Company: MicroPlanet Technology Corp.
Stock Listing: TSXV - MP
Stock Listing (US): OTC - MCTYF
Web Site: www.microplanet.com
SEATTLE, WA, Aug. 17, 2012 /PRNewswire/ - MicroPlanet Technology Corp. ("MicroPlanet" or the "Company"), (TSXV: MP) (OTC: MCTYF) a provider of smart grid and power quality technology, which significantly increases efficiency, quality, and conservation of electricity, announces the resignation of Board Chair and Board Member Myron Tetreault, the selection of Alan Richardson, a member of the Board since 2009, as the new Chairman of the Board, and the appointment of Grahame Foulger, subject to regulatory approvals, to fill the vacancy created by Mr. Tetreault's resignation.
Mr. Tetreault has served as a board member since 2004 and as Chairman of the Microplanet Board of Directors since 2006. Mr. Tetreault began his career as a lawyer with the firm of Bennett Jones LLP. During the past 15 years, Mr. Tetreault has co-founded and served on the boards of a number of corporations and private investment companies. "Myron was an outstanding board member and Chairman who brought legal knowledge, corporate governance skills, entrepreneurship, great strategic insight, and a balanced temperament to MicroPlanet" said Brett Ironside, MicroPlanet's CEO. "He will certainly be missed, but will remain a significant champion for MicroPlanet and one of our largest shareholders" said Ironside. "I remain strongly committed to MicroPlanet and believe in its technology" said Mr. Tetreault. "We have just received certification for our next generation of voltage regulation and power quality technology, opening market opportunities in jurisdictions throughout the world. Having achieved this goal, this is an excellent time for me create an opportunity for others to join the Board, bringing fresh perspectives to the company's future," said Mr. Tetreault.
Following Mr. Tetreault's resignation the Board nominated Mr. Richardson to serve as the Chairman. Mr. Richardson joined the Board in 2009 following a long career in the electric utility industry, serving as Chairman and CEO of the American Public Power Association in Washington for the last 12 years of his career. APPA is a national service organization representing the interests of the nearly 2,000 locally owned, publicly controlled electric utilities in the U.S. While with APPA, Mr. Richardson founded and nurtured APPA's for-profit subsidiary, Hometown Connections, LLC, whose goal it has been to consolidate public power's collective purchasing power in the market place. Mr. Richardson has testified before numerous Congressional committees and published a number of articles on the electric utility industry. "I'm honored to have been selected to serve as Chairman of MicroPlanet," said Mr. Richardson. "Like Mr. Tetreault, I'm thrilled that our product line has achieved the milestone of certification, a goal for which we've been striving for the last two years. I'm tremendously excited about MicroPlanet's future." Mr. Richardson is a cum laude graduate of the University of Michigan School of Law and holds an undergraduate degree from Bucknell University. "I've worked closely with Mr. Richardson over the last three years, as a member of the Board and in his capacity as the Chair of MicroPlanet's Compensation and Corporate Governance Committee. He has an excellent understanding of our market opportunities, sound judgment and common sense. He will be an outstanding leader of our Board," said Mr. Ironside.
Subject to regulatory approval, Mr. Grahame Foulger, Director of Smart Grid Partners, Queensland, Australia, joined the MicroPlanet Board, filling the vacancy created by Mr. Tetreault's resignation. SmartGrid Partners is a solutions integrator established to provide strategic advisory and venture capability in the rapidly emerging Smart Grid domain. Mr. Foulger has worked in distribution and retail in the electricity and energy sectors for more than 35 years. He combines senior executive operational experience with a strong list of business development achievements in his outstanding career. Prior to joining SmartGrid Partners, Mr. Foulger was with Ergon Energy, where, among other achievements he established Ergon's acclaimed corporate innovation program including strategy, Web-based innovation forum, leadership and implementation. "I'm delighted to have been invited to serve on the Board of MicroPlanet," said Mr. Foulger. "I've supported this company and its innovative, patented voltage regulation technology for several years, first at Ergon and now at SmartGrid Partners. I look forward to the opportunity to help this company grow and prosper." "Over the last few years, Ergon has been MicroPlanet's largest customer, in large part because Mr. Foulger recognized that MicroPlanet's voltage regulation technology meets Ergon's needs" said Mr. Ironside. "I'm delighted that he accepted the invitation to join the Board. In addition to Mr. Foulger's knowledge of our company and his outstanding engineering and managerial skills, he gives us an increased presence in Australia, which has been and will continue to be a significant market for MicroPlanet."
Coincident with these changes, the board of directors approved the grant of 3,660,000 new options with an exercise price of CAD $0.05. 1,200,000 options were granted to directors, 900,000 to the CEO, 1,360,000 to staff, and 200,000 to the Grant Howard Group. 1,200,000 options expired or were forfeited in the second quarter of 2012.
About MicroPlanet Technology Corp.
MicroPlanet solutions 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 in seven countries by more than 20 utilities, the U.S military and multiple 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 based in Seattle, WA and is listed on the TSXV trading under the stock symbol: MP. www.microplanet.com.
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SOURCE MicroPlanet Technology Corp.