Empower Technologies™ Announces Northstar Network Purchase Update
May 25, 2012 – Richmond, British Columbia, Canada – Empower Technologies Corporation (TSX.V: EPT) ("Empower") announces, further to the Northstar Network Ltd. (NNL) purchase (the “Purchase”) update on May 14, 2012, Empower and Northstar Electronics Inc. (Northstar) have agreed in writing to change the date of the advance payment of $40,000 of the cash portion of the purchase price to Northstar from “on or before May 18, 2012” to “on or before closing or at closing”. Empower has already submitted the application to TSX Venture Exchange (the “Exchange”) for the approval of the Purchase. Because of the due process at the Exchange, the closing will require more time than May 31, 2012. As a result, Empower and Northstar have agreed in writing to move the closing date of the Purchase from May 31, 2012 to “on or before June 29, 2012”. Both Empower and Northstar have instructed their respective legal counsel to prepare all necessary documents to close the Purchase expediently once the Company has received the approval. There is no assurance Empower will receive the Exchange approval for the Purchase of Northstar Network.
Performance Capital, Principal Gordon Monk, is acting as the advisor to Empower on the Acquisition.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.