LAS VEGAS, May 30, 2008 (PRIME NEWSWIRE) -- MetaPower International, Inc. (Pink Sheets:MTPW) is pleased to announce that due to an overwhelming response from shareholders, the Company has extended the date to receive common stock from shareholders in order to participate in the preferred share exchange program. MetaPower International, Inc. will now accept shares through June 13, 2008. The Company will also begin issuing preferred certificates today for any common shares received on or before May 28, 2008.
MetaPower International has received over 1.5 billion common shares during the preferred share exchange program, representing 25 percent of the current shares outstanding. Due to the reduction in common shares, the Company is now trading with a current EPS of .0001.
MetaPower International, Inc. has been offering to exchange one share of convertible preferred stock, valued at $1.00 a share, for every 100 shares of common stock offered back to the Company.
To participate, shareholders must have their shares into MetaPower International, Inc. by June 13, 2008 in order to qualify for the exchange of common shares for convertible preferred shares. Shareholders must turn in a minimum of 500,000 shares in order to qualify. For the complete terms and conditions of the stock buyback program, please visit the Company's Web site: www.metapower.com.
"We have received an overwhelming response to the preferred share program from our shareholders. Extending the program is in the best interest of the Company. With this reduction in our outstanding shares and corresponding increase in our EPS, management believes that the Company's stock is extremely undervalued, with a PE ratio of around two," stated Ken Allen, CEO of MetaPower International, Inc.
About MetaPower International, Inc.:
MetaPower International, Inc. is a technology firm founded in 1996 that provides information technology and change management services to hazardous process industries. This link between technology and services is critical to enable the changes necessary to successfully compete in the current environment. In today's competitive world, business operations must be streamlined if new levels of performance and operational excellence are to be achieved.
Safe Harbor Act: This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involves risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.