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Empower Technologies Third Quarter Report Ended September 30, 2005
Richmond , British Columbia - November 29, 2005 - Empower Technologies Corporation ("The Company" or "Empower") has filed financial statements for the third quarter ended September 30, 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 third quarter ended September 30, 2005:
- The Company has met the requirements for a TSX Venture Exchange Tier 1 company. Accordingly, effective September 12, 2005, Empower's Tier classification will change from Tier 2 to Tier 1.
- The Company continues to build its sales and distribution momentum by appointing Ultimate Solutions Inc. as the first specialized LDK5910 distributor for North America.
- Delivered a one-stop Linux-based development platform to consumer electronics designers. The Company and Texas Instruments Incorporated ("TI") announced the availability of the LinuxDA for OMAP5910 Development Kit (LDK5910), running LinuxDA Embedded O/S (LEOsT) by the Company. Optimized for TI's OMAP5910 dual-core DSP and ARM CPU, the LDK5910 leverages the versatility of LEOs and the performance of TI's OMAPT processor to serve as a powerful reference design that significantly reduces product development time, cost and risk.
- August 1 st , 2005, the Company announced that Mr. Alex Romanov has been appointed Vice President, Sales and Marketing of its Canadian subsidiary.
- The Company and Wipro, Ltd. ("Wipro") announced the signing of a Letter of Engagement. Under the terms and conditions of the engagement, the Company has appointed Wipro as the authorized service provider and system integrator of LDK5910 - the first LEOs Development Kit for Texas Instruments' ("TI") OMAP5910 dual core processor.
Significant projects
LinuxDA Embedded O/S II (LEOs II)
Empower US has commenced work on the next version of LEOs. Once the new LEOs II is tested and released then it will be optimized for the Texas Instruments ("TI") OMAP processors.
LDK5910 Development Kit
Empower US has launched LEOs for TI OMAP5910 Development Kit (LDK5910) on August 9, 2005 with a Texas Instruments joint press announcement. 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.
LDK5912 Development Kit
Empower US has commenced work on LEOs for TI OMAP5912 Development Kit (LDK5912). This kit has the same features as the LDK5910. This product completes the TI OMAP591x offering. LDK5912 is backward compatible with LDK5910 for both the hardware and the software.
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 three months ended September 30, 2005 were $30,454 compared with revenues for the three months ended September 30, 2004 of $82,185. This decrease is attributed to the Company's decision to clear out and to drop all distributed products and end of product life to make way for the new products developed in-house using the Company's embedded technologies including LEOs (LinuxDA Embedded O/S).
The Company anticipates revenue to be improved through its plans to: introduce 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 stock-based compensation for the three months ended September 30, 2005 increased to $1,103,994 (2004 - $753,565). Wages and benefits increased to $370,531 (2004 - $115,993), reflecting staff additions in all areas of the company; advertising and promotion increased to $116,745 (2004 - $72,883) due to the company's effort to commercialize its technologies; and travelling expenses increased to $51,095 (2004 - $26,928) due to management's efforts to promote and market products by attending tradeshows.
About Empower TechnologiesT
Founded in 2000, Empower Technologies is an innovative company that brings the power and flexibility of the LINUX Operating System (O/S) to the Consumer Electronics Industry and the emerging Intelligent Appliance Market, through their development of Linux-based operating software, embedded system technologies and solutions for the consumer electronics industry and the intelligent appliance market.
The products and services that form the base of its business activities include an embedded system development platform for its LinuxDA Embedded O/ST, based on Texas InstrumentsT OMAP5910 dual core CPU platform, that fulfills the needs and demands of developers and the dynamic consumer electronics industry. Empower is continuing to develop LinuxDA Embedded O/ST and newer versions of embedded CPU's in line with Texas InstrumentsT.
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 "LinuxDAT", Linux-based embedded operating systems and "PowerPlayT", smart consumer electronics.
Contact Information:
Media Enquiries:
Paul Leung - Chairman, President and CEO (604) 278-3100 or pcleung@empowertechnologies.com
More Information on Empower Technologies: www.empowertechnologies.com
LinuxDAT O/S Sales Enquiries: sales@linuxda.com or Tel 425-881-0909
" 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.
PowerPlay and LinuxDA are the trademarks of Empower Technologies, Inc. All other brands are trademarks of their respective owners.
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. |