May 31, 2012 – Richmond, British Columbia, Canada – Empower Technologies Corporation (TSX.V: EPT) (“Empower”) announces, that it is proceeding to close a non-brokered private placement of unsecured convertible debentures (“Debentures”) for a total of $270,000 (the “Offering”).
The Debentures will bear simple interest at the rate of 10% per annum payable quarterly and are due 18 months from the date of closing. The Debentures are convertible into common shares of Empower at a conversion price of $0.15 per share. In consideration of the finder’s efforts in locating investors for the Debentures Private Placement, the Company will pay Canaccord Genuity Corp $18,900 finder’s fee in cash and 126,000 Empower share purchase warrants. Each warrant is exercisable for one year at $0.15 per share. The net proceeds of the offering are $251,100. Proceeds of the Offering will be used for continued sales and marketing of Empower’s products and general working capital.
The completion of the Offering is subject to the final approval 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.
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.