Empower Technologies Corporation Announces Initial Public Offering
Richmond, BC – August 13, 2003 – Empower Technologies Corporation (“Empower Corporation”) a British Columbia company of Richmond, British Columbia, Canada, is pleased to announce it has received the final receipt from the BCSC (British Columbia Securities Commission) for the Prospectus dated July 31, 2003 and also received conditional listing approval from the TSX Venture Exchange (the “Exchange”) to list its common shares and certain warrants for trading on the Exchange.
The Prospectus is in connection with Empower Corporation’s Initial Public Offering (“IPO”) of units to raise between C$1.4 million and C$2.0 million with Canaccord Capital Corporation acting as the Agent. Each unit is offered at $0.35 and consists of one common share and one transferable warrant exercisable to acquire one further share at $0.45 per share for 12 months following the closing of the IPO. The closing of the IPO is conditional upon certain conditions including the concurrent closing of the Merger described below and final Exchange approval.
Empower Corporation has completed conversion of the 1,200,317 special warrants issued in Empower Corporation’s private placements that closed on March 21, 2003, May 1, 2003 and May 28, 2003. Each special warrant was converted into one common share and one warrant exercisable to acquire one further share at $0.35 per share for 12 months ending August 8, 2004.
Empower Corporation has appointed the following directors:
- Paul Leung, President & CEO of Empower Corporation;
- Amy Chan, CFO, Secretary of Empower Corporation;
- Dr. Ian Munro, Professor of Computer Science at the University of Waterloo and Canada Research Chair in Algorithm Design;
- Chris Graham, Self-employed consultant formerly with Microsoft Corporation;
- Edward Bagg, Business Development Manager of Epson Canada; and,
- Ron Paton, Securities Lawyer with Maitland and Company.
About Empower Technologies Corporation
Empower Technologies Corporation signed a Merger Agreement dated March 31, 2003 with Empower Technologies Inc. (“Empower USA”), a related Washington state company. On completion of the Merger, the business of the Empower Corporation will be the business of its subsidiary, Empower USA.
About Empower Technologies Inc.
Empower USA is a provider of Linux-based embedded system technologies and solutions for the consumer electronics industry and the intelligent appliance market.
Empower USA is an innovative company that introduces to the world Linux DA O/S, the first and only complete Palm™ Handheld compatible Linux Operating System scaled down for the Motorola Dragonball CPU platform. Furthermore, through the development of proposed quality partnerships and strategic alliances, Empower USA is positioning itself to become the industry leader for Linux-based embedded solutions. Uniting top professionals from within the computer industry, Empower USA is committed to being the leading provider of Linux-based embedded system technologies and solutions for consumer electronics manufacturers.
About Canaccord Capital Corporation
Founded in 1950, Canaccord is Canada's largest independent investment firm, specializing in small- to mid-capitalization companies, and recognized as a leader in special situations, natural resources and technology sectors.
CONTACT INFORMATION
Media Enquiries:
Paul Leung - President & CEO. 604-278-3100 or pcleung@empowertechnologies.com
Linux DA O/S Sales Enquiries: sales@empowertechnologies.com or Tel 425-881-0909
More Information on Empower Technologies Inc: www.empowertechnologies.com
The statements contained in this news release that are not historical facts are forward looking statements. Such statements are based on management's estimates, assumptions and projections using available information. The company cautions that actual financial results could differ materially from the current expectations due to a number of factors.
The TSX Venture Exchange has in no way passed upon the merits of the proposed transactions and has neither approved nor disapproved the contents of this press release.
Palm is a trademark of Palm, Inc. All other brands are trademarks of their respective owners.
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