LAS VEGAS, July 31, 2008 (PRIME NEWSWIRE) -- MetaPower International, Inc. (Pink Sheets:MTPW) is pleased to announce the results of its Preferred Stock Exchange program, which was extended to June 13, 2008. As a result of the program, MetaPower's shareholders, including MetaPower's Board of Directors, who all took part in the Company's preferred share exchange, have submitted 1,605,097,000 common shares, representing 23.5% of the Company's total outstanding shares, for conversion into MetaPower's Series A Preferred Stock.
Due to the reduction in the number of outstanding shares of common stock, the Company is trading with a current EPS of .0001 per share. Under the terms of the Preferred Stock Exchange, MetaPower offered to exchange shares of common stock for convertible preferred stock to be valued at $1.00 a share. That meant for every 100 shares of common stock offered back to the Company, shareholders would receive one share of convertible preferred stock valued at $1.00 for future conversion purposes.
"We received an overwhelming response to the preferred share program and consider it a resounding success. The Company looks forward to a very strong second half of the year as we are on track with our financial forecast, and set to market our Safety Management Product to the Hazardous Process Industry," 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 involve 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.