RE: RE: Contracts This annoucement is essentially a repeat of the Feb 19th annoucement but with more detail:
"EDS had commenced operation prior to the leasing of space by operating at a customer's facility. With the confirmation of the space, EDS is very relieved as it is just in time for the work the Subsidiary has lined up for this month. EDS has already billed its customer for the earlier work it has completed." Paul Leung, Feb 19,2013.
More detail is certainly welcome but why? My guess is the financing is going poorly and needs a boost. There was nothing mentioned about the financing in the past 2 annoucements and its been 2 full months since the financing began. It should have been done by now but the reputation of this company is a disaster. If it has been completed a brief note could have been attached at the bottom of either annoucement.
Looking on the website I don't see any names or contact numbers for an investor to call if interested. Is that any way to raise money? No broker will touch this thing. for a brokered financing. What about another IR firm? Thats doubtful for other reasons as well. Maybe someone can advise who to contact to invest or is it a secret?
It seems to me Empower has basically taken over Northstar's defence contracting business even going so far as to hire 2 former staff members. Most likely the 2 contracts announced were already in the pipe before the take over. Surviving on contracts from a small military like Canada's won't raise the stock price. Thats nothing more than hand to mouth subsistence living.
Nasdaq? Highly unlikely. That takes serious money. This company can't raise 300K.
I also see that the contract with the asian automotive camera company is dead:
There is no assurance the European client will accept the prototype. If the approval is not received by end of February 2013, the Company anticipates that no approval and no product delivery will be likely forthcoming and that more development may have to follow. Paul Leung, January 14,2013.
That makes 5 crushing failures over the past 2 years including the ISC project that we waited 5 years for. Every one of those projects were financed by investors. All that money and the years of waiting have been wasted--like the previous 8 years.
I am also suspicious of the video transcoder system Leung claimed to have delivered in his March 29,2012 annoucement:
On March 29, 2012, the Company has also completed and delivered a real time video transcoder system for a major Asia telecommunication company.
At the end of the 3rd quarter, 2012 there was only $21,000 gross revenue. That amount of revenue wouldn't cover a project like that. My guess it the product failed inspection and was rejected without payment requiring further development. Further development seems to be a recurring theme lately. Its a clever euphemism to say it failed. If it had been accepted there should have been a followup annoucement. There would be no need to keep a project like that a secret. This company needs all the good news it can get.
So we now sit and wait. How long this time before we know if this latest business plan will succeed? 1 year? 2 years?