LAS VEGAS, Feb. 6, 2008 (PRIME NEWSWIRE) -- MetaPower International, Inc. (Pink Sheets:MTPW) is pleased to announce that the Company's Directors have elected to amend the preferred stock exchange program to allow a greater number of MetaPower International, Inc. shareholders to participate . The Directors have elected to amend the preferred exchange program and allow shareholders to turn in a minimum of 500,000 shares in order to qualify instead of the previously announced minimum amount of 1,000,000 shares.
MetaPower International, Inc. is offering to exchange common shares of stock for convertible preferred stock. For every 100 shares of common stock offered back to the Company, shareholders will receive one share of convertible preferred stock valued at $1.00 for future conversion purposes. In addition, for each share of convertible preferred stock received, a tendering shareholder will also receive a warrant to purchase one share of the Company's common stock with an exercise price of $.05 per share. To participate, shareholders must have their shares into MetaPower International, Inc. by March 15, 2008 in order to qualify for the exchange. MetaPower International shareholders now are able to 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 are very pleased that our Directors have elected to amend the terms of the preferred stock exchange to allow more of our valued shareholders to participate. With stock prices at the $.001/share level, the preferred stock exchange program represents a tenfold increase in valuation for holding the preferred stock for 1 year. The Board of Directors believes this is in the best of interest of stockholders and has previously authorized company insiders and affiliated persons to participate in the program". In order to protect the shareholders in the event there is a large increase in stock valuation over this period, each shareholder will receive one warrant to purchase MTPW common stock at $.05/share with each preferred share" 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.
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.
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