MetaPower International, Inc. (OTC: MTPW) announced today that the company will begin to offer a share exchange program for its shareholders. The company will offer the exchange of common shares of stock for convertible preferred stock to be valued at $1.00 a share. As a shareholder, every 100 shares of common stock given back to the company, the shareholder will incur one share of convertible preferred stock valued at $1.00 for future conversion purposes. The shareholders will also acquire a warrant to purchase one share of the company’s common stock.
In order to be considered for the program, current shareholders must have their shares into MetaPower International, Inc. by March 15, 2008, thus qualifying them for the exchange of common shares to convertible preferred shares. A minimum of 1,000,000 shares have to be turned in for eligibility into the program. The terms and conditions of the complete stock buyback program can be viewed on the company’s website, http://www.metapower.com.
“We are very pleased to be able to offer our shareholders this exchange program. We believe that the program reaffirms our confidence and optimism in the long-term future of the company. As more information becomes available, it will be provided on our Web site,” stated Ken Allen, President of MetaPower International, Inc.
The company recently announced that its subsidiary, Metapower Canada, has obtained purchase orders that total 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. MetaPower International, Inc. was up 228.57% last Friday.
Founded in 1996, MetaPower International, Inc. is a technology firm that provides information technology and change management services to hazardous process industries. Combining technology and services is a vital step to produce the changes necessary to successfully compete in the current and fast growing competitive world of business operations.
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