SEATTLE, WASHINGTON -- (Marketwired) -- 05/01/13 -- MicroPlanet Technology Corp. ("MicroPlanet" or the "Company") (TSX VENTURE: MP)(PINKSHEETS: MCTYF), a provider of smart grid and power quality technology which significantly increases efficiency, quality, and conservation of electricity, announces that it has shipped the first of its smart voltage regulation modules to Tyree Industries Pty Ltd. (Tyree) of Australia, changes in the executive structure to better address the anticipated growth of the Company, and the filing of its 2012 financial statements.
Tyree will immediately finalize integration of the Company's modules with its transformer product to create the Regformers. The successful integration will complete the initial phase in the multi-million dollar licensing agreement with Tyree reported on November 13, 2012. MicroPlanet engineers will arrive next week to undergo a series of extensive in house tests and initiate field trials with the utilities. Third party testing will be undertaken at the Tyree Energy Technologies Building at the University of New South Wales. (https://www.venuesandevents.unsw.edu.au/venues/more-venues/tyree.html)
Tyree (www.tyree.com.au) is Australia's predominant manufacturer of distribution and power transformers, with just under 50% of the national pole mounted transformer market in Australia. Utilizing MicroPlanet's patented electronics, Tyree and MicroPlanet are producing 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 and seamlessly integrate renewable energy into the grid with bi-directional regulation.
"The shipment of the initial MicroPlanet module to Tyree is a major milestone for MicroPlanet," said Brett Ironside, MicroPlanet President and CEO. "We are very excited to work with Tyree to deliver the new Regformer technology. The upcoming trials are a step in commercializing our technologies which we believe will be a game changer in the energy world." Australia has seen a surge in the deployment of alternative energy sources with Photo Voltaic (PV) having increased from 20,000 solar rooftops in 2008 to over 1,000,000 as of March this year. Australian utilities are struggling to cope with the challenges this represent, requiring adoption of new technology to manage the power quality and voltage levels in their networks. The integration of PV in traditional low voltage networks is currently capped at around 15%. Deployment of the Regformer has the potential to increase this to above 90%.The Company's solution will be welcomed by consumers, PV suppliers, and the distribution utilities. Another key application forecasted to create significant demand in Australia is the deployment of the Regformer at mining and industrial sites. Significant savings can be achieved by dramatically increasing electric motor life with the superior quality of electricity provided through deployment of the Regformer.
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