August 23, 2012 – Richmond, British Columbia, Canada – Empower Technologies Corporation (TSX.V: EPT) (“Empower”) is pleased to announce that it has received conditional approval from TSX Venture Exchange (the “Exchange”) for the previously announced acquisition of Northstar Network Ltd. (“NNL”) from Northstar Electronics, Inc. (OTCBB: NEIK) (“Northstar Electronics”).
The Exchange requires Empower to deliver certain requested documentation and satisfy the following conditions prior to closing:
- Confirmation that NNL will not provide any downstream guarantees to the creditors of NNL, nor to any creditors of Northstar Electronics.
- Confirmation that Northstar Electronics has received all necessary approvals to affect the sale of NNL.
Closing of the transaction is subject to a number of additional conditions typical of a transaction of this nature, as set forth in the definitive purchase and sale agreement between the parties. The parties have agreed that the outside date for completion of the transaction is September 30, 2012. There is no assurance that Empower will be able to satisfy the Exchange conditions or that the other conditions to closing will be satisfied on or prior to the outside date on terms satisfactory to the parties or at all.
Empower will provide a further update as soon as it is in a position to satisfy the conditions necessary to receive final acceptance from the Exchange and close the transaction.
Performance Capital, Principal Gordon Monk, is acting as the advisor to Empower on the acquisition.
It is with regret, Mr. Steve Gupta has resigned as the director of the Company. Mr. Gupta cited his fast expanding business, a very busy schedule and the increasing director activities from this acquisition as the reasons for his resignation. The Company would like to take this opportunity to thank Mr. Gupta for his many years of excellence and outstanding service as a board member and to wish him a very prosperous and continuing success in his business.
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.