Empower Technologies™ Announces Signing a Letter of Intent
to Purchase a US Image Processing Company
September 14, 2009 – Richmond, British Columbia, Canada – Empower Technologies Corporation (TSX.V: EPT) (Empower) announced today that it has signed a Letter of Intent to purchase all of the assets of a US based company specializing in image processing technologies. This company is currently selling real time image processing products based on proprietary technologies.
The image processing technologies acquired through this purchase will be optimized by Empower's high performance embedded system platform.
Empower will benefit immediately from an existing small customer base, new image processing product lines, an alternate source of licensing revenue and new customers. Empower will also accelerate time-to-market with the much-demanded image processing products that are required by the military, security, and surveillance market.
A definitive agreement is being negotiated for the proposed transaction by October 8, 2009. The purchase will require Empower board and regulatory approvals. Closing of the Purchase is proposed for December 1, 2009 or at an outside date December 31, 2009 as may be required by Empower to satisfy the Conditions Precedent. Payment is proposed to be in the form of cash and shares of Empower Technologies Corporation.
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.