FOR IMMEDIATE RELEASE
Empower Technologies™ Announces $454,000 Financing of Loan Agreement with the Directors and Officers of the Company and a Non-Brokered Private Placement of Units
June 17, 2014 – Richmond, British Columbia, Canada – Empower Technologies Corporation (TSX.V: EPT)(“Empower”) announces $454,000 financing that made up of a Loan Agreement the Company entered on May 12th, 2014 with the non-arm’s length Directors and Officers of the Company (the “Lender”) in the amount of $400,000 (the “Loan”) and a non-brokered private placement of units in the amount of $54,000 (the “Private Placement”).
The Loan will be secured by a general security interest granted by Empower at an interest rate of 12% per annum, and will be repayable on or before June 30, 2015 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 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 major new internet service expansion plan and to launch a major sales and marketing plan to acquire new subscribers and to convert existing subscribers to higher value bundles.
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, 1,600,000 common shares in the capital of Empower (the “Shares”). The Shares shall be duly issued to the Lender effective as the Borrower received TSX Venture Exchange Inc. approval of the Shares and the Loan is available to the Borrower. The Shares issued will be subject to a 4 months plus a day hold period commencing from the date of issuance.
The Private Placement, the Company is proceeding and closing a $54,000 non-brokered private placement of units.
The Private Placement is closed for 540,000 Units (the “Offering”) at a price of $0.10 per Unit for a total of $54,000. Each Unit consists of one common share and one half share purchase warrant. Each whole warrant will entitle the holder thereof to purchase one common share (the “Additional Share”) for a period of one year from the date of issue at a price equal to $0.15 per Additional Share.
The Offering is subject to acceptance by TSX Venture Exchange.
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™
Founded in 2000, Empower Technologies Corporation (TSX.V: EPT) is the holding company for Empower Technologies, Inc. and its subsidiary Empower Technologies (Canada) Inc. and AIC Global Communications Inc. Empower Technologies and its subsidiaries have transformed from an embedded technology group of companies to a full-fledged revenue producing enterprise through its subsidiaries. Empower Technologies as a group caters to communication, VoIP service, TV and media, IT, security and surveillance, military, automotive and transportation, healthcare, industrial control and consumer electronics industries. For more information, please visit www.empowertechnologies.com.
Empower Technologies group of companies’ brands are “AIC”, “LEOs®”, Linux-based embedded operating systems, “BullsEye”, Real-Time Video Stabilizer, “PowerPlay™”, smart consumer electronics.
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More Information on Empower Technologies: www.empowertechnologies.com
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Chairman, President and CEO
Empower Technologies Corporation
Suite 951 – 409 Granville Street
Vancouver, BC, Canada V6C 1T2
Empower Technologies, LEOs, PowerPlay and BullsEye are the trademarks of Empower Technologies, Inc. AIC is the trademarks of AIC Global Communications Inc. All other brands are trademarks of their respective owners.