LAS VEGAS, July 8, 2009 (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 2009 on Pinksheets.com. MetaPower International's revenues for the quarter ending March 31, 2009 were $2,160,701, an increase of 67% over Q1 2008 which were $1,296,859. This result was a 22% increase over Q4 2008 revenues of $1,774,968. The Company's earnings (EBITDA) for Q1 2009 were $204,200. This was 3% less than the $209,519 earnings (EBITDA) in Q1 2008 before the economic downturn. This was an increase of $209,131 over Q4 2008 earnings (EBITDA) when the Company lost $4,931 after writing down $252,000 in old receivables.
MetaPower International continued to increase their revenues in the first quarter despite the decline in the price of oil and the strength of the Canadian dollar. The President's message accompanying the report outlines MetaPower's first quarter results, as well as 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 of its VPP product.
"It looks like we have been able to successfully weather the economic storm. We have received positive feedback that the clients value our services and we have been cooperating in renegotiating our contracts to reflect the new market conditions. While the Canadian Dollar has returned to something closer to historic norms, it is significantly below the values reached at the height of the oil price spike last year. We are confident that our business in the Oil Sands is secure for the coming year. However, we are still working through the effects of the new contracts and the weak Canadian Dollar on our profitability. It should be noted that we are nearing the end of our Financial Audit which has resulted in adjustment to entries in our books. The numbers in the Q1 2009 financial report reflect the adjustment that has been identified to date. We expect to release the results of the audit in the not too distant future," 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.