MicroPlanet Announces Closing First Tranche of Equity Private Placement and Notes 2012 Financial Statements Included Restatem...

MicroPlanet Technology Corporation ("MicroPlanet" or the "Corporation") (TSX
VENTURE:MP)(PINKSHEETS:MCTYF) a provider of smart grid and power quality
technology, which significant increases efficiency, quality and conservation of
electricity is pleased to announce that today it has closed the first tranche of
a non-brokered private placement of 11,197,031 Units at a price of $0.05 per
Unit for gross proceeds of CDN$559,852. MicroPlanet previously received
conditional listing from the TSX Venture Exchange to sell up to 30,000,000 Units
at a price of $0.05 per Unit for gross proceeds of up to CDN$1.5 million (the
"Equity Private Placement"). Each Unit will be comprised of one common share in
the capital of the Corporation and one common share purchase warrant. Each
warrant entitles the holder to acquire one common share in the capital of the
Corporation at any time until the date that is 36 months following the Closing
date of the Offering upon payment of the exercise price of $0.10 per common
share.


The Equity Private Placement is subject to certain conditions including, but not
limited to, the receipt of all necessary regulatory approvals, including the
final approval of the TSX Venture Exchange. The common shares are subject to a
four-month hold period in accordance with applicable securities laws. The Units
will be offered and sold only on a private placement basis to investors who
purchase securities pursuant to an exemption to the prospectus requirement under
Canadian securities laws. 


This press release does not constitute an offer to sell or a solicitation of an
offer to buy the securities in the United States. The securities offered have
not been registered under the U.S. Securities Act of 1933, as amended, and may
not be offered or sold in the United States absent registration or an
application exemption from the registration requirements.


The Corporation also announces that its audited 2012 Consolidated Financial
Statements filed on April 30, 2013 included the correction of an error
identified during the preparation and audit of such financial statements. As
more fully described in the notes to the financial statements, the correction
pertains to the presentation of its convertible note obligations (the "Notes").
Historically, the Notes were recognized upon issuance at their fair value using
a discounted cash flow approach, with the residual amount remaining assigned to
the conversion feature which was treated as an equity element. Due to the fact
that these notes are denominated in a currency other than the Corporation's
functional currency, the Corporation has since determined that the conversion
feature contained within these Notes represents an embedded derivative as
defined by International Financial Reporting Standards ("IFRS") and accordingly
requires a different means of valuation and presentation. The IFRS method
adopted by the Corporation to properly present the Notes in its filed 2012
Consolidated Financial Statements combines the host contract and its embedded
derivative at fair value through profit and loss. Changes in fair value are
reflected in the Statement of Operations and Comprehensive Loss for each
reporting period. For presentation purposes, the Corporation's policy is to
report interest paid to note holders as a separate line item in the Statement of
Operations and Comprehensive Loss, rather than aggregating such payments with
the other changes in fair value of the notes each period. 


In order to properly reflect opening balances under IFRS and to present accurate
comparable values for the year ended December 31, 2011, the Corporation's filed
2012 Consolidated Financial Statements included restatements to correct the
affected balances on the Statement of Financial Position, Statement of
Operations and Comprehensive Loss, Statement of Changes in Equity, and Statement
of Cash Flows for the year ended December 31, 2011 and December 31, 2010 as
appropriate. 


About MicroPlanet Technology Corp.

MicroPlanet Technology Corp. is a smart grid, energy conservation Corporation
whose technology improves power quality and saves electric energy by the dynamic
management of incoming voltage to a home or business. Installation of
MicroPlanet products for utilities has improved utility services and facilitates
the integration of renewable energy sources, including solar and wind, to the
power grid. MicroPlanet is based in Seattle, WA and is listed on the TSX Venture
Exchange (TSX-V) trading under the stock symbol: MP. MicroPlanet's website is
www.microplanet.com.


FOR FURTHER INFORMATION PLEASE CONTACT: 
MicroPlanet Technology Corp.
Joe Tanner
President & Chief Executive Officer
360-910-1600
206-625-0999 (FAX)
[e-mail]


MicroPlanet Technology Corp.
Brett Ironside
Director, Licensing & Acquisitions
403-560-3636
206-625-0999 (FAX)
[e-mail]
www.microplanet.com