FSC / Press Release
Empower Technologies(tm)Announces Creation of Empower Defense Systems Inc.
Richmond, British Columbia CANADA, November 26, 2012 /FSC/ - Empower
Technologies Corporation (EPT - TSX Venture),
(http://www.empowertechnologies.com/)(TSX.V: EPT) ("Empower") is pleased to
announce the creation of a new subsidiary "Empower Defence Systems Inc.",
("EDS"). Empower Defence Systems will serve as the platform for the company to
continue its strategy to enter the extremely profitable defence contracting
industry - a strategy that was first adopted when the Company announced the
acquisition of Northstar Network Ltd. (the acquisition was subsequently
terminated on November 23, 2012)
Given the September announcement by the Canadian Federal government to implement
a large-scale Canada-First military purchasing strategy, Empower is extremely
well positioned to bid on, and benefit from any government contracts -
especially given the Company is already producing military-grade embedded system
and image processing technologies.
Empower (the "Lender") is consulting with its legal team to enforce its GSA
("General Security Agreement") on Northstar Network and Northstar Electronics.
The GSA provides Empower a security interest in all of the Borrower's (in this
case Northstar Network and Northstar Electronics) assets including but not
limited to customer accounts, equipment, inventory, sale orders and deliveries,
and all income and proceeds.
The GSA also secures payment and performance of all of the Borrower's present
and future indebtedness to the Lender, including the Lender's costs of enforcing
the General Security Agreement. Empower has registered the PPSA ("Personal
Property Security Act" - the common name for Provincial Legislation involved in
the enforcement of security) for its GSA on Northstar Network Ltd. and Northstar
Electronics Inc. in BC and in Newfoundland and Labrador.
It is Empower's plan to use the new subsidiary "Empower Defense Systems Inc." to
assume and to operate any assets in the event that Empower does proceed with the
GSA and is awarded the assets through the court. This will also fast track the
establishment of the sales and operations of Empower Defense Systems Inc.
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: firstname.lastname@example.org or via Tel @ (604)
Investor Relations: email@example.com
Investment Banker: Gordon Monk at Performance Capital firstname.lastname@example.org or
via Tel @ (604) 630-2480 ext. 501
More Information on Empower Technologies: www.empowertechnologies.com
Sales Enquiries: email@example.com 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, 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
To view this press release as a web page, click onto the link below:
Source: Empower Technologies Corporation (TSX-V: EPT)
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-0- Nov/26/2012 14:02 GMT
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