November 23, 2012 – Richmond, British Columbia, Canada – Empower Technologies Corporation (TSX.V: EPT) (“Empower”) announces that it has terminated its previously announced acquisition of Northstar Network Ltd. (“NNL”) from Northstar Electronics, Inc. (OTCPK: NEIK) (“Northstar Electronics”).
Empower elected to exercise its right of termination as a result of Northstar Electronics’ breach of certain covenants under the share purchase agreement among the parties and Northstar Electronics’ failure to meet certain key closing conditions within the agreed upon time.
Empower has also delivered notice to each of Northstar Electronics and NNL of their respective defaults under loan agreements with Empower. Empower has reserved the right under the loan agreements and the related general security agreements to, among other remedies available to Empower, take possession of the assets of NNL and Northstar Electronics following such default.
Empower will issue a further announcement once it has determined how it will proceed.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Empower Technologies™
Founded in 2000, Empower Technologies (TSX.V: EPT) is an innovative company that brings the power and flexibility of the LEOs® (Linux Embedded Operating System) to the dynamic embedded computing Industry and the emerging Intelligent Appliance Market, through their development of Linux-based operating software, embedded system technologies and solutions.
The products and services that form the base of its business activities include an embedded system development platform for LEOs®, based on Texas Instruments™ embedded CPU platform, that fulfill the needs and demands of developers and the embedded computing Industry. Empower is continuing to develop LEOs® and newer versions of embedded CPUs in line with Texas Instruments™.
By uniting top professionals from within the computer industry and developing quality partnerships and strategic alliances, Empower is committed to being the leading developer of Linux-based operating software and embedded system technologies and solutions for electronics manufacturers and developers.
Empower's brands are “LEOs®”, “LinuxDA™”, Linux-based embedded operating systems, “BullsEye” Video Imaging Technology, “PowerPlay™”, smart consumer electronics.