Empower Technologies™ Appoints New Chief Financial Officer
Richmond, BC – October 17, 2007 - Empower Technologies Corporation (TSX-V: EPT) is pleased to announce that Mr. Peter Ballachey has been appointed as its Chief Financial Officer, effective October 16, 2007.
Mr. Ballachey has been a financial executive and advisor to many organizations across varying industries. From 2004 to 2006, Mr. Ballachey was the Chief Financial Officer of Railpower Technologies Corporation, a successful Vancouver company in the field of locomotive engine technology. Railpower Technologies Corp. is listed on the Toronto Stock Exchange and raised over $120 million in equity during his time with that company. In 2002 and 2003, Mr. Ballachey was the VP of Finance and CFO of BC Rail, then an enterprise with revenues of approximately $450 million, where he was involved in improving the operating profit and the disposition of significant assets. From 1989 to 2002, Mr. Ballachey held various executive positions with Canadian Pacific Railway, most recently as Director of Internal Audit.
Mr. Ballachey holds a Bachelor of Commerce degree from the University of Toronto and a Master of Business Administration (MBA) degree from York University . He is a Chartered Accountant and Certified Internal Auditor.
"Peter's addition will bring a wealth of corporate know-how and management skills to Empower's already well-seasoned senior executive team. His years of experience as a senior financial officer will help Empower to strategize and to shape its financing plan in order to execute the Company's ambitious growth strategy." said Paul Leung , founder, President & CEO of Empower.
Empower Technologies has granted Mr. Ballachey a total of 100,000 stock options, at a price of $0.85 per share, exercisable for five years.
Mr. Ballachey takes over the Chief Financial Officer's position from Ms. Amy Chan , who becomes the Vice-President of Operations and General Manager. Ms. Chan, the co-founder of Empower, has been part of the Company's senior management team ever since the Company's inception in 2000. She has overseen the day-to-day operations and the increasingly complex sales, procurement and manufacturing processes, and she has a vital role in the administration and building the Human Resources department. She had also played a crucial role in taking Empower Technologies public in September 2003. Empower would like to express its gratitude to Ms. Chan for her dedication and many years of hard work. We wish her the very best in her new role.
The Company is also pleased to announce it has extended the investor relations agreement with Exponent Communications Inc. on a monthly basis, starting September 1, 2007.
About Empower Technologies™
Founded in 2000, Empower Technologies (TSX.V: EPT) is an innovative company that brings the power and flexibility of the LEOs® (LinuxDA™ Embedded Operating System) to the dynamic embedded computing Industry and the emerging Intelligent Appliance Market, through their development of Linux-based operating software, embedded system technologies and solutions.
The products and services that form the base of its business activities include an embedded system development platform for LEOs®, based on Texas Instruments™ embedded CPU platform, that fulfill the needs and demands of developers and the embedded computing Industry. Empower is continuing to develop LEOs® and newer versions of embedded CPUs in line with Texas Instruments™.
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 electronics manufacturers and developers.
Empower's brands are “LEOs®”, “LinuxDA™”, Linux-based embedded operating systems and “PowerPlay™”, smart consumer electronics.
Contact Information:
Media Enquiries:
Paul Leung – Chairman, President and CEO: pcleung@empowertechnologies.com
or via Tel @ (604) 278-3100
Investor Relations:
Exponent Communications Inc.
Toll-free: (866) 914-5861
Tel: (778) 292-1174
Fax: (778) 292-1176
Email: info@exponentcommunications.com
More Information on Empower Technologies: www.empowertechnologies.com
Sales Enquiries: sales@empowertechnologies.com or via Tel @ (604) 278-3100
Paul Leung
Chairman, President and CEO
Empower Technologies Corporation
# 405-5600 Parkwood Way
Crestwood Commerce Centre
Richmond , BC , Canada V6V 2M2
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.
Empower Technologies, LEOs, PowerPlay and LinuxDA are the trademarks of Empower Technologies, Inc. All other brands are trademarks of their respective owners.
|
