Empower Technologies Inc. Begins “Going Public” Process
Redmond, WA – June 16, 2003 – Empower Technologies Inc. (“Empower USA”) is pleased to announce that it has signed a Merger Agreement (the “Merger”) dated March 31, 2003 with Empower Technologies Corporation (“Empower Corporation”), a recently incorporated related British Columbia company of Richmond, British Columbia, Canada, formed for the purpose of facilitating Empower USA in going public in Canada.
Empower USA is a provider of Linux-based embedded system technologies and solutions for the consumer electronics industry and the intelligent appliance market.
Empower Corporation has filed a preliminary prospectus and received the receipt from the BCSC (British Columbia Securities Commission) and also made an application to the TSX Venture Exchange (the “Exchange”) for conditional approval to list its common shares for trading on the Exchange and conduct an Initial Public Offering (“IPO”) of between C$1.4 million and C$2.0 million with Canaccord Capital Corporation acting as the Agent. The closing of the IPO is conditional upon certain conditions including the concurrent closing of the Merger.
Canaccord Capital Corporation has agreed to act as the Agent in connection with the IPO. An agreement to Agency should not be construed as any assurance with respect to the merits of the IPO or the likelihood of completion.
About Empower Technologies Inc.
Headquartered in Redmond, Washington, Empower Technologies Inc. (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. Incorporated in February 2000, Empower Technologies Inc. has established several offices throughout the world, enabling the company to effectively penetrate its targeted market. Furthermore, through the development of quality partnerships and strategic alliances, Empower Technologies Inc. is positioning itself to become the industry leader for Linux-based embedded solutions. Uniting top professionals from within the computer industry, Empower Technologies Inc. is committed to being the leading provider of Linux-based embedded system technologies and solutions for consumer electronics manufacturers.
About Empower Technologies Corporation
Empower Technologies Corporation (Empower Corporation) was incorporated under the British Columbia Company Act on May 6, 2003, formed solely to facilitate the Merger. The President & CEO of Empower USA is the sole shareholder and director of Empower Corporation. On completion of the Merger the business of the Empower Corporation will be the business of its subsidiary, Empower USA.
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.
Completion of the Merger and the IPO are subject to a number of conditions, including but not limited to, Exchange acceptance and majority of the Empower USA shareholder approval. The Merger and the IPO cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the Management Information Circular and the Preliminary Prospectus to be prepared in connection with the Merger and the IPO, any information released or received with respect to the Merger and the IPO may not be accurate or complete and should not be relied upon.
The TSX Venture Exchange has in no way passed upon the merits of the proposed Transaction 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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