LAS VEGAS, Aug. 18, 2008 (GLOBE NEWSWIRE) -- MetaPower International, Inc. (Pink Sheets:MTPW) is pleased to announce that the Company has posted its second quarter financial report on Pinksheets.com. MetaPower International's revenues for the second quarter were $1,752,572, an increase of 91% over the same period in 2007 and a 7% increase over first quarter 2008 revenues of $1,621,914. The Company's profits for the second quarter were $256,880 which was all generated from operations, an increase of 57% over second quarter 2007 profits of $164,120.
MetaPower International is on track to meet its 2008 primary goal of reaching $6 million in revenues by year's end with a net profit of $1 million. The Company has also posted a letter to shareholders from its President Mr. Ken Allen outlining the Company's second quarter as well as the upcoming launch of its new process safety management product due out later this year. Mr. Allen also reviewed the recently completed conversion of the Company's common stock received through its preferred share exchange outlining the reduction in MetaPower Internationals Outstanding share count.
"Our quarter performance has met plan and we are on track to meet our official forecast for 2008 operations of $6,000,000 in revenue with profits of $1,000,000 (EBITA). We made major strides in developing our new Process Safety Management Product targeted for Q4 of 2008. This important project is continuing on schedule. It is an important aspect of our business plan for 2009 and beyond," stated Ken Allen, President 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.
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.