Welcome!

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
    Officer.
--  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,
    respectively.
--  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. 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.

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
CIOs and those charged with running IT Operations are challenged to deliver secure, audited, and reliable compute environments for the applications and data for the business. Behind the scenes these tasks are often accomplished by following onerous time-consuming processes and often the management of these environments and processes will be outsourced to multiple IT service providers. In addition, the division of work is often siloed into traditional "towers" that are not well integrated for cro...
The principles behind DevOps are not new - for decades people have been automating system administration and decreasing the time to deploy apps and perform other management tasks. However, only recently did we see the tools and the will necessary to share the benefits and power of automation with a wider circle of people. In his session at DevOps Summit, Bernard Sanders, Chief Technology Officer at CloudBolt Software, explored the latest tools including Puppet, Chef, Docker, and CMPs needed to...
Sensors and effectors of IoT are solving problems in new ways, but small businesses have been slow to join the quantified world. They’ll need information from IoT using applications as varied as the businesses themselves. In his session at @ThingsExpo, Roger Meike, Distinguished Engineer, Director of Technology Innovation at Intuit, showed how IoT manufacturers can use open standards, public APIs and custom apps to enable the Quantified Small Business. He used a Raspberry Pi to connect sensors...
Let’s face it, embracing new storage technologies, capabilities and upgrading to new hardware often adds complexity and increases costs. In his session at 18th Cloud Expo, Seth Oxenhorn, Vice President of Business Development & Alliances at FalconStor, will discuss how a truly heterogeneous software-defined storage approach can add value to legacy platforms and heterogeneous environments. The result reduces complexity, significantly lowers cost, and provides IT organizations with improved effi...
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...
Predictive analytics tools monitor, report, and troubleshoot in order to make proactive decisions about the health, performance, and utilization of storage. Most enterprises combine cloud and on-premise storage, resulting in blended environments of physical, virtual, cloud, and other platforms, which justifies more sophisticated storage analytics. In his session at 18th Cloud Expo, Peter McCallum, Vice President of Datacenter Solutions at FalconStor, will discuss using predictive analytics to ...
Father business cycles and digital consumers are forcing enterprises to respond faster to customer needs and competitive demands. Successful integration of DevOps and Agile development will be key for business success in today’s digital economy. In his session at DevOps Summit, Pradeep Prabhu, Co-Founder & CEO of Cloudmunch, covered the critical practices that enterprises should consider to seamlessly integrate Agile and DevOps processes, barriers to implementing this in the enterprise, and pr...
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
It's easy to assume that your app will run on a fast and reliable network. The reality for your app's users, though, is often a slow, unreliable network with spotty coverage. What happens when the network doesn't work, or when the device is in airplane mode? You get unhappy, frustrated users. An offline-first app is an app that works, without error, when there is no network connection.
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
SYS-CON Events announced today that VAI, a leading ERP software provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. VAI (Vormittag Associates, Inc.) is a leading independent mid-market ERP software developer renowned for its flexible solutions and ability to automate critical business functions for the distribution, manufacturing, specialty retail and service sectors. An IBM Premier Business Part...
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
Fortunately, meaningful and tangible business cases for IoT are plentiful in a broad array of industries and vertical markets. These range from simple warranty cost reduction for capital intensive assets, to minimizing downtime for vital business tools, to creating feedback loops improving product design, to improving and enhancing enterprise customer experiences. All of these business cases, which will be briefly explored in this session, hinge on cost effectively extracting relevant data from ...