LAS VEGAS, Sept. 24, 2009 (GLOBE NEWSWIRE) -- MetaPower International, Inc. (Pink Sheets:MTPR) is pleased to announce that the Company has posted its unaudited Financial Report for the second quarter of 2009 on Pinksheets.com. MetaPower International's revenues for the quarter ending June 30, 2009 were $2,178,345, an increase of 28% over Q2 2008 which were $1,700,029. Q2 2009 Revenues were essentially flat compared to Q1 2009 revenues of $2,160,701. Year to date revenues were $4,339,046. The Company's earnings (EBITDA) for Q1 2009 were $223,835. This was 12% less than Q2 2008 earnings and a 9.5% increase over Q1 2009 earnings of $204,355.
MetaPower International has been able to maintain their revenues in the second quarter despite the troubled economic times. The Presidents message accompanying the report outlines MetaPower's first quarter results and discusses the measures the Company has taken to maintain its oil sand business, decrease expenses, and increase cash reserves. Mr. Allen also addresses UCoDA 4.0 development as well as the status for its VPP product.
"We have been able to successfully weather the economic storm so far. We have received new business for our clients which reflect how they value our services. While our renewed contracts have lower margins the increased business and aggressive cost control have allowed us to maintain our performance consistent with our plans. We have received contracts sufficient to maintain the current performance through the end of the year and we are seeing an increase in business opportunities. As has been previously noted we are nearing the end of our Financial Audit which has resulted in adjustment to entries in our books. The numbers in the Q1 and Q2 2009 financial reports reflect these adjustment. We expect to release the results of the audit in the not too distant future and do not expect significant adjustments in our results," stated Ken Allen, President of MetaPower International, Inc.
To view the entire unaudited annual report, please go to http://www.pinksheets.com/otciq/ajax/showFinancialReportById.pdf?id=19544
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.