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Follow on Google News | Empower Technologies Announces Debt FinancingEmpower Technologies announces that it has obtained debt financing of $925,000, effective today, through its directors and officers.
The net proceeds of the debt financing will be used for general corporate working capital. The debt is repayable in 12 months, carries an annual interest rate of 14% and, subject to TSX-V approval, will be convertible into common shares of the Company at the market price of the common shares (as determined in the policies of the TSX-V), and will be secured by a general security agreement over all of the Company’s assets. The Company has also agreed to pay for the costs of borrowing and pledging of the collateral of the Lenders which include legal, security pledge, disbursements and a 4% work fee. If TSX-V acceptance (and, if required, shareholder approval) of the grant of security or the conversion feature of the debt financing is not obtained, then the debt shall be repayable on demand by the Lenders. The independent members of the board of directors have reviewed the debt financing and concluded that the debt financing, including the loan, grant of security and the conversion feature, is necessary and designed to improve the Company’s financial position, is in the best interests of the Company and is fair to shareholders, and have therefore approved the debt financing, subject to TSX-V acceptance. 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 and 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™ 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” Forward Looking Information This press release contains forward-looking information within the meaning of applicable Canadian securities legislation regarding expected future events and financial and operating results of Empower. Such forward-looking information includes, without limitation, information regarding the completion and terms of the debt financing, necessary regulatory and shareholder approvals, use of proceeds and working capital. By its nature, forward-looking information requires Empower to make assumptions, is based on management’s estimates, assumptions and projections using available information and is subject to numerous inherent risks and uncertainties and you are cautioned not to place undue reliance on forward-looking information. The actual results, performance or achievements of the Empower might differ materially from the results, performance or achievements of the Empower expressed or implied by such forward-looking statements. We can provide no assurance that the debt financing will be approved by the TSX-V or completed on the basis set forth in this press release. We are subject to various risks, including: our need for additional working capital to fund our operations; that the necessary approvals by TSX-V in regard to the debt financing not be obtained; that the terms of the debt financing are amended or that the debt financing becomes payable if approvals are not received; or that Empower will be required to obtain shareholder approval in connection with the debt financing. For a more detailed discussion of risk factors affecting Empower, please refer to our public filings available at www.sedar.com. Empower disclaims any intention or otherwise to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law or the policies of the TSX-V. Contact Information: Media Enquiries: Anson Mak – info@empowertechnologies.com or via Tel @ (604) 278-3100 Investor Relations: investorline@ More Information on Empower Technologies: Sales Enquiries: sales@empowertechnologies.com or via Tel @ (604) 278-3100 Paul Leung Chairman, President and CEO Empower Technologies Corporation # 405-5600 Parkwood Way Crestwood Commerce Centre Richmond, BC, Canada V6V 2M2 Neither the TSX Venture Exchange nor its Regulation Services Provider (as that terms are defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Empower Technologies, LEOs, PowerPlay, LinuxDA and BullsEye are the trademarks of Empower Technologies, Inc. All other brands are trademarks of their respective owners. # # # Empower Technologies is a developer and provider of Linux-based embedded operating software, development platforms and system technologies for embedded computing industry which includes the automotive, RFID, industrial control, and medical devices sectors End
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