Another Pig With Lipstick
Todays announcement is nothing more than another pig with lipstick.
Paul Leung has failed to deliver again and he is once again illegally withholding the truth about Empower. You will notice he made this annoucement AFTER the AGM last thursday. Leung wouldn't want to face any angry investors who might show up to tell this guy what a screwup he is. Thats Leung.
For those of you who haven't figured it out yet Leung has shut the doors of the Richmond offices. If you dont believe me go down to 130-3751 Shell Rd and let us know what you find. The fact is Empower no longer has a place of business after 14 years of gross incompetence by Leung.
Leung has quietly closed the offices and it is highly doubtful they will ever reopen. It only took a couple phone calls to find out that Leung actually removed all the equipment weeks ago. The law requires full disclosure but once again Leung is breaking the law.
You will notice in todays announcement that he claims there will be 3 future revenue streams.
1. AIC Communications. This is a small company in a niche market catering to new Canadians of Chinese origin. There is very little room to grow.
2.Leung claims he is going to sell the "image signal correction" technology. To who? His "sales team" from 2 or 3 years ago already failed at that. Leung now claims he can sell ISC through AIC to shopping malls and universities. That will never happen. Anyone who has ever seen the quality of todays surveillance cameras realizes that "see through the fog technology" would be a complete waste of money. He'll never sell a unit to them.
3. The handwriting patent. This is our last realistic, faint hope. Has Leung moved the patent forward in any meaningful way in that regard? Highly doubtful.
Why wasn't EDS mentioned in todays announcement? We have been waiting more than 2 years for EDS to begin operations and start accepting military contracts.
Leung claimed in his July 23,2013 update that he expected EDS to be fully functional by fall 2013. Was it just an oversight there was nothing mentioned about EDS? Should we expect it any day now? Of course not. The visionary has screwed up again. After spending 14 months trying to acquire EDS from Northstar Leung shut it down after 2-3 months. When it was discovered on this blog after Cleopatra reported EDS shut down in Feb 2013 only then did Leung quickly post an update claiming it would reopen on the west cost citing all kinds of good reasons to move EDS. That entire disaster cost investors hundreds of thousands of dollars and years of wasted time.
Take a look at the terms of the loan Leung proposes. Leung wants 12% interest for the first 400K and 13.2% interest for the 2nd tranche if needed. Realize that Leung is charging these outrageous rates of interest after he put the company in this position. Its unbelievable. Leung has squandered enourmous amounts of investor money but he wants these outrageous rates of interest to keep the company going.
Empower is all but dead. There is no office and EDS is permanently shut down. Leung by law MUST inform the investors of the status of the company. Leung routinely violates the law by failing to do so.
Does Leung actually believe he's a "visionary?" Is Homer Simpson a visionary?
And where is the criminal stock broker? I am told that crock is still hanging around the company. Are you still talking to him? If you are you're stupid. Did he tell you the Richmond offices are now closed down? Did he tell you EDS is permanently shut down? Or did he hide that information from you? Were you stupid enough to take his advice and buy more EPT at any of the financings over the past year or two?
The bottom line is the company is closer than ever to going completely out of business. Leung has been much more than just an incredible failure and disappointment. Leung is financially dangerous. He has squandered the life savings of dozens of people who trusted him and believed in him. Many of these folks have families that will go without because they lost their money trusting the criminal stockbroker and Leung. Others have lost their retirements. Over $27,000,000 have been spent by this bumbling scewup. How many times did Leung announce partnerships, MOU's, LOI's, contracts, supply agreements etc, etc etc.
Leung is a screwup and we have paid for all his bungling.
I do not believe anything Leung says. We dont know this loan will ever go through and be used for what Leung claims he will use it for. For all we know this might be another smoke screen and everything will be shut down except for the phone number. Have you called the Empower number? Its a joke. Please leave a message. When a CEO quietly removes all the equipment from the offices without telling the investors you know there are serious problems with integrity and ethics of that CEO.
The last word. [for now]
Even the most willfully blind and naive investor has to realize by now that Leung and this company are a disaster. Everyone should be thinking about the lies that they were told by the criminal stockbroker. Did you meet with Leung late at night in a fast food restaurant during financings? What did he tell you? Did you buy stock based on anything he told you?
The criminal stockbroker is a slam dunk for charges of fraud. His time will come. For now all victims should be making notes and thinking about how you were duped. This is important for any future legal proceedings.