Empower Technologies Investment in Pixon Imaging September 07, 2010 – Richmond, British Columbia, Canada – Empower Technologies Corporation (TSX.V: EPT) (Empower) and Pixon Imaging have signed the Pixon Imaging Investment Letter Agreement (the “Letter Agreement”). Under this Letter Agreement, Empower will have a minority ownership of Pixon Imaging by converting a portion of the outstanding Pixon Imaging receivables into Pixon Imaging common shares and the remaining balance of the receivables in convertible notes. In return, the Letter Agreement calls for Empower to be the exclusive manufacturer and developer of Pixon Imaging technology products. As part of this Letter Agreement, Empower has the right to distribute Pixon Imaging technology products in authorized global regions. Empower will also have the right to license or OEM Pixon Imaging technology products and integrate or bundle with any Empower next generation real time video stabilizer and video analytic engine products for sale worldwide. As part of the agreement, Empower will provide a license to Pixon Imaging for the right to use, OEM, and to distribute LEOs (Linux Embedded Operating System) software in their products. To support Pixon Imaging's product development, Empower will provide a credit facility of USD$600,000 with an optional convertible note. Empower has been impressed with Pixon Imaging's technology and is confident that this Letter Agreement will translate into improved sales and revenues. This Letter Agreement is a groundbreaking strategic plan alternative to the original purchase agreement whereas Empower Technologies intended to purchase Pixon Imaging outright. This Letter Agreement provides a broader market potential and revenue profitability for both companies. It will allow Empower and Pixon Imaging to focus on their respective core businesses. “We have just had our best ever second quarter and Pixon Imaging is a major revenue contributor. Empower's strategy to commercialize our embedded technology is beginning to pay off through expanding sales and product offering,” said Paul Leung , President and CEO of Empower. Empower looks forward to a profitable and on-going business relationship with Pixon Imaging.
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, “BullsEye” Video Imaging Technology, “PowerPlay™”, smart consumer electronics.
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