LAS VEGAS, March 6, 2008 (PRIME NEWSWIRE) -- MetaPower International, Inc. (Pink Sheets:MTPW) is pleased to announce that the Company has extended the date by which certificates for common stock may be turned into the Company a part of the Company's Preferred Stock Exchange Program. Only shareholders wanting to participate in the Company's Preferred Stock Exchange Program are affected. MetaPower International, Inc. has received a overwhelming response from its shareholders regarding timing constraints relative to receiving stock certificates and submitting them in to the Company by the March 15, 2008 deadline. Due to the volume of responses, the Company has extended the current deadline to receive certificates to April 11, 2008, allowing shareholders ample time for delivery of their certificates.
MetaPower International, Inc. has offered to exchange shares of its common stock for its convertible preferred stock. Under the terms of the offer, MetaPower has agreed that for every 100 shares of common stock offered back to the Company, shareholders will receive one share of convertible preferred stock valued at $1.00 for future conversion purposes.
To participate, current shareholders must obtain and submit a certificate for the shareholder's common stock to the Company by April 11, 2008 in order to qualify for the exchange of common stock to convertible preferred stock . Shareholders must turn in a minimum of 500,000 shares in order to qualify. For the complete terms and conditions of the stock buyback program, please visit the Company's Web site: www.metapower.com.
"We felt there was some confusion on the acceptance date of the stock certificates to be exchanged. We believe the best way to rectify the situation was to extend the date of acceptance and allow more time for our shareholders to participate in the exchange," 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.
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