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Empower Technologies™ Announces $7.16 Million Closing of Prospectus Offering
Richmond , British Columbia – June 20, 2005 - Empower Technologies Corporation (“Empower”) is pleased to announce the successful completion today of its Prospectus Offering (the “Offering”) of Units at $2.25 each, resulting in the sale of 3,186,370 Units at $2.25 per Unit, for gross proceeds of $7,169,332.50. 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 $2.50 per share.
The proceeds of the Offering will be used primarily to build and expand the business by achieving milestones in product development, sales and marketing, new management positions, and the balance for working capital.
Canaccord Capital Corporation (the “Agent”) acted as agent for the Offering and received a commission of 7.5% of gross proceeds, of which the Agent elected to be partially paid in Units under the same terms as the Offering.
The Agent also received 382,364 Agent's Warrants equal to 12% of the total number of Units sold under the Offering. The Agent’s Warrants are exercisable at a price of $2.50 per share for a period of 12 months. In addition, the Agent received a corporate finance fee of 50,000 Units, and an administration fee of $7,500.
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 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. |
