Empower Technologies(tm) Update on Empower Defense Systems Inc.
2012-12-12 23:09:45 -
Richmond, British Columbia CANADA, December 12, 2012 /FSC/ - Empower Technologies Corporation (EPT - TSX Venture), ("Empower"), further to the November 26, 2012 news release, announcing the creation of "Empower Defence Systems Inc. ("EDS" or "the Company"), EDS reports it is expediting the qualification process to meet the requirements of a major defence contractor with whom the company has been
in discussions. Upon qualification, the Company will become an official vendor in the customer's supplier database to bid on projects and to accept sale contracts, purchase orders and production.
EDS is also in the process of acquiring a manufacturing facility in St. John's, NL to commence operations in January 2013. The Company is conducting interviews with experienced defense industry veterans and technicians to fill the various executive, engineering and manufacturing positions relating to the expected sales and production.
Currently, Empower's management and its legal team are reviewing the value of the assets excluding the customer list in Northstar Network Ltd. and Northstar Electronics Inc. to determine whether it holds enough value for Empower to offset the expected legal and court costs to exercise the General Security Agreements ("GSA") on both defaulted entities.
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(tm)
Founded in 2000, Empower Technologies (TSX.V: EPT) is an innovative company that brings the power and flexibility of the LEOs(r) (Linux Embedded Operating System) to the dynamic embedded computing Industry and the emerging Intelligent Appliance Market, through their development of Linux-based operating software and 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(r), based on Texas Instruments(tm) embedded CPU platform, that fulfill the needs and demands of developers and the embedded computing Industry. Empower is continuing to develop LEOs(r) and newer versions of embedded CPUs in line with Texas Instruments(tm).
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(r)", "LinuxDA(tm)", Linux-based embedded operating systems, "BullsEye" and "Image Signal Correction", Video Imaging Technology, "PowerPlay(tm)", smart consumer electronics.
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Chairman, President and CEO
Empower Technologies Corporation
# 130-3751 Shell Road
Airport Executive Park
Richmond, BC, Canada V6X 2W2
The statements contained in this news release that are not historical facts are forward looking statements, including without limitation, statements regarding the timing and terms of the Company's anticipated completion of the acquisition of Northstar Network Ltd. Such statements are based on management's estimates, assumptions and projections using available information at the time of this news release. The Company cautions that actual results could differ materially from the current expectations due to a number of factors, including failure to satisfy the conditions to closing within the time required and on terms satisfactory to the parties. There is no assurance that the Company will complete the transaction on the terms anticipated or at all.
Empower Technologies, LEOs, PowerPlay, LinuxDA 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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