2013-12-02 15:26:01 -
Richmond, British Columbia CANADA, December 02, 2013 /FSC/ - Empower Technologies Corporation (EPT - TSX Venture), ( www.empowertechnologies.com"Empower") announces it has entered into a loan agreement dated November 29th, 2013 with the non-arm's length Directors and Officers of the Company (the "Lender") in the amount of $600,000 (the "Loan
The Loan will be secured by a general security interest granted by Empower, and will be repayable on or before November 30th, 2014. Empower will receive $400,000 the first tranche at an interest rate of 12% per annum and an optional $200,000 the second tranche at an interest rate of 13.2% per annum at the discretion of Empower on or before May 30, 2014 subject to certain terms and conditions. Early
retirement of the Loan will have a three (3) months interest penalty on the principal amount repaid.The proceeds of the Loan will be mainly used as general working capital for Empower and working capital for Empower's newly acquired subsidiary AIC Global Communications Inc. to finance its sales and marketing expansion plan.
In connection with the loan, Empower will issue, at no additional consideration and subject to Empower receiving the prior approval of the TSX Venture Exchange, 4,615,384 common shares in the capital of Empower (the "Shares The Shares shall be duly issued to the Lender effective as of the date the Loan is advanced. The Shares issued will be subject to a 4 months plus a day hold period commencing from the date of issuance.
"This Loan shows how much the Empower directors and officers believe in the Company and its huge untapped revenue potential from three separate revenue streams. The first stream comes from the newly acquired subsidiary AIC Global Communications. The second stream is the sales and marketing of the advance imaging technologies Empower developed and the third stream is from the licensing of the handwriting patent Empower invented," Said Paul Leung, CEO of Empower Group.
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.
This news release includes certain "forward-looking information" within the meaning of Canadian securities legislation. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "forecast", "expect", "potential", "project", "target", "schedule", budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the expected benefits of the acquisition of AIC are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are based on a number of material factors and assumptions. Important factors that could cause actual results to differ materially from Empower's expectations include actual sales results, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required approvals, and other risks detailed herein and from time to time in the filings made by Empower with securities regulators. Although Empower has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on forward-looking statements which speak only as of the date of this news release. Empower disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
About Empower Technologies(tm)
Founded in 2000, Empower Technologies (TSX.V: EPT) has transformed from an embedded technology company to a full-fledged innovative technology, products and services and manufacturing enterprise. Empower Technologies as a group caters to communication, media, IT, security and surveillance, military, automotive and transportation, healthcare, industrial control and consumer electronics industries. Under the Empower Group, the Company has four operating divisions - Empower Embedded Engineering, Empower Imaging Laboratories, Empower Defense Systems and AIC Global Communications. For more information, please visit www.empowertechnologies.com.
Empower's brands are "AIC", "LEOs(r Linux-based embedded operating systems, "BullsEye", Real-Time Video Stabilizer, "PowerPlay(tm smart consumer electronics.
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More Information on Empower Technologies: www.empowertechnologies.com
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or via Tel @ (604) 278-3100
Chairman, President and CEO
Empower Technologies Corporation
# 130-3751 Shell Road
Airport Executive Park
Richmond, BC, Canada V6X 2W2
Empower Technologies, LEOs, PowerPlay and BullsEye are the trademarks of Empower Technologies, Inc. All other brands are trademarks of their respective owners.
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Source: Empower Technologies Corporation (TSX-V: EPT) www.empowertechnologies.com
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