I guess this explains why! I didn't see this posted here yesterday...
John Good
MetaPower International, Inc.'s Board of Directors Approve Stock Buyback Program
Company Works Towards Increasing Shareholder Value in 2008
LAS VEGAS, Jan. 22, 2008 (PRIME NEWSWIRE) -- MetaPower International, Inc. (Pink Sheets:MTPW) is pleased to announce that the Company's Board of Directors has authorized a buyback of up to 28 million shares of MetaPower International, Inc. common stock. The buyback will occur through open market purchases as permitted by securities laws and other legal requirements.
The decision was based upon various events throughout 2007 as well as the Company's overall goal of increasing shareholder value, and improving returns on investment. The buyback option will be available to all MetaPower officers, directors, employees, and other affiliated and related persons.
"We have had a very good year. Although we are still closing our books and the numbers are not final, we fully expect that we will see revenues of approximately $3,500,000 and net profits on the order of $400,000. While I am not prepared to forecast our performance at this time, I do expect another good year for MetaPower International. Based on the performance last year, the Board of Directors has agreed that our shares are significantly undervalued and should be trading at higher levels. We believe that this buyback program is in the best interest of MetaPower International, our stockholders and employees. We will continue to operate in the best interest of the Company and its shareholders," stated Ken Allen, President of MetaPower.
The Company recently announced that its subsidiary, MetaPower Canada, has received purchase orders totaling CAD$1,300,000 to provide Process Safety Management consulting services for a Canadian Energy company with operations in the Oil Sands region of Northern Alberta.
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.
