LAS VEGAS - August 21, 2013 - MetaPower International, Inc. (MTPR) is pleased to announce that the Company has posted its reviewed Financial Report for the second quarter of 2013 on OTCMarkets.com. These financials were compiled by the Company's in-house CPA and reviewed by the Company’s outside auditors. MetaPower International’s operating income was $184,208, an increase of 40% over Q2 2012 which was $111,068. The Company’s revenues for the quarter ending June 30, 2013 were $4,005,620, a decrease of 1.6% over Q2 2012 which were $4,072,370.
The Company’s earnings (EBITDA) for the quarter were $195,320 which was a 36% increase over the same quarter of 2012.
Operations continued to be stable, however, we are seeing some personnel turnover in our oil sands projects. We have successfully replaced the departing personnel and have continued to successfully meet project milestones, with relatively minor reductions in cash flows. We have renewed our contract with our major client and have the basis for base business through the end of 2014.
We exhibited the Culture Assessment Application of our Noble Production Suite at the American Society of Chemical Engineers Global Conference in Q2. While there was a lot of interest in the product and the traffic was substantial, it now appears that a sale is unlikely to result from any of these leads. We now believe that the audience at this conference was not senior enough for proper consideration of our product.
Subsequent to the end of the quarter the Company attended the Markus Evans Petrochemical Summit at which there were more senior industry personnel. There was substantial interest in the Company’s product. We are engaged in follow up efforts with the leads that were generated.
We have plans to attend additional conferences to further gage the market reception to our offering.
We are continuing to aggressively sell our current suite of services and have plans to attend and present at additional trade shows.
It now appears that we will finish the year short of our goals. We expect that revenues for our current clients will stay flat for the rest of the year while we vigorously market our traditional services to secure new clients. We will continue to show our Culture Assessment Application and seek to validate it in the market place.
MetaPower will continue to report our progress each quarter in 2013. We look forward to meeting the current challenges and returning the company to our traditional growth path.
To view the entire quarterly report, please go to:
“http://www.otcmarkets.com/stock/MTPR” then click on “Filings and Disclosur”. Then click on “Quarterly Report – Qtr 2 2012 Financials and Footnotes"
About MetaPower International, Inc.:
MetaPower International, Inc. is a technology and services firm originally founded in 1996 that provides information technology and change management services to hazardous process industries. This link between technology and services is critical to manage the changes necessary to successfully compete in the current environment. In today's world, business operations must be streamlined to meet the challenges of these turbulent economic times.
This press release contains “forward-looking statements.” Forward-looking statements are statements concerning plans, objectives, goals, strategies, expectations, intentions, projections, developments, future events, or performance, underlying (expressed or implied) assumptions and other statements that are other than historical facts. These forward-looking statements are only predictions. No assurances can be given that such predictions will prove correct. Actual events or results may differ materially. Forward-looking statements should be read in light of the cautionary statements and risks that include, but are not limited to, the risks associated with a small company, our comparatively limited financial resources, and other factors that may adversely impact us. These or other risks could cause actual results to differ materially from the future results indicated or implied in such forward-looking statements. We undertake no obligation to update or revise such statements to reflect events, circumstances, or new information after the date of this press release or to reflect the occurrence of unanticipated or other subsequent events.
SOURCE: MetaPower International, Inc