MetaPower International, Inc. (OTC Pink: MTPR) (PINKSHEETS: MTPR) (the "Company") announced today that an earlier press release dated April 23, 2014 was in error and regrettably was based on earlier draft information that was not current. As such, the Company wishes to correct this error and provide another update with respect to the Company's recent restructuring activities. Following is the updated disclosure.
On April 23, 2014 the Company announced that it had restructured its Vancouver, WA headquarters operation as a result of a recent internal financial, marketing, technology, and operational review. This review indicated that the Company needed to "right-size" certain elements of its operation to coincide with expected future strategic efforts. As such, the restructuring activity primarily affected the Company's Product Development and Marketing & Sales Departments which had been engaged in activities that were nearing completion in support of the Company's recent upgrade of its UCoDA Business Process Management Platform and an anticipated roll-out of elements of the Company's software solutions. This restructuring eliminated 12 positions in these departments. The action is expected to free up Company capital to support the next phase of rolling out these software solutions. In addition to providing next-phase focus on the Company's technology solutions, this restructuring also allows the Company to refocus efforts and resources on its Canadian operations where current revenue projections indicate a downturn in the third quarter of this year in the Company's Oil Sands business. The Company continues to seek replacement revenue opportunities for this operation, but at this time is unable to predict the outcome of those efforts and is, therefore, taking an estimated conservative approach in its planning processes.
As part of these restructuring efforts, Edwin Gibson, Jr., formerly Executive Vice President of Business Development, requested to once again retire from full-time engagement, but agreed, at the Company's request, to continue to serve as non-executive Chairman of the Board of Directors. Mr. Gibson also agreed, at the Company's request, to continue to assist the Company in its business development efforts as a consultant. The Company is very grateful for Mr. Gibson's continued involvement.
In addition to Mr. Gibson's change in status, Rande Bruhn, President and CEO of the Company, as part of the Company's recent overall internal review, had previously offered to step down from those positions to serve the Company strictly as a consultant. The Board of Directors, however, in the interest of retaining full access to Mr. Bruhn's unique skills, perspective, experience and connections, did not accept this offer and requested that he stay on and lead the Company as originally anticipated when he was hired in February of this year. Mr. Bruhn agreed to stay and, as such, continues to lead the Company as its President and CEO. Mr. Bruhn also has retained his position as a Director on the Board of Directors of the Company as well as of its various subsidiaries.
John E. Prouty, previously disclosed as the Company's new President and CEO did not assume that position and remains as the Company's Chief Operating Officer. Mr. Prouty also continues to serve the Company as a member of the Board of Directors.
About MetaPower International, Inc.:
MetaPower International, Inc. uses information technology and change management services to help companies achieve sustainable results. Through culturally aligned training, tools and techniques, our experts align business processes with management's strategic priorities. Client solutions include workforce culture assessment, as well as best-practice modules compiled for such industry applications as Process Safety Management. MetaPower was founded in 1996.
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.
SOURCE: MetaPower International, Inc.