November 26, 2012 – Richmond, British Columbia, Canada – Empower Technologies Corporation (TSX.V: EPT) (“Empower”) is pleased to announce the creation of a new subsidiary “Empower Defence Systems Inc.”, (“EDS”). Empower Defence Systems will serve as the platform for the company to continue its strategy to enter the extremely profitable defence contracting industry – a strategy that was first adopted when the Company announced the acquisition of Northstar Network Ltd. (the acquisition was subsequently terminated on November 23, 2012)
Given the September announcement by the Canadian Federal government to implement a large-scale Canada-First military purchasing strategy, Empower is extremely well positioned to bid on, and benefit from any government contracts – especially given the Company is already producing military-grade embedded system and image processing technologies.
Empower (the “Lender”) is consulting with its legal team to enforce its GSA (“General Security Agreement”) on Northstar Network and Northstar Electronics. The GSA provides Empower a security interest in all of the Borrower’s (in this case Northstar Network and Northstar Electronics) assets including but not limited to customer accounts, equipment, inventory, sale orders and deliveries, and all income and proceeds.
The GSA also secures payment and performance of all of the Borrower's present and future indebtedness to the Lender, including the Lender's costs of enforcing the General Security Agreement. Empower has registered the PPSA (“Personal Property Security Act” – the common name for Provincial Legislation involved in the enforcement of security) for its GSA on Northstar Network Ltd. and Northstar Electronics Inc. in BC and in Newfoundland and Labrador.
It is Empower’s plan to use the new subsidiary “Empower Defense Systems Inc.” to assume and to operate any assets in the event that Empower does proceed with the GSA and is awarded the assets through the court. This will also fast track the establishment of the sales and operations of Empower Defense Systems Inc.
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.