LAS VEGAS, Feb. 27, 2008 (PRIME NEWSWIRE) -- MetaPower International, Inc. (Pink Sheets:MTPW) is pleased to announce that the Company's subsidiary, MetaPower Canada, has received Purchase Orders totaling (CAD) $1,470,000 to conduct a pilot safety information project for a major Canadian energy company.
The Company will use the project to develop and demonstrate the processes and methods needed to collect plant safety data using its UCoDA software. MetaPower International will collect and record data for a plant at the client's oil sands facility in northern Alberta, Ontario. The Company has received large purchase orders in the past, resulting from business process consulting services in the Oil Sands region, and expects additional purchase orders in the near future.
"We are very pleased with the success MetaPower Canada has had in the Oil Sands region. We have used the UCoDA software to automate processes and significantly improve our ability to manage and control the flow of data. Assuming this project goes satisfactorily, we would expect to do most, if not all, of the 28 other plants at this facility," stated Ken Allen, President of MetaPower International, Inc.
MetaPower International, Inc. previously announced its preferred stock exchange program, offering to exchange common shares of stock for convertible preferred stock to be valued at $1.00 a share. 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. Shareholders must turn in a minimum of 500,000 shares in order to qualify. For the complete terms and conditions of the stock buyback program, please visit the Company's Web site: http://www.metapower.com.
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.