Announces investor conference call on Tuesday, November 13 at 4:30 pm
Company: MicroPlanet Technology Corp.
Stock Listing: TSXV - MP
Stock Listing (US): OTC - MCTYF
Web Site: www.microplanet.com
SEATTLE, WA, Nov. 13, 2012 /PRNewswire/ - MicroPlanet Technology Corp. ("MicroPlanet" or the "Company"), (TSXV - MP & OTC - MCTYF) (www.microplanet.com), a smart-grid energy conservation and power quality company is pleased
to announce that it has signed a multi-million dollar formal licensing
agreement with Tyree Industries Pty Ltd. (Tyree) of Australia.
Tyree (www.tyree.com.au) is Australia's predominant manufacturer of distribution and power
transformers, with just under 50 percent of the national distribution
transformer market in Australia. Utilizing MicroPlanet's advanced
electronics, Tyree and MicroPlanet will produce 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, seamlessly integrating
renewable energy back into the grid with bi-directional regulation.
Prototype testing is expected to begin at the Tyree Energy Technologies
Building (https://www.venuesandevents.unsw.edu.au/venues/TETB.html ) at the University of New South Wales in late 2012, with sales to ramp
up in the second quarter of next year.
The formal licensing agreement provides Tyree with exclusive rights to
use MicroPlanet technologies for integration with transformers for
Australia, New Zealand and the Australasian islands. The agreement
provides MicroPlanet with compensation for every Regformer™ sold based
on sales margins. The rights renew indefinitely based on minimum annual
license fees to MicroPlanet. The minimum fees are based on fixed unit
quantities but may be adjusted to reflect actual sales margins, and
will be negotiated for future years.
The minimum license fees for the first three years are:
- A$ 1.15 million
- A$ 5.125 million
- A$ 9.5 million
"This deal is a monumental achievement for MicroPlanet as a company, and
I believe we are just getting started," said Brett Ironside, President
and CEO of MicroPlanet. "We are very excited to work with Tyree on the
new RegformerTM technology, which we believe will be a game changer in the energy
The Australian government initiated incentives for solar energy in
2008. Since then, Australians have embraced solar energy
enthusiastically, with some of the highest uptake of kilowatt-scale
solar photovoltaic (Solar PV) in the world. This has created a dilemma for electricity distributors,
currently resulting in the rejection of many new installations. The
RegformerTM removes the most significant barriers for the adoption of renewable
energy sources, which are commonly limited now below 20 percent of line
capacity. By comparison, MicroPlanet last year managed the Solar
Decathlon site for the US Department of Energy and the National
Renewable Energy Labs with Solar PV which averaged 74 percent
penetration. The Regformer™ could fundamentally change the way utility
engineers design and operate their distribution networks.
"The accessibility of solar and wind energy technology and the
Australian Government's extraordinary commitment to carbon neutrality
has resulted in the rapid deployment of generated renewable energy. The
integration of these renewable resources have had a major impact on
local grids which are struggling to keep up with managing the variable
generation of solar cells on the feeder lines," said Michael Stack,
General Manager and Technical Lead, Tyree. "In many locations consumers
are being told that they cannot install or connect their Solar PV. We
expect our utility clients will enthusiastically adopt this new product
as quickly as we can get it to market. Additionally our industrial and
mining sectors are growing very quickly here and we also see a large
potential for this product for these customers."
MicroPlanet and Tyree have also jointly applied to the Australian
government's Clean Technology Innovation Program to help accelerate the
design and deployment of the RegformerTM, reflecting the critical need for this technology to help achieve
Australian targets for both distributed renewable energy and carbon
reductions. Tyree and MicroPlanet are both familiar players on the
Australian landscape. MicroPlanet's low voltage regulators are used by
Essential Energy of New South Wales, Ergon Energy of Queensland, ETSA
Utilities of South Australia, and Powercor in Victoria to maintain
power quality across a wide range of climatic and operating conditions.
MicroPlanet and the implementation of its products by Ergon Energy in
Australia were recently the topic of a study published in Australasian Power Technologies Transmission & Distribution (http://www.flipemag.com.au/APT/eMagT%26D_issue4_2012).
"The past few years have presented significant challenges for
MicroPlanet that required us to refine, validate, certify, and prepare
our technology for scale deployment," said Ironside. "I want to
acknowledge the dedication of all our employees - most of whom have
taken shares in lieu of wages this year - to the MicroPlanet technology
and the global benefits of energy efficiency. I am very excited for
them and for all our shareholders as our company starts to capitalize
on their significant investments. We will work hard on commercial
market opportunities afforded by our recent product safety
certifications, as we simultaneously look for more partners and
licensing opportunities in other regions throughout the world."
MicroPlanet will hold a live conference call to discuss this
announcement and answer questions on Tuesday, November 13, 2012 at 4:30
To access the conference call by phone within Canada and the U.S. the
toll-free number is 1-800-319-4610. Outside Canada and the U.S., dial
1-604-638-5340. (Callers should dial in 5 to 10 minutes prior to the
scheduled start time).
Management will accept questions by telephone and e-mail. Questions can
be forwarded in advance or during the conference call to [email protected] and may be posed live by dialing one of the above numbers and pressing
*1 on a touch-tone phone.
MicroPlanet's smart grid energy management solutions improve power
quality and save energy by regulating incoming voltage to a home or
business with patented power electronics. Its technology has been
deployed in eight countries by more than twenty utilities, the U.S.
military and numerous commercial customers to save energy, improve
power quality and grid efficiency, and to facilitate the integration of
renewable energy sources including solar and wind. MicroPlanet is
listed on the TSX Venture Exchange (TSX-V), trading under the stock
symbol MP. 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.
NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THE TERM IS
DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE MicroPlanet Technology Corp.