Empower Technologies Investment in Pixon Imaging Expand Sales, Products and Technologies
07 9월 2010 - 9:30PM
PR Newswire (Canada)
RICHMOND, BC, Sept. 7 /CNW/ -- RICHMOND, BC, Sept. 7 /CNW/ -
Empower Technologies Corporation (TSX.V: EPT) ("Empower") and Pixon
Imaging have signed the Pixon Imaging Investment Letter Agreement
(the "Letter Agreement"). Under this Letter Agreement, Empower will
have a minority ownership of Pixon Imaging by converting a portion
of the outstanding Pixon Imaging receivables into Pixon Imaging
common shares and the remaining balance of the receivables in
convertible notes. In return, the Letter Agreement calls for
Empower to be the exclusive manufacturer and developer of Pixon
Imaging technology products. As part of this Letter Agreement,
Empower has the right to distribute Pixon Imaging technology
products in authorized global regions. Empower will also have the
right to license or OEM Pixon Imaging technology products and
integrate or bundle with any Empower next generation real time
video stabilizer and video analytic engine products for sale
worldwide. As part of the agreement, Empower will provide a license
to Pixon Imaging for the right to use, OEM, and to distribute LEOs
(Linux Embedded Operating System) software in their products. To
support Pixon Imaging's product development, Empower will provide a
credit facility of USD$600,000 with an optional convertible note.
Empower has been impressed with Pixon Imaging's technology and is
confident that this Letter Agreement will translate into improved
sales and revenues. This Letter Agreement is a groundbreaking
strategic plan alternative to the original purchase agreement
whereas Empower Technologies intended to purchase Pixon Imaging
outright. This Letter Agreement provides a broader market potential
and revenue profitability for both companies. It will allow Empower
and Pixon Imaging to focus on their respective core businesses. "We
have just had our best ever second quarter and Pixon Imaging is a
major revenue contributor. Empower's strategy to commercialize our
embedded technology is beginning to pay off through expanding sales
and product offering," said Paul Leung, President and CEO of
Empower. Empower looks forward to a profitable and on-going
business relationship with Pixon Imaging. Media Enquiry: Anson Mak
- info@empowertechnologies.com or via Tel @ (604) 278-3100;
Investor Relations: investorline@empowertechnologies.com
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