MicroPlanet Reports 2010 Results

Mar. 25, 2011 (Canada NewsWire Group) --

Stock Listing: MP:TSXV
Stock Listing (US): MCTYF: OTC
Web Site: www.microplanet.com

SEATTLE, WA, March 25 /CNW/ - MicroPlanet Technology Corp. ("MicroPlanet" or the "Company") (TSXV: MP) (OTC: MCTYF) an energy conservation smart grid company today reports consolidated financial results for the three months and year ended December 31, 2010. All dollar figures are reported in U.S. currency, unless otherwise stated.

2010 Operational Highlights:

• Generated revenues of $2.0 million comprised of sales of energy management products to utilities, US Department of Defense, and commercial enterprises
• Achieved gross margins of $640,349 or 31%
• Delivered Second Generation Low Voltage Regulators to utility customers in Australia, Ireland, and New Zealand
• Transitioned to a new distributed contract manufacturer model to lower costs, speed delivery, and protect IP
• Expanded sales efforts with the US Department of Defense
• Achieved placement on United States Government General Services Administration price schedule for commercial products
• Received patent protection for its products from European Union nations
• Transitioned Mr. Brett Ironside into role as President and Chief Executive Officer
• Raised $2.2 million in equity financing through two private placements
• Added new distribution partners in the United States
• Subsequent to the end of the year, announced that the Company will supply smart grid voltage regulation products through its distributors to the US Department of Defense for new base housing construction in Guam
• Subsequent to the end of the year, announced creation of a Joint Venture and Distribution Agreement with Smart Grid Partners for Australia and New Zealand

2010 Q4 Operational Highlights (unaudited):

• Restarted production in 4Q after restructuring manufacturing model in 3Q
• Announced sales of commercial voltage regulation products to the Hawaii National Guard
• Generated revenues of $566,384
• Achieved gross margins of 28%
• Initiated distribution negotiations for several new jurisdictions

"The Company is pleased with the progress made during 2010 in many areas," said Brett Ironside, President and CEO of MicroPlanet. "With vigorous and diligent management of resources we have significantly reduced our operating expenses and these efforts will continue to show reductions in our overheads in 2011."

Ironside continued, "We have completed an aggressive program to enhance our manufacturing capabilities, which has resulted in increased capacity, scalable distributed manufacturing capabilities, and improved quality while providing additional protections for our intellectual property. We made significant strides in simplifying the design, development, and diversity of our product line, which will lead to improved time to market for our new products. During 2010 we completed a major restructuring of our value proposition and marketing approach."

"Furthermore," Ironside commented, "MicroPlanet has invested significant funds the past years that has resulted in products that are significantly more advanced than any products in our category. Most importantly the speed, accuracy, and efficiency of our latest product line gives power quality benefits not achievable by competing technologies. These power quality benefits are now commonly as economically significant in reducing operating, maintenance, and capital replacement costs as are the energy conservation benefits.  Most importantly, there has recently been a significant increase in the recognition and adoption of voltage optimization and management in several jurisdictions around the world. The strategic accomplishments in 2010 have laid an excellent foundation for an enhanced market presence later in 2011 as we obtain certification for our technology for other global markets for our newest product enhancements."

Outlook

For 2011, the Company is well positioned to expand sales in four key market segments;

Voltage compliance and peak load reduction for electric utilities: Expansion of sales to utility customers in Australia, New Zealand, England, Ireland and other utilities in jurisdictions that struggle with stabilizing unreliable electric grids, increasing renewable generation, improving power quality, and reducing energy consumption.

Energy savings and power quality for agencies of the U.S. Government: Sales to various agencies of the U.S. government, specifically the Department of Defense who continue their mandate on saving energy and reducing greenhouse gas emissions, including installations of voltage regulation products for multi-family dwelling units on the US Military base in Guam.

Energy savings for businesses: Sales of commercial Voltage Optimization products in jurisdictions outside of North America, where several critical indicators are present: high power costs, unstable electric grids, environmental awareness, and ample funding for energy savings technologies.

MicroPlanet's financial information for the 3-month and 12-month periods ended December 31, 2010 and 2009 along with the accompanying Management's Discussion and Analysis for the same period will be available on SEDAR (www.sedar.com) and the Company's website.

2010 Financial Highlights (year-end audited; quarterly unaudited):

Company announces option grants

MicroPlanet announces the issuances of option grants to several management and non-management employees pursuant to its shareholder-approved stock option plan. A total of 450,000 options were granted to such employees. The options are exercisable for a five-year term at C$.10 per share.

About MicroPlanet Technology Corp.

MicroPlanet Technology Corp. energy management systems improve power quality and save energy by dynamically managing incoming voltage to a home or business through the use of patented, advanced power electronics. MicroPlanet's technology has been deployed by 20 utilities worldwide to improve power quality, grid efficiency and facilitate the integration of renewable energy sources, including solar and wind. MicroPlanet is based in Seattle, WA and is listed on the TSX Venture Exchange (TSX-V) trading under the stock symbol: MP. Website: 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.

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