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Empower Technologies First Quarter Report Ended March 31, 2005
- Showcasing of LDK5910 -
Richmond, BC – May 26, 2005 – Empower Technologies Corporation (“The Company or Empower”) has filed financial statements for the first quarter ended March 31, 2005.
Empower is a Linux operating software developer for Linux-based embedded system technologies and solutions for the consumer electronics industry. The Company was incorporated under the Company Act (British Columbia) on February 21, 2003. The Company operates through its wholly-owned Washington State subsidiary, Empower Technologies, Inc. (“Empower US”), and indirectly; Empower Technologies (Canada) Inc. (“Empower Canada”) and Empower Technologies (Shanghai) Inc. (“Empower Shanghai”). The Company trades on the TSX Venture Exchange under the symbol EPT.
Highlights of the first quarter ended March 31, 2005:
- The Company unveiled a newly designed corporate website. This modern, newly designed site (www.empowertechnologies.com) integrates expanded company information and positions its product offerings, echoing the progressive innovations associated with embedded technologies. Loaded with new features and expanded product information, the site will launch Empower into a new level of intelligent electronics including home audio, portable communication and custom Linux-based embedded solutions. The corporate website represents the initial segment of a phased web enhancement program which will see revitalized creative concepts for both the LinuxDA (www.linuxda.com) and PowerPlay (www.powerplaydevices.com) websites.
- Empower Technologies exhibited at the Consumer Electronics Show in Las Vegas in January, 2005. It debuted The Osaka Project at the unveiled event at the Consumer Electronics Show (CES). The Osaka Project was also showcased inside the Texas Instruments booth’s New Products session. With CD, DVD and MP3 and clock radio capabilities, the Osaka Project is a compact, all-digital audio system. Supporting a wide range of sound functions, it integrates all the elements of personal and home audio, in addition to a PDA with QVGA display.
- Empower US participated in the Embedded World Conference in Nuremberg, Germany. Co-exhibiting with Texas Instruments, Empower showcased the power of the LEOs Development Kit for OMAP5910 (LDK5910) for the first time to European audiences.
- Empower US appeared at the Embedded Systems Conference (ESC) in San Francisco. With a focus on showcasing the power and versatility of the LDK5910 and LEOs-based embedded applications, Empower exhibited in the Texas Instruments (TI) DSP Third Party Pavilion.
Significant projects:
LinuxDA Embedded O/S (LEOs)
Empower US has introduced a 32 bit embedded version of LEOs, optimized for the Texas Instruments (“TI”) OMAP5910 processor. LEOs for the OMAP5910 development platform debuts in Empower’s next generation of PowerPlay PDA devices.
LDK5910 Development Kit
Empower US is working on a LEOs for TI OMAP5910 Development Kit (LDK5910). This kit will enable electronic manufacturers and developers to develop new products using the TI OMAP5910 dual core processor with LEOs as the operating software. The kit comes with hardware development boards using, TI OMAP5910 and a CD with LEOs and the SDK (Software Development Kit). The manufacturer's suggested retail price is $900 USD. LEOs for TI OMAP5910 initiates a new level of performance expectations for intelligent devices with increased headroom for applications and expansion capabilities for other functions.
Osaka Project
With CD, DVD, MP3 and clock radio capabilities, the Osaka Project is a compact, all-digital audio system. Supporting a wide range of sound functions, it integrates all the elements of personal and home audio, in addition to a PDA with QVGA display. Powered by LEOs for the TI OMAP5910 dual core processor, the Osaka Project increases digital audio decoding standards. The Osaka Project fulfils the needs and demands of the cutting edge consumer.
PowerPlay 1x
This new mobile data terminal model is still under development. Besides the regular PDA functions, this new model will have wireless communication capability.
Results of Operations
Revenues generated for the first quarter ended March 31, 2005 were $32,673 compared with $43,074 for the first quarter ended March 31, 2004. This decrease in sales is attributed to phasing out of PowerPlay Vs.
The company anticipates revenue to be improved through its plans to: introduce the new products using LEOs; move aggressively to set up a strong marketing and sales base in North America; and introduce the new LDK5910 Development Kit.
General and administrative expenses without the stock-based compensation for the three months ended March 31, 2005 increased to $793,104 (2004 - $296,976). Wages and benefits increased to $176,404 (2004 - $42,741), reflecting staff additions in all areas of the company and the expansion of the Shanghai office; advertising and promotion increased to $43,244 (2004 - $29,377) due to the company’s effort to commercialize its technologies; and travelling expenses increased to $59,867 (2004 - $9,188) due to management’s efforts to promote and market products and attending tradeshows.
About Empower Technologies™
Founded in 2000, Empower recently developed a new embedded CPU platform for its LinuxDA. Embedded O/S (LEOs™) based on Texas Instruments™ OMAP5910 dual core CPU platform. Empower introduced LinuxDA™ O/S. Empower was innovative in introducing to the world, LinuxDA™ O/S which was the first and only complete Linux Operating System scaled down for the Motorola Dragonball CPU platform that was Palm® Handheld compatible.
By combining top professional, 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 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. |