Empower Technologies
Announces Revising of Debt Financing Terms
February 9, 2011 – Richmond, British Columbia, Canada –
Empower Technologies Corporation (TSX.V: EPT) ("Empower”), announces that further to its news
release on July 30, 2010, Empower has reached an agreement with its directors
and officers (“Lenders”) for a revised loan terms. Under the revised terms the
$925,000 long term loan is payable in 12 months, carries an annual interest rate
of 14%, renewable for three more years at the discretion of the Lender and the
principal and any accrued interest in whole or in part can be converted into
Units at any time at the discretion of the Lenders. Each Unit is priced at $0.15
and consists of one share and one common share purchase warrant. Each
non-transferable warrant is exercisable into one Empower common share for a
period of 5 years from the date of conversion at an exercise price of $0.20 per
share. In exchange for the above revised term, subject to the approval of the
TSX Venture Exchange, the Lender will waive the security requirement under the
loan agreement.
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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