August 29, 2012 – Richmond, British Columbia, Canada – Empower Technologies Corporation (TSX.V: EPT) (“Empower”) is pleased to announce that it has closed its previously announced non-brokered private placement (the “Private Placement”) of 1,550,000 units of the Company (“Units”) for aggregate gross proceeds of $155,000. Each Unit consists of common share of the Company and one-half of a common share purchase warrant (each whole warrant, a “Warrant”). Each whole Warrant entitles the holder to acquire an additional common share of the Company for a period of 12 months from the date of issue at a price of $0.15 per share.
The common shares, together with the shares issued on the exercise of the Warrants, will be restricted from trading for a period of four months from the date of issuance of the Units, being December 29, 2012, in compliance with TSX Venture Exchange policies and securities legislation.
The proceeds from the Private Placement will be used for general working capital purposes.
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™
Founded in 2000, Empower Technologies (TSX.V: EPT) is an innovative company that brings the power and flexibility of the LEOs® (Linux Embedded Operating System) to the dynamic embedded computing Industry and the emerging Intelligent Appliance Market, through their development of Linux-based operating software, 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®, based on Texas Instruments™ embedded CPU platform, that fulfill the needs and demands of developers and the embedded computing Industry. Empower is continuing to develop LEOs® and newer versions of embedded CPUs in line with Texas Instruments™.
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®”, “LinuxDA™”, Linux-based embedded operating systems, “BullsEye” Video Imaging Technology, “PowerPlay™”, smart consumer electronics.