Empower Technologies™ Corporation Announces Closing of Short Form Offering Richmond, British Columbia – January 7, 2008 - Empower Technologies Corporation (“Empower”) (TSX.V: EPT) is pleased to announce the completion of Short Form Offering (the “Offering”) as of January 7, 2008 by closing the second tranche. The Offering was approved by the TSX Venture Exchange on November 7, 2007. The Offering was for up to 2,666,667 units (the “Units”) at $0.75 per Unit, with each Unit consisting of one share and one half warrant. Each whole warrant is exercisable into one common share for a period of two years at an exercise price of $0.90 per share. The warrants are non-transferable. The second tranche of the Offering resulted in the sale of 561,300 Units for a total of $420,975. In this Short Form Offering a total of 2,442,600 units were sold for gross proceeds of $1,831,950. The proceeds of the Offering will be used primarily to finance continued product development and marketing and sales expenses and for general working capital. Canaccord Capital Corporation as agent for the Offering (the “Agent”), received an 8% cash commission and Agent’s warrants equal to 15% of the Offering sold, with each Agent’s warrant exercisable for a period of two years at $0.75. The Agent also received a corporate finance fee of 150,000 Units, having the same terms as the Units offered, and an administration fee of $5,000.
About Empower Technologies™ Founded in 2000, Empower Technologies (TSX.V: EPT) is an innovative company that brings the power and flexibility of the LEOs® (LinuxDA™ 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 and “PowerPlay™”, smart consumer electronics.
|