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Empower Technologies Corporation Announces
New President and Short Form Offering
Richmond, BC – March 16, 2004 – Empower Technologies Corporation (“Empower”) is pleased to announce that Dr. Edward Dennis is to become the President of Empower effective upon successful completion of the short form offering described below. Mr. Paul Leung, the existing President, will resign in favour of Dr. Dennis and will become Chairman and remain Chief Executive Officer.
Dr. Dennis, age 53, holds a Doctoral Degree (DBA) in Information Technology from Nova University of Fort Lauderdale, Florida, and a Master of Business Administration (Int’l Bus) from Our Lady of the Lake University of San Antonio, Texas.
Dr. Dennis held various executive positions from 1994 to 2003 at Verizon Communications Inc., one of the largest wireless and wired telephone companies in the world. From 1999 to November 2003, he was the Director of International IT Systems & Architectural Strategic Planning. The planning group is responsible for supporting Verizon’s 44 overseas holding companies. He was responsible and accountable for alignment and implementation of Verizon International Support Systems in order to leverage the most efficient and cost effective methodology across Verizon’s International Small Business Units. Additional duties included coordinating the planning and budgeting of implementation activities with the executive staff and other corporate organizational elements. In this capacity, Dr. Dennis was also involved in supporting and completing due diligence on new merger and acquisition type business opportunities worldwide.
Empower is also pleased to announce that it is proceeding with a short form offering (the “Offering”) to raise up to $800,000. The Offering is to be a minimum of $500,000 and a maximum of $800,000, and is to be of up to 1,000,000 units (the “Units”) at $0.80 per Unit, with each Unit consisting of one share and one half warrant. Each whole warrant is exercisable into one common share for a period of one year at $1.00 per share. The warrants will be non-transferable. The proceeds of the Offering will be used primarily to finance the accelerated roll out of Empower’s business including additional product inventory, additional management employees and general working capital.
Canaccord Capital Corporation has been appointed agent for the Offering (the “Agent”) on a commercially reasonable efforts basis. The Agent is to receive 8% cash commission of which it may elect to be paid up to one-half in Units. The Agent is also to receive Agent’s warrants equal to 20% of the Offering sold with each Agent’s warrant having the same terms as the warrants of the Offering. The Agent is to receive a corporate finance fee of 25,000 Units having the same terms as the Units offered and is to receive an administration fee of $5,000.
The Offering will be pursuant to the Short Form Offering Document which is being filed with and is subject to acceptance by the TSX Venture Exchange.
Empower has approved the grant of options to all its directors and certain officers and employees to acquire up to 1,425,000 shares at a price of $0.80 per share exercisable over five years. These options are granted in accordance with Empower’s share option plan and are subject to regulatory approval.
About Empower Technologies
Founded in 2000, Empower Technologies is a provider of Linux-based embedded system technologies and solutions for the consumer electronics industry and the intelligent appliance market.
Empower is an innovative company that introduced 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. By uniting top professionals from within the computer industry and developing quality partnerships and strategic alliances, Empower is committed to being the leading provider of Linux-based embedded system technologies and solutions for consumer electronics manufacturers.
Empower’s brands are “LinuxDA” (www.linuxda.com) a Linux-based embedded operating system and “PowerPlay” (www.powerplaydevices.com) smart consumer electronics.
Contact Information:
Media Enquiries:
Paul Leung - Chairman, President and CEO: pcleung@empowertechnologies.com
or via Tel @ (604) 278-3100
Investor Relation:
David Flynn - Principal: dflynn787@rogers.com or via Tel @ (416) 346-7725
More Information on Empower Technologies: www.empowertechnologies.com
LEOs ® Sales Enquiries:
sales@empowertechnologies.com or via Telephone @ 604-278-3100
Paul Leung
Chairman, President and CEO
Empower Technologies Corporation
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.
LEOs , PowerPlay and LinuxDA are the trademarks of Empower Technologies, Inc. All other brands are trademarks of their respective owners. |
