Empower Technologies™ Signs Loan Agreement with Northstar Electronics December 1, 2011 – Richmond and Vancouver, British Columbia, Canada – Empower Technologies Corporation (TSX.V: EPT) ("Empower") further to November 9 news release and under the terms of the Binding Letter of Intent to acquire defense contractor Northstar Electronics, Inc. (“Northstar”), a Delaware company listed on the OTCBB under the symbol “NEIK” with head office in Vancouver, British Columbia, the Company announces it has signed the Loan Agreement and other supporting agreements (“Agreements”) with Northstar to fund their production to fill sale orders. Under the Agreements, Empower will lend Northstar up to a total of $300,000 working capital to service sales under certain terms and conditions. Due to the potential increase sales activities, Northstar has requested Empower to consider an increase of the total loan to up to $600,000 but not less than $500,000 upon signing of Definitive Agreement or by December 31, 2011. Empower will consider the request and make a decision on or before December 31, 2011. “Empower is very pleased with Northstar’s sales potential. The loan Empower is making available to Northstar today will sustain their revenue growth. Upon completion of the transaction, Northstar’s revenue will become Empower’s top line and act as the catalyst to fuel growth for the new joint entity. I look forward to head up this exciting new entity to a new height.” said Paul Leung, Founder and CEO of Empower. Performance Capital, Principal Gordon Monk, is acting as the advisor to Empower on the Acquisition.
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About Northstar Electronics Northstar (www.northstarelectronics.com) has ISO9001 manufacturing operations in St. John’s, Newfoundland. Northstar’s target customers are defense, aerospace and Homeland Security prime contractors. Northstar businesses are: Advanced Sonar Technology Northstar has specialized sonar and marine engineering expertise to develop and to manufacture sonar systems. Northstar designs sonar detection systems, under contract, for homeland security and military applications. Contract Manufacturing Northstar has manufactured submarine control consoles for a major defense contractor for a number of years. Recently, Northstar signed a Manufacturing License Agreement (MLA) with a major defense contractor that enables the company to produce submarine control consoles for their international clientele. Northstar is increasingly focused on console manufacturing for surface naval ships as well. Systems Integration Northstar has in-house expertise to play the role as a prime contractor/system integrator. This role requires Northstar to manage, engineer, quality control, coordinate and define interface between multiple subcontractors to perform specialized tasks to bring the various components together into complete systems.
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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