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MicroPlanet Announces Changes to Board of Directors

August 17, 2012

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.

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.


Source: PR Newswire