FSC / Press Release
Empower Technologies(tm) Terminates Northstar Network Purchase Agreement
Richmond, British Columbia CANADA, November 23, 2012 /FSC/ - Empower
Technologies Corporation (EPT - TSX Venture)("Empower"),announces that it has
terminated its previously announced acquisition of Northstar Network Ltd.
("NNL") from Northstar Electronics, Inc. (OTCPK: NEIK) ("Northstar
Empower elected to exercise its right of termination as a result of Northstar
Electronics' breach of certain covenants under the share purchase agreement
among the parties and Northstar Electronics' failure to meet certain key closing
conditions within the agreed upon time.
Empower has also delivered notice to each of Northstar Electronics and NNL of
their respective defaults under loan agreements with Empower. Empower has
reserved the right under the loan agreements and the related general security
agreements to, among other remedies available to Empower, take possession of the
assets of NNL and Northstar Electronics following such default.
Empower will issue a further announcement once it has determined how it will
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
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.
Media Enquiries: email@example.com or via Tel @ (604)
Investor Relations: firstname.lastname@example.org
Investment Banker: Gordon Monk at Performance Capital email@example.com or
via Tel @ (604) 630-2480 ext. 501
More Information on Empower Technologies: www.empowertechnologies.com
Sales Enquiries: firstname.lastname@example.org 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
The statements contained in this news release that are not historical facts are
forward looking statements. Such statements are based on management's
estimates, assumptions and projections using available information. The company
cautions that actual financial results could differ materially from the current
expectations due to a number of factors.
Empower Technologies, LEOs, PowerPlay, LinuxDA and BullsEye are the trademarks
of Empower Technologies, Inc. All other brands are trademarks of their
To view this press release as a webpage, please click on the following link:
Source: Empower Technologies Corporation (TSX-V: EPT)
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-0- Nov/24/2012 0:30 GMT
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