LAS VEGAS, June 29, 2010 (GLOBE NEWSWIRE) -- MetaPower International, Inc. (Pink Sheets:MTPR) is pleased to announce that the Company has posted its unaudited Financial Report for the first quarter of 2010 on Pinksheets.com. MetaPower International's revenues for the quarter ending March 31, 2010 were $2,559,110, an increase of 18% over Q1 2009 which were $2,160,701. This result was a 44% increase over Q4 2009 revenues of $1,773,710. The Company's earnings (EBITDA) for Q1 2010 were $460,861. This was a 126% increase over the $204,355 earnings (EBITDA) posted in Q1 2009 and an increase of 186% over Q4 2009 earnings (EBITDA) of $161,379.
MetaPower International continued to increase their revenues and profits in the first quarter. The President's message accompanying the report outlines the progress the company is making toward the financial performance goals for 2010. Mr. Allen also reports that the October 2010 release for the new VPP Product is on schedule.
"We had a great quarter. Revenues recovered from the downturn with improved profitability. We are confident that our business in the Oil Sands is secure for the next several years. We are extremely excited about the release of our new product. This will have a major impact on our performance in 2011. We have also progressed on the completion of our audit. We expect next quarter's report to be audited financials," stated Ken Allen, President of MetaPower International, Inc.
To view the entire unaudited annual report, please go to
http://www.otcmarkets.com/otciq/ajax/showFinancialReportById.pdf?id=33238
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.