Empower Technologies Investment in Pixon Imaging Expand Sales, Products and Technologies

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.




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