LAS VEGAS, Feb. 19, 2008 (PRIME NEWSWIRE) -- MetaPower International, Inc. (Pink Sheets:MTPW) is pleased to announce that the Company has released its financial results for the quarter and year ending December 31, 2007. MetaPower International, Inc. generated revenue of $1,210,241 during the 4th quarter of fiscal year 2007, an increase of 210% over the $390,596 generated in the 4th quarter of fiscal year 2006. Revenues for fiscal 2007 were $3,762,372 as compared to $1,089,680 for fiscal 2006, an increase of 245%.
The Company's 4th quarter Earnings before Interest, Taxes and Amortization (EBITA) was $266,782 an increase of 30% over the 3rd quarter 2007 earnings of $205,746. Earnings for the year were $593,324 a 48% increase over the 3rd quarter forecast and a 197% increase over the 1st quarter forecast.
"This has been an outstanding quarter for MetaPower International and an excellent year. Our subsidiary, MetaPower Canada has been very successful at exploiting their opportunities in the Oil Sands regions of Northern Alberta, Canada. Our Sales efforts during the 4th quarter of 2007 have closed an additional $2.2 million in new purchase orders. This provides us with a solid work backlog going into 2008. We expect to continue our current performance throughout 2008. This will allow us to aggressively pursue our plans to exploit the Hazardous Industry Market for Process Safety products and services." stated Ken Allen, CEO 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.
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.