SEATTLE, WASHINGTON--(Marketwired - May 1, 2013) - MicroPlanet Technology Corp. ("MicroPlanet" or the "Company") (TSX VENTURE:MP)(MCTYF), a provider of smart grid and power quality technology which significantly increases efficiency, quality, and conservation of electricity, announces that it has shipped the first of its smart voltage regulation modules to Tyree Industries Pty Ltd. (Tyree) of Australia, changes in the executive structure to better address the anticipated growth of the Company, and the filing of its 2012 financial statements.
Tyree will immediately finalize integration of the Company's modules with its transformer product to create the Regformers™. The successful integration will complete the initial phase in the multi-million dollar licensing agreement with Tyree reported on November 13, 2012. MicroPlanet engineers will arrive next week to undergo a series of extensive in house tests and initiate field trials with the utilities. Third party testing will be undertaken at the Tyree Energy Technologies Building at the University of New South Wales. (https://www.venuesandevents.unsw.edu.au/venues/more-venues/tyree.html)
Tyree (www.tyree.com.au) is Australia's predominant manufacturer of distribution and power transformers, with just under 50% of the national pole mounted transformer market in Australia. Utilizing MicroPlanet's patented electronics, Tyree and MicroPlanet are producing a new-generation transformer that combines the benefits of smart voltage regulation with distribution transformers. The Regformer™ will ensure improved power quality at a consistent pre-set voltage and seamlessly integrate renewable energy into the grid with bi-directional regulation.
"The shipment of the initial MicroPlanet module to Tyree is a major milestone for MicroPlanet," said Brett Ironside, MicroPlanet President and CEO. "We are very excited to work with Tyree to deliver the new Regformer™ technology. The upcoming trials are a step in commercializing our technologies which we believe will be a game changer in the energy world." Australia has seen a surge in the deployment of alternative energy sources with Photo Voltaic (PV) having increased from 20,000 solar rooftops in 2008 to over 1,000,000 as of March this year. Australian utilities are struggling to cope with the challenges this represent, requiring adoption of new technology to manage the power quality and voltage levels in their networks. The integration of PV in traditional low voltage networks is currently capped at around 15%. Deployment of the Regformer has the potential to increase this to above 90%.The Company's solution will be welcomed by consumers, PV suppliers, and the distribution utilities. Another key application forecasted to create significant demand in Australia is the deployment of the Regformer™ at mining and industrial sites. Significant savings can be achieved by dramatically increasing electric motor life with the superior quality of electricity provided through deployment of the Regformer.
Ironside continued "We are also pleased to announce the shipment of the first three phase utility and customer Smart Voltage Regulators (SVR's) to Australia. These newly released MicroPlanet products are a standalone product designed based upon the success of the single phase low voltage regulators that have been widely deployed in Queensland, NSW and South Australia. These smart voltage regulators can be installed in customer installations or distributed out along the network to provide premium grade power quality through its precise voltage control."
In support of these developments Mr. Ironside has agreed to relocate to Australia for the balance of 2013 to focus on expanding MicroPlanet licensing relationships, accelerate adoption of the Regformer™, to build the distribution channels for the commercial SVR markets, to investigate potential acquisitions and to explore significant corporate financings in a jurisdiction that has enthusiastically recognized the value of MicroPlanet technologies.
In this regard, the Board of Directors of MicroPlanet named Joe Tanner President and Chief Executive Officer of MicroPlanet. Mr. Tanner is a seasoned executive with an exceptional track record well-tailored to the Company's strategic plans. 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. Additionally, President Obama's Smart Grid Investment Grant program creates huge new opportunities for MicroPlanet products in North America, and we fully intend to take advantage of them," stated Mr. Tanner.
Chairman Alan Richardson said "the Board is very enthusiastic about the new management alignment, whereby our management team will be deployed in key customer geographical areas and addressing the functional areas most crucial to Company success. Mr. Tanner will devote significant time to the design engineering and manufacturing processes, and running the business in North America, thereby allowing Mr. Ironside to concentrate on licensing relationships and building the early adopter business in Australia."
Mr. Ironside, stepping down as CEO and board member, stated, "I am excited about the future direction of the Company. The hard work has been done in Australia and it is time to realize our full potential. The growing successes in Australia are laying the groundwork for the same type of success in many other markets around the World. The Company is putting in place the resources required to license, design, and manufacture in scale in order to simultaneously address multiple significant markets worldwide."
Coincident with these changes, the board of directors approved the grant pursuant to its shareholder-approved stock option plan of 1,250,000 new options with an exercise price of CAD $0.06 to Mr. Tanner.
MicroPlanet's audited financial statements for the year ended December 31, 2012 along with the accompanying Management's Discussion and Analysis for the same period is available on SEDAR (www.sedar.com) and company's website at 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.