Empower Technologies $7.5 Million Prospectus Offering of Units
Richmond, British Columbia – April 12, 2005 - Empower Technologies Corporation (“Empower”) is pleased to announce that it has filed, in the Provinces of British Columbia, Alberta and Ontario, a preliminary prospectus qualifying for distribution of an offering of $7,500,000 dollars of units (the “Offering”). Each unit is to consist of one common share of Empower and one-half warrant, with each whole warrant exercisable into one common share for a further period of one year. The price of the units and the warrants being offered is to be determined prior to the final prospectus in consultation with the agent for the Offering, Canaccord Capital Corporation (the “Agent”).
The gross proceeds of the Offering of up to $7,500,000 dollars, after deduction of certain expenses, together with general funds, are to be utilized for the continuation of Empower’s business plan, particularly the development and licensing of the LinuxDA embedded Operating System (“LEOs™”) for consumer products, and for administrative expenses and general working capital. The Offering remains subject to the receipt of required securities regulatory approvals and will only be made in British Columbia, Alberta and Ontario and not in the United States.
Empower’s audited consolidated financial statements dated December 31, 2004 and Management Discussion and Analysis (MD & A) have now been completed and are available through the Internet on SEDAR which can be accessed at www.sedar.com. The audited financial statements and MD & A will be mailed in due course to the shareholders along with the materials for the 2005 Annual General Meeting.
About Empower Technologies™
Founded in 2000, Empower Technologies is a developer of Linux-based operating software and 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 LinuxDA™ O/S, the first and only complete Palm® Handheld compatible Linux Operating System scaled down for the Motorola Dragonball CPU platform. Empower recently developed a new embedded CPU platform for its LinuxDA Embedded O/S (LEOs™) based on Texas Instruments™ OMAP5910 dual core 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 developer of Linux-based operating software and embedded system technologies and solutions for consumer electronics manufacturers and developers.
Empower’s brands are “LinuxDA™” (www.linuxda.com) a Linux-based embedded operating system and “PowerPlay™” (www.powerplaydevices.com) smart consumer electronics.
Empower Technologies
Contact Information:
Media Enquiries:
Paul Leung - Chairman, President and CEO: pcleung@empowertechnologies.com
or via Tel @ (604) 278-3100
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. |
