AnnouncementEmpower signs supply deal with electronics manufacturer
Ticker Symbol: C:EPT
Empower signs supply deal with electronics manufacturer
Empower Technologies Corp (C:EPT)
Shares Issued 47,971,279
Last Close 7/22/2011
.16
Monday July 25 2011 - News Release
Mr. Paul Leung reports
EMPOWER TECHNOLOGIES SIGNS SUPPLY AGREEMENT FOR PURCHASE ORDERS WITH AN ASIAN AUTOMOTIVE CAMERA & ELECTRONICS MANUFACTURER
Empower Technologies Corp., further to the April 11, 2011, news release regarding the memorandum of understanding with an Asian automotive electronics developer and manufacturer, has signed the definitive supply agreement and joint product development agreement to integrate Empower's proprietary image signal correction (ISC) technology into its latest automotive camera system product offerings. Under the supply agreement, all future purchase orders will be issued to Empower to supply the company's ISC technology to its Taiwan automotive camera manufacturing partner.
Empower's proprietary real time Image Signal Correction Technology corrects unclear images caused by fog, smog, smoke, dust, rain, snow or heat waves. This enhancement enables the viewer to clearly monitor conditions in real time and make crucial decisions in countless driving situations.
The automotive camera manufacturer has identified Empower Technologies as the leader in the market today in offering the Image Signal Correction (ICS) feature to correct distorted camera & video images in real time caused by severe weather and extreme environmental conditions. Used in any vehicle, these cameras will perform live computerized video analytics for automated safety warnings such as Lane Departures, Front End Collisions or Blind Spot Monitoring in any weather conditions except whiteouts.
Several key markets of this automotive camera system manufacturer include but are not limited to China, Japan, India and Korea. For China alone, it produces 17.5 million vehicles a year. Japan is not far behind in terms of the number of vehicles they produce worldwide. India is in its infancy and growing rapidly. The total size of this market is over 30 million vehicles a year. Empower and their partners are targeting to have 2 - 5% penetration in the first two years and 10% within the first 5 years.
The automotive camera system manufacturer has already started the sales and marketing of their current version of the automotive camera system and will incorporate Empower's ISC technology with all new offerings.
Last year, a number of major Asian automotive parts suppliers, heavy vehicles and car manufacturers ("customers") were engaged in the process of product certification. Once the ISC Technology enabled automotive camera system is available, it will accelerate customer acquisition and acceptance. Building on these sale channels, Empower and its Taiwan partner plans to achieve a 10% market share ahead of the first 5 years sales targets.
Empower Technologies will expand the sales of the company's ISC technology with other partners and customers, targeting the camera developers & manufactures, the automotive industry, major defense contractors, surveillance imaging equipment manufacturers, government agencies, first responders, homeland security, and the military. Paul Leung CEO states "With this agreement in place Empower Technologies has moved from Research & Development to revenue generating commercial production with the Asian partners."
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