September 30, 2014 – Vancouver, British Columbia, Canada – Empower Technologies Corporation (TSX.V: EPT) (“Empower” or the “Company”) announces that as a result of a review by the British Columbia Securities Commission (“BCSC”) to help issuers to comply with the securities regulations and to improve the quality of disclosure the issuers provide to their shareholders and other investors, therefore, the Company is issuing the following press release to clarify certain disclosures in the Company’s 2014 Q1 Unaudited Interim Financial Statements and Management’s Discussion and Analysis (“MD&A”) for the three months period ended March 31, 2014 and the company’s 2014 Q2 Unaudited Interim Financial Statements for the six months period ended June 30, 2014 by revising and updating some comparatives, accounting policies and disclosures; which in aggregate are regarded as material.
The material revisions made to the “Unaudited Interim Financial Statements for the six months period ended June 30, 2014” are as follows:
- The Company has presented the comparative information of June 30, 2013 in its consolidated statement of changes in equity to comply with the comparative information required by NI 51-102 Continuous Disclosure Obligations.
- “Net loss from continuing operations” of June 30, 2013 in the June 30, 2014 consolidated statement of cash flows differs from the statement of comprehensive loss, the company has corrected the amounts to $614,171 and $301,901 respectively for “Six Month Period Ended June 30, 2013” and “Three Month Period Ended June 30, 2013”.
The material revisions made to the “Unaudited Interim Financial Statements and MD&A for the three months period ended March 31, 2014” are as follows:
- The comparative figures of December 31, 2013 in the March 31, 2014 consolidated statement of financial position differ from the Company’s December 31, 2013 audited statement of financial position. The company has corrected the errors on the comparative figures of December 31, 2013 financial position.
- The comparative figures of March 31, 2013 in the March 31, 2014 consolidated statement of comprehensive loss differ from the amounts presented in the Company’s March 31, 2013 statement of comprehensive loss. The company has corrected the errors on the comparative figures of March 31, 2013 financial position.
- The Company has presented the comparative information of March 31, 2013 in its consolidated statement of changes in equity to comply with the comparative information required by NI 51-102 Continuous Disclosure Obligations.
- “Net loss from continuing operations” of March 31, 2014 in the March 31, 2014 consolidated statement of cash flows differs from the statement of comprehensive loss, the company has corrected the amount to $197,674 from $199,017. The company has corrected the errors on the consolidated statement of cash flows thus “Cash, end of period” equals to $35,249 to match the amount presented in the March 31, 2014 consolidated statement of financial position.
- The company updated the Note 7 on the Convertible Debenture to match the amounts in the statement of financial position.
- On the Summary of Quarterly Results table of MD&A, the revenue of the quarter ended March 31, 2013 has been changed to $52,384 from $NIL. Furthermore, the Company elaborated on the factor that caused the increase in revenue and expenses and decrease in loss was mainly due to its acquisition of the subsidiary, AIC Global Communications, Inc. Lastly, the Company clarified in the Related Party Transaction section, paragraph (b) the Officer stated is the spouse of the President of AIC.
Accordingly, the Company has refiled the “Amended and Restated Unaudited Interim Financial Statements and MD&A for the first quarter ended March 31, 2014” and the “Amended and Restated Unaudited Interim Financial Statements for the second quarter ended June 30, 2014” on SEDAR.
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 focuses on Internet of Things economy that 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.