Plaintree Systems Inc. Reports 1st Quarter 2010 Results

Plaintree Systems Inc. (CNSX: NPT), today reported results for the first quarter of fiscal 2010 ended June 30, 2009, representing the fifth quarter of combined results following the amalgamation of Plaintree with Hypernetics Ltd and the Triodetic Group of Companies.

Q1 2010 Results

The consolidated revenues for all product divisions of the Company for the first quarter of 2010 were $2,948,363 down from $6,841,758 from the corresponding quarter of the previous year. The net income before taxes for the Company for the quarter was $107,953 down from $1,399,687 for the corresponding period of fiscal 2009. After taking into account the dividends accrued on the Class A Preferred Shares, the net loss attributed to common shares for this period was $258,547 or $0.02 per share compared to net income attributable to common shareholders of $1,147,093 or $0.12 per share for the corresponding quarter of the previous year. The reduction in both revenues and net income is a direct result of the weakening demand for the company’s specialty structures products during these recessionary times.

“As discussed in our previous announcements, we have expected the world recession to affect our sales figures and this has happened. We are however, starting to see a strong resurgence in interest in our specialty structures division as evidenced by our announcement last week of the $1.3 million order received of a prime structure in a state capital,” said David Watson, CEO.

For more information on these results, please refer to Plaintree’s annual 2009 financial statements together with the related Management’s Discussion and Analysis report, copies of which can be obtained from the Company’s website at www.plaintree.com and/or under Plaintree’s name at www.sedar.com.

About Plaintree Systems

Plaintree has two diversified product lines consisting of Specialty Structures and Electronics.

The Specialty Structures Division formally the Triodetic Group, with over 40 years of experience, is a design/build manufacturer of steel, aluminum and stainless steel specialty structures such as commercial domes, free form structures, barrel vaults, space frames and industrial dome coverings.

The Electronics Division includes legacy the Hypernetics and Plaintree free space optics businesses Hypernetics was established in 1972 and was a manufacturer of avionic components for various applications including aircraft antiskid braking, aircraft instrument indicators, solenoids, high purity valves and permanent magnet alternators.

During fiscal 2009, Plaintree completed the listing of its common shares on the Canada National Stock Exchange (CNSX) (formerly the Canadian Trading and Quotation System Inc. (CNQ)), to again giving the Company’s shareholders a Canadian market on which to trade their shares. Plaintree’s shares are traded under the symbol “NPT”. Shareholders and Investors can access Company information on CNSX’s website and receive full Company disclosure monthly. For more information on Plaintree or to receive stock quotes, complete with trading summaries, bid size and ask price, brokerage house participation, insider reports, news releases, disclosure information, and CNSX and SEDAR filings, visit the CNSX website at www.cnsx.ca or the Company’s website at www.plaintree.com. Plaintree is pleased to again be trading on a Canadian exchange and I would encourage shareholders to use the CNSX for trading purposes.” added David Watson, CEO and President.

Plaintree is publicly traded in Canada on the CNSX (NPT) and in the U.S. on the OTC BB (PTEEF), with 12,925,253 common shares and 18,325 class A preferred shares outstanding.

This press release may include statements that are forward-looking and based on current expectations. The actual results of the company may differ materially from current expectations. The business of the company is subject to many risks and uncertainties, including changes in markets for the company’s products, delays in product development and introduction to manufacturing and intense competition. For a more detailed discussion of the risks and uncertainties related to the company’s business, please refer to documents filed by the company with the U.S. Securities and Exchange Commission and Canadian regulatory authorities, including the Company’s Form 20-f dated September 26, 2008 and the annual report of the Company for the fiscal year ended March 31, 2009 and related management discussion and analysis.

Canadian National Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.