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Empower Technologies Corporation Announces Successful Completion of Short Form Offering And Appointment of New President
Richmond, BC – April 1, 2004 – Empower Technologies Corporation (“Empower”) is pleased to announce the successful completion of a Short Form Offering (the “Offering”) as of March 30, 2004. The Offering was approved by TSX Venture Exchange on March 19, 2004. The maximum offering was achieved on March 23, 2004 and the Offering was closed on March 30, 2004 resulting in the sale of 1,000,000 units at $0.80 per Unit, for a total of $800,000 (each Unit consists of one share and one half warrant, non-transferable, and each whole warrant is exercisable into one common share for a period of one year at $1.00 per share). 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 as agent for the Offering (the “Agent”) received a cash commission of 8% or $25,600 on 400,000 units and on the balance of 600,000 units the Agent elected to take half of the cash commission of 4% as 24,000 Units under the same terms as the Offering and half of the cash commission of 4% in cash for $19,200.
The Agent also received 200,000 Agent’s warrants equal to 20% of the total number of Units sold under the Offering. The Agent’s warrants are exercisable at a price of $1.00 per share for a period of one year following the Offering day. In addition, the Agent received a corporate finance fee of 25,000 Units, and an administration fee of $5,000.
Empower Technologies Corporation is also pleased to announce that Dr. Edward Dennis takes the office of President of Empower commencing today, April 1, 2004. Mr. Paul Leung, the existing President, will continue with his responsibilities as Chief Executive Officer of Empower and take on the new title of Chairman, effective immediately upon Dr. Dennis’ appointment.
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. |
