Empower Technologies™ Update April 28, 2009 – Richmond, BC Canada – Empower Technologies (TSX.V: EPT) (Empower) announced today that it has closed the third and final tranche of its private placement of convertible debentures in the aggregate amount of $145,200. The convertible debentures bear interest at the rate of 10% per annum and are convertible into common shares of Empower at $0.40 per share until January 31, 2010. The convertible debentures and any shares issued upon conversion have a hold period expiring August 25, 2009. Empower had previously entered into a software development agreement and license agreement with Navigon, Inc. with respect to the proposed development of navigation software. The software delivered by Navigon did not meet the required specifications and Empower and Navigon have now settled all matters between them, including terminating all agreements. The software that was to be developed by Navigon was navigation software that is replaceable, however, there is no need to replace it at this time as Empower is not developing any products using navigation or mapping applications. Empower had previously signed a non-exclusive distribution agreement (the “Agreement”) with Advantec Computer Systems, LLC (“Advantec”). To clarify the May 12, 2008 news release and other disclosure, Empower had to deliver a prototype handheld computer to Advantec to approve within 90 days from the date of the Agreement. Development of the handheld has taken longer than anticipated and accordingly, Empower has a request in to Advantec to extend the date for delivery of the prototype. There is no assurance that an extension will be granted by either party or that any sales orders will be generated from this Agreement. If the extension is granted and once Advantec has approved the prototype of the handheld, Advantec may, subject to the terms of the distribution agreement and contingent on receiving orders from its customers, then place orders with Empower for the handheld computer. Empower has customized and supplied infotainment demonstration systems, specifically customized computer boards, for in-flight use for a transportation equipment supplier which are subject to regulatory approval. Empower continues to supply computer boards to Pixon Imaging, LLC for the development of its application for Pixon's video enhancement system for surveillance cameras. Empower also continues to work with Jogtek of Taiwan in developing a customized computer board to be utilized in Jogtek's RFID-based interactive marketing system for the retail and hospitality industry. Empower has registered patents that relate to a vehicle expansion dock design for docking personal portable electronic devices when inside a vehicle, and to a system of pen-based data input into a computing device, or handwriting recognition, however, there are no plans to utilize these patent technologies in the current line of products and the patents will be maintained for future use.
About Empower Technologies™ Founded in 2000, Empower Technologies (TSX.V: EPT) is an innovative company that brings the power and flexibility of the LEOs® (Linux 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.
|