LAS VEGAS, June 4, 2009 (GLOBE NEWSWIRE) -- MetaPower International, Inc. (Pink Sheets:MTPR) announced today that it has executed a settlement agreement with Big Apple Consulting USA that runs through January 2010. Under the terms of the agreement, MetaPower International will continue to receive Investor Relations and Promotion Services until January 2010 and Big Apple has agreed to retire its shares of the Series A Convertible Preferred Stock previously issued to it by MetaPower International and forgo conversion. Big Apple will be compensated for its services over the next 10 months using MetaPower International common stock.
"We are very glad to get this agreement in place. We have been working hard with the Big Apple folks to figure out what makes sense for both organizations and all our stakeholders. Since the agreement includes a confidentially clause, I can't go into detail, but I will say that I think this agreement provides a positive structure going forward and meets the needs of all our stakeholders," said Ken Allen, President, 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.