LAS VEGAS, Jan. 3, 2008 (PRIME NEWSWIRE) -- MetaPower International, Inc. (Pink Sheets:MTPW) is pleased to announce that the Company generated an estimated net revenue of $3,500,000 and a net profit of $400,000 in 2007. The Company originally forecasted an expectation of $2,000,000 in net revenue and a net profit of $200,000.
During the second quarter, MetaPower International, Inc. was notified that its second patent for the UCoDA software development platform had been awarded. In addition, the Company delivered and installed Release 3.0 of its UCoDA technology to all its UCoDA customers. MetaPower's subsidiary, MetaPower Canada, also submitted major proposals to a client working in the Oil Sands region in Northern Alberta for work that extends out to 2010.
The third quarter of 2007 saw continued growth with revenue of $1,091,836, a 557% increase over the same period for 2006 and a 15.6% increase over Q2 of 2007. Net profits were $155,941, down slightly from the second quarter. Year to date revenue was $2,523,493, over $500,000 more than the Company's original forecast. MetaPower International generated a total profit of $246,295 during the first three quarters.
Also during the third quarter, the Company closed on $2,000,000 worth of new orders and forecasted that it would book 80% of MetaPower's planned revenue by the end of 2007. The Company also began its next UCoDA software project for its Canadian subsidiary to develop and deliver a Process Safety Management system to their client working in the Oil Sands region in Northern Alberta.
MetaPower International, Inc. expects its revenue to reach an estimated $3,500,000 and to have net profits of approximately $400,000 for all of 2007. In 2008, MetaPower Canada's business in the Oil Sands region is expected to continue strong and expects revenue from the contract to reach $6,000,000. The Company intends to bring out a Process Safety Management Product offering and has started to develop its marketing campaign.
"We believe that 2008 will continue to be as successful as 2007. As we reflect on the past year, it is gratifying to realize 2007 was a very good year for MetaPower International. While we don't have the final numbers for the fourth quarter, we are confident that we will see revenue of $3,500,000 and net profits of approximately $400,000," stated Ken Allen, President of MetaPower International, Inc.
To read the 2007 President's Letter from MetaPower International, Inc.'s President, Ken Allen, please visit the Company's Investor Relations page at http://metapower.com/?content=9.
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.