)
Basic loss per share                          $      (0.007)  $      (0.023)
Weighted average shares outstanding             141,085,240     109,991,441

Outlook - The Company plans to focus maximum resources to achieve success with Australian utilities, providing the groundwork for success in many countries with similar needs and power characteristics. The significant penetration of photovoltaic and other distributed electric generation sources in many countries throughout the world are expected to have the effect of accelerating the Company's penetration into other geographical regions and market segments, such as commercial establishments. This market-by-market approach, whereby the Company collects key performance data and gains enthusiastic and prominent customers, is expected to expand the Company's sales in the years ahead. The Company has historically maintained a firm discipline of limiting its expenditures to only those that contribute to generating new sales orders, including developing new and refining existing products, and it anticipates to substantially continue to do so during 2014. In order to do so, the Company will need to raise additional capital to fund operations through 2014 and 2015 in order to achieve positive operating cash. In the past, the Company has primarily raised its operating capital through debt or equity private placements. The Company intends to devote resources to expanding its discussions with potential strategic partners that also provide additional working capital to the Company.

Forward-Looking Information

This discussion includes various forward-looking statements regarding the Company and its future activities and financial results. These statements are based on certain assumptions that are considered reasonable by management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties and actual results could differ materially from those indicated by such forward-looking statements. Forward-looking information in this document is identified by words such as "anticipate", "believe", "focus", "intend", "expect", "plan", "forecast", "target", "projected", "could", "may", "will", "develop" or similar expressions and includes suggestions of future outcomes including statements of the Company's growth strategy and related schedules, planned capital expenditures, expected future sales, timelines for future regulatory, partner or internal approvals and access to capital.

The factors or assumptions on which the forward-looking information is based include: projected capital investment, the ability of the Company to obtain necessary regulatory and partner approvals and the ability to access capital through future equity, debt offerings or otherwise.

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.


More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that IBM Cloud Data Services has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IBM Cloud Data Services offers a portfolio of integrated, best-of-breed cloud data services for developers focused on mobile computing and analytics use cases.
As enterprises capture more and more data of all types – structured, semi-structured, and unstructured – data discovery requirements for business intelligence (BI), Big Data, and predictive analytics initiatives grow more complex. A company’s ability to become data-driven and compete on analytics depends on the speed with which it can provision their analytics applications with all relevant information. The task of finding data has traditionally resided with IT, but now organizations increasingl...
SYS-CON Events announced today that ProfitBricks, the provider of painless cloud infrastructure, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. ProfitBricks is the IaaS provider that offers a painless cloud experience for all IT users, with no learning curve. ProfitBricks boasts flexible cloud servers and networking, an integrated Data Center Designer tool for visual control over the...
“All our customers are looking at the cloud ecosystem as an important part of their overall product strategy. Some see it evolve as a multi-cloud / hybrid cloud strategy, while others are embracing all forms of cloud offerings like PaaS, IaaS and SaaS in their solutions,” noted Suhas Joshi, Vice President – Technology, at Harbinger Group, in this exclusive Q&A with Cloud Expo Conference Chair Roger Strukhoff.
Docker is hot. However, as Docker container use spreads into more mature production pipelines, there can be issues about control of Docker images to ensure they are production-ready. Is a promotion-based model appropriate to control and track the flow of Docker images from development to production? In his session at DevOps Summit, Fred Simon, Co-founder and Chief Architect of JFrog, will demonstrate how to implement a promotion model for Docker images using a binary repository, and then show h...
SYS-CON Events announced today that Agema Systems will exhibit at the 17th International Cloud Expo®, which will take place on November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Agema Systems is the leading provider of critical white-box rack solutions to data centers through the major integrators and value added distribution channels.
Clearly the way forward is to move to cloud be it bare metal, VMs or containers. One aspect of the current public clouds that is slowing this cloud migration is cloud lock-in. Every cloud vendor is trying to make it very difficult to move out once a customer has chosen their cloud. In his session at 17th Cloud Expo, Naveen Nimmu, CEO of Clouber, Inc., will advocate that making the inter-cloud migration as simple as changing airlines would help the entire industry to quickly adopt the cloud wit...
SYS-CON Events announced today that Interface Masters Technologies, provider of leading network visibility and monitoring solutions, will exhibit at the 17th International CloudExpo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Interface Masters Technologies is a leading provider of high speed networking solutions focused on Gigabit, 10 Gigabit, 40 Gigabit and 100 Gigabit Ethernet network access and connectivity products. For over 20 ye...
Learn how Backup as a Service can help your customer base protect their data. In his session at 17th Cloud Expo, Stefaan Vervaet, Director of Strategic Alliances at HGST, will discuss the challenges of data protection in an era of exploding storage requirements, show you the benefits of a backup service for your cloud customers, and explain how the HGST Active Archive and CommVault are already enabling this service today with customer examples.
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical...
Learn how IoT, cloud, social networks and last but not least, humans, can be integrated into a seamless integration of cooperative organisms both cybernetic and biological. This has been enabled by recent advances in IoT device capabilities, messaging frameworks, presence and collaboration services, where devices can share information and make independent and human assisted decisions based upon social status from other entities. In his session at @ThingsExpo, Michael Heydt, founder of Seamless...
SYS-CON Events announced today that VividCortex, the monitoring solution for the modern data system, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The database is the heart of most applications, but it’s also the part that’s hardest to scale, monitor, and optimize even as it’s growing 50% year over year. VividCortex is the first unified suite of database monitoring tools specifically desi...
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ab...
Interested in leveraging automation technologies and a cloud architecture to make developers more productive? Learn how PaaS can benefit your organization to help you streamline your application development, allow you to use existing infrastructure and improve operational efficiencies. Begin charting your path to PaaS with OpenShift Enterprise.
SYS-CON Events announced today that Harbinger Systems will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Harbinger Systems is a global company providing software technology services. Since 1990, Harbinger has developed a strong customer base worldwide. Its customers include software product companies ranging from hi-tech start-ups in Silicon Valley to leading product companies in the US a...