LAS VEGAS, Jan. 6, 2009 (GLOBE NEWSWIRE) -- MetaPower International, Inc. (Pink Sheets:MTPR) is pleased to announce that the Company has made several significant strides to stimulate growth in 2008. Over the past year the Company saw its sales revenue increase, nearly surpassing its year end forecast by the end of the third quarter. MetaPower also increased its position in MetaPower Canada and provided its clients with an additional software solution to enhance plant safety and stability.
In 2008, MetaPower International, Inc. acquired an additional 25 percent of MetaPower Canada, Ltd., giving the Company 75 percent ownership in the subsidiary. The Company converted 1.6 billion shares of common stock to preferred stock during its exchange program, as well as reducing the number of outstanding common shares to approximately 10,000,000 through a reverse split with respect to the Company's common stock. In the third quarter, MetaPower International posted $2,057,446 in revenues to bring its YTD totals to over $5.5 million, just short of the Company's original full year forecast of $6,000,000. The third quarter also saw the company post $0.09 earnings per share of common stock through the first three quarters of 2008 based on the number of shares of common stock issued and outstanding on the last day of the third quarter.
The Company introduced plans to enhance UCoDA, its business process management software. MetaPower began its initial phase and created a Designer compatible with the UCoDA 4.0 and began implementation modules for the program. Additionally, the Company developed the Noble Production Consulting program, a complete solution encompassing plant processes and personnel safety. The program will aid MetaPower clients to create safer working environments while increasing productivity. After two years of using the Noble software, companies will be poised to obtain the OSHA Voluntary Protection Program certification.
"We have seen enormous growth in MetaPower International during 2008. Our software development team has been hard at work developing and upgrading our UCoDA and Noble Software. We have also seen tremendous increase in our net revenues and signed significant contracts with clients. As we look forward to 2009, we will continue to provide high-quality services for our clients and enhance our production and operation to bring in additional revenue for the Company,'' stated Ken Allen, President 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.