LAS VEGAS, Feb. 24, 2009 (GLOBE NEWSWIRE) -- MetaPower International, Inc. (Pink Sheets:MTPR) is pleased to announce that the Company has posted its unaudited 2008 Year End financial report on Pinksheets.com. MetaPower International's revenues for the year ending December 31, 2008 were $9,035,123, an increase of 140% over the previous year. Revenues for the year ending December 31, 2007 were $3,762,372. The Company's EBITDA for the year ending December 31, 2008 was $999,411, which was all generated from operations. This was an increase of 68.4% over 2007 EBITDA of $593,324. The 2008 EBITDA included a $252,000 receivable write down as bad debt. During 2008, the Company increased its total assets by 171% as compared to the same period in 2007.
MetaPower International continued to increase their revenues in the fourth quarter despite the decline in the price of oil and the strength of the Canadian dollar. The President's message accompanying the report outlines MetaPower's year-end results, as well as the measures the Company has taken to increase profit margins, decrease expenses, and increase cash reserves. Mr. Allen also addresses UCoDA 4.0 development as well as the plans for its VPP product.
"In a challenging economic climate, we have been able to meet out forecasted financial performance. In 2009, the Company is focusing on developing business and retaining our core technical resources so that we can manage our way in these difficult times and position the company for future growth," stated Ken Allen, President of MetaPower International, Inc.
To view the entire unaudited annual report, please go to http://www.pinksheets.com/otciq/ajax/showFinancialReportById.pdf?id=19544
About MetaPower International, Inc.:
MetaPower International, Inc. is a technology and services firm originally founded in 1996 that provides information technology and change management services to hazardous process industries. This link between technology and services is critical to manage the changes necessary to successfully compete in the current environment. In today's world, business operations must be streamlined to meet the challenges of these turbulent economic times.
This press release contains "forward-looking statements." Forward-looking statements are statements concerning plans, objectives, goals, strategies, expectations, intentions, projections, developments, future events, or performance, underlying (expressed or implied) assumptions and other statements that are other than historical facts. These forward-looking statements are only predictions. No assurances can be given that such predictions will prove correct. Actual events or results may differ materially. Forward-looking statements should be read in light of the cautionary statements and risks that include, but are not limited to, the risks associated with a small company, our comparatively limited financial resources, and other factors that may adversely impact us. These or other risks could cause actual results to differ materially from the future results indicated or implied in such forward-looking statements. We undertake no obligation to update or revise such statements to reflect events, circumstances, or new information after the date of this press release or to reflect the occurrence of unanticipated or other subsequent events.