Business
MicroPlanet's Smart Grid Product Sales Increase 87%; Closes Management Lead C$1,210,000 Equity Financing
MicroPlanet's Smart Grid Product Sales Increase 87%; Closes Management Lead C$1,210,000 Equity Fi...
About this update from Medicure Inc.
[{"type":"text","content":"\n\n\n\n May 13, 2010 (Canada NewsWire Group) -- \n >\n\n\n MicroPlanet, (MP:TSXV & MCTYF:OTC) a smart grid technology energy conservation company today reports interim unaudited consolidated financial results for the three-month period ended March 31, 2010 (the "Quarter"). All dollar figures are reported in U.S. currency, unless otherwise stated.\nIn the Quarter, MicroPlanet concluded the deliveries of its first generation voltage regulation products to Utilities and recorded sales of $643,380, an increase of 87% from the same prior year quarter.\nAt the end of the Quarter, MicroPlanet shifted production to its next generation of voltage management systems based on the company's patented smart grid technology which improves power quality and saves energy by dynamically managing incoming voltage at the point of consumption to optimum levels. "Our next generation products offer Utilities significant advances in performance, functionality and communications capability for energy conservation and the integration of renewable energy sources, including solar and wind," said Brett Ironside, CEO of MicroPlanet. "We have a significant backlog of orders from our utility customers and deliveries of our next generation voltage products have already commenced."\nIronside continued, "Recent visits with key customers around the world have reinforced our view that energy efficiency is paramount and technologies such as ours are gaining acceptance as prospective customers recognize the return on investment, power quality improvements, environmental benefits, and grid stability that can be gained by deploying the class leading smart grid technology offered by MicroPlanet."\nCost of sales for the Quarter was $443,796 compared to $208,705 during same prior year quarter. Cost of sales consists primarily of costs of goods manufactured for the company by others, and direct labor and product costs associated with the installation and trial of MicroPlanet products at customer sites.\nExpenses for the Quarter increased by 13.2% to $1,430,552 compared to $1,263,101 during the same prior year quarter. Expenses include the cost of research and development of MicroPlanet's smart grid technology and related products, identifying and developing potential markets for the products and other related activities including ge...