Announcement
No, I am not saying the company is dead. Re-read my post. We are not there yet. We just don't know because Leung is inaccesible.
Regarding today's announcement;
Take a look at the "reasons" Mr.Leung uses to justify changing the promissory notes to a convertible loan. Its all a pile of crap that Mr.Leung hopes to use to slip this past investors to protect his own interests in the event of failure. The below is taken directly from today's announcement.
" The management of the company believes if the promissory notes were changed to one long-term debt with a convertible feature, then it will improve the company balance sheet, provide long-term stability over the debt, increase confidence in the company's long-term prospect and help future financing."
The annoucement itself is highly confusing and vague. It should be clear and unambiguous to all who read it.
There is a very real likelihood that Empower will die very soon. The company owns patents and technology that investors paid to develope. What Mr. Leung is proposing is that he gets the rights to all the technology, patents and everything else if he fails which is clearly very likely. If 5 years from now someone violates one of the patents we paid to develope then Mr. Leung gets all the proceeds. It could mean millions. Do you really think he would share that money with us?
Do you really want to trust this guy after all these years and so many screwups?
This is the guy who announced a 5 year, 40 million dollar contract with Advantec but didn't include in the annoucement the crucial material information that the company had to provide a prototype within 90 days. The stock rallied and went from 80 cents to $1.10. Hundreds of thousands of shares were sold. Would the stock have rallied if Leung had included in the annoucement that he had only 90 days to provide a prototype? I doubt it very much. Did he just simply make a mistake? In his website bio he claims to be a proven businessman and a visionary. Who is this guy trying to kid?
Then there was the "First Leos Licensing Agreement". Mr. Leung announced this the day before the 2006 AGM on June 28,2006. It was such a secret deal that he couldn't tell us what business they were in or where they were located. Licensing agreements are only signed after a company completes its R&D and are ready to go to market. There has never been one single dollar of revenue from licensing. Are we to believe this mystery company never sold a single unit?
Where is this mystery company? What product were they making? What about all the other "early adopters" of the 5910 that Mr. Leung claimed were working on projects in the same announcement?
I also find the timing of this announcement very interesting coming the day before the 2006 AGM which was 1 year after investors gave Mr. Leung 7.5 million to spend wisely.
This is just the tip of the iceberg. We cannot allow Leung to take possession of the assets without a fight.