Face Plant News? I think its just more of what investors have endured for going on 13 years. As I suspected the June 27th annoucement was just spin. The contract required major revisions to satisfy the exhange. Not just answer a few "information seeks" as was claimed.
This acquisition was supposed to be completed on Mar 31st. Including yesterdays extension that makes 6. I also notice the extensions are getting longer lately. This latest extension adds another 41 days. Does it really take that long to send a purchase agreement to the exchange for approval? It does if you think its going to come back with more changes required.
The laundry list of failures continues to grow. Without taking the time to go through and count them I estimate 15 to 20 major failures and still no consistent revenue of any sizable amount.
In spite of another face plant I do expect this acquisition to be completed at some point. Why? Because Northstar Electronics is at least as desparate for cash as Empower is. That was made clear in their July 19th shareholder update. Unless another buyer for NNL comes along and offers a better deal they have no choice but to wait for exchange approval no matter how many times it takes. Eventually Leung will fall backasswards into an approval by the exchange.
In sports there is an old adage: "Will can defeat skill." I am hoping that this can be applied to Leung. He just isn't a CEO. That is clear. But he does try very hard and that deserves to be recognized. Hopefully he can overcome his inadequacies and move this company to a position where he can step down and hire a serious business person with talent and experience.