Empower Technologies™ Announces Signing a
Letter of Intent to Purchase a Vancouver
Imaging and Video Processing Software Company
Richmond, British Columbia – May 9, 2005 - Empower Technologies Corporation™ (“Empower”) is pleased to announce it has signed a Letter of Intent to outline a Proposal to purchase all of the assets of a Vancouver based company specializing in imaging and video processing software coding/decoding algorithms (“software codecs”). This company is currently producing revenues from the sale of its software codecs.
The software codecs from this purchase are optimized for Texas Instruments’™ family of Digital Signal Processors (“DSP”) in the area of coding and decoding image or video data. This data could be either from files stored in a digital media such as DVD, USB drive, or hard drive; or streamed across the network such as the LAN (“Local Area Network”), WiFi, Cable, ADSL or 3G wireless network.
Empower will benefit immediately from an existing small customer base, an alternate source of possible licensing revenue and potential new customers. Empower will also accelerate time-to-market with the much-demanded imaging and video software codecs that are required by many smart phone manufacturers to meet the upcoming explosive growth in the 3G wireless image, video and sound contents delivery market.
A definitive agreement is being negotiated for the proposed transaction by May 31, 2005. The purchase will require regulatory approval. Closing of the Purchase is proposed for June 30, 2005 or at a later date as may be required by Empower to satisfy the Conditions Precedent. Payment is proposed to be in the form of cash and shares or shares of Empower Technologies Corporation.
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™” and "LEOs™" (www.linuxda.com), Linux-based embedded operating systems 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. |
