Empower Technologies™ Announces Short Form Offering
Richmond , British Columbia – November 7, 2007 - Empower Technologies Corporation (“Empower”) (TSX.V: EPT) is pleased to announce that it proposes to reprice its 895,000 share purchase warrants (“the Warrants") that currently have an exercise price of $1.25 and expire on February 20th and 27th, 2008. Empower proposes to reduce the exercise price to $0.90 per share.
The TSX Venture Exchange requires that for the proposed repricing of the Warrants, the exercise period must be amended to be shortened to a period of 30 days if, for 10 consecutive trading days, the closing price of Empower's shares exceeds the revised exercise price by 20%, that price being $1.08.
The proposed repricing of the Warrants is subject to TSX Venture Exchange and warrantholders' approval.
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.
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