LAS VEGAS, Jan. 28, 2008 (PRIME NEWSWIRE) -- MetaPower International, Inc. (Pink Sheets:MTPW) is pleased to announce that the Company's Directors individually have elected to purchase free trading shares from the open market. The float will be further reduced through the previously announced preferred stock exchange program. In conjunction with the preferred stock exchange program, the Company's Directors agreed to continue the previously announced common stock buyback program of up to 28 million shares of MetaPower International common stock.
Under the previously announced preferred stock exchange program, MetaPower International, Inc. is offering to exchange common shares of stock for convertible preferred stock to be valued at $1.00 a share. This means for every 100 shares of common stock offered back to the Company, shareholders will receive one share of convertible preferred stock valued at $1.00 for future conversion purposes.
To participate, shareholders must have their shares into MetaPower International, Inc. by March 15, 2008 in order to qualify for the exchange of common shares to convertible preferred shares. MetaPower International shareholders must turn in a minimum of 1,000,000 shares in order to qualify. For the complete terms and conditions of the stock buyback program, please visit the Company's Web site: www.metapower.com.
"We feel it is in the best interest of both the Company and its valued shareholders to reduce the float by purchasing from the open market, as well as any shares turned into MetaPower International, Inc. through our preferred exchange program, which essentially retires these shares," stated Ken Allen, President 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.
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.