LAS VEGAS, March 19, 2008 (PRIME NEWSWIRE) -- MetaPower International, Inc. (Pink Sheets:MTPW) is pleased to announce that the Company has increased its holdings in MetaPower Canada from 50 to 75 percent, establishing majority ownership. The acquisition of the additional 25 percent of MetaPower Canada will be financed through MetaPower Canada's retained earnings, as well as a receivables credit line.
MetaPower Canada provides software and consulting services in the Oil Sands industry in Northern Alberta, Canada, one of the fastest growing industrial segments in North America. MetaPower Canada began operations on March 3, 2007 as a subsidiary, half owned by MetaPower International, Inc. The Company recently announced that MetaPower Canada entered into an agreement with a Canadian energy company operating in the Oil Sands region, receiving purchase orders totaling CAD $1,470,000 for a Process Safety Information Pilot Project. The Company intends to use this project as the prototype for its Process Safety Management offering to Hazardous Industries, which it expects to take to market by the end of 2008.
"We are very pleased to have acquired a larger portion of MetaPower Canada, which will give us majority control of company and provides us with a funding source for our business plan. MetaPower Canada has been successful in developing a Process Safety Management Project with its Energy Client in the Oil Sands Region. We expect that this acquisition will increase our 2008 revenues on the order of $1,500,000 and net profits by as much as $250,000. This is a key part of our 2008 business plan and puts us on track for our projection of $6,000,000 in revenues for 2008, a 59 percent increase over 2007," 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.