RE:Worthless Noise on this board but $500K Revenue Good
I see that the stockbroker who defrauded his clients is back using another one of his identities on this board.
Roadie is attempting to draw your attention away from the important facts that have developed over the past few days.
Is it important that Leung has surreptitiously closed down Empower's offices after 14 years without posting an announcement? You bet it is. Its very important. It shows how deceitful Leung is and how desparate Empower's financial situation has become. Leung has also once again broken the law by denying investors the right to know this important news. If it weren't important or if it were good news Leung would have posted it but he wanted to hide that information as long as possible. If I hadn't made inquiries to the building management company we would not have known.
However, far more important is the fact that Leung ISN'T opening an office to reopen EDS in the fall as he said he was going to do in his July 23,2013 announcement.
"EDS is focusing its effort not only to win contract works from the major defense contractors but also aiming to be the leader in the military imaging equipment field to supply state of the art high power Empower imaging technology enabled camera for the army, navy and air force to perform surveillance, reconnaissance and target acquisition. Therefore it is important for EDS to make this move to be closer to Empower’s other engineering groups supporting its military imaging effort with products and technologies." Paul Leung, July 23,2013.
Leung mentions nothing about EDS in his latest annoucement on Dec 2,2013. If the history of this company has taught us anything Leung has failed again. How can this be possible? Leung spent 14 months acquiring EDS from Northstar and then shut it down within 3 months. If it hadn't been for Cleopatra's post we would still be thinking EDS was in operation on the east coast. Leung only posted an update admitting EDS was shut down after this revelation. [Cleopatra if you're out there and have anything else for us it would be appreciated]
How can a CEO spend so much time and effort to acquire a company only to shut it down within a few months? Leung has done similiar things in the past several times. For example we have never heard another thing about the partnership with Jogtek or the digital signage boards he was developing. Why? Where is it? Another million dollar failure.
On Sept 7,2010 Leung claimed Empower was going to become a "minority owner of Pixon." That failed and we never heard another thing until it was revealed on Oct 19,2011 by Leung that a lawsuit where Pixon had sued Empower in California court was settled. Leung had a legal obligation to inform us when the minority purchase plan failed. Instead he illegally withheld this material information and commited another "lie by omission." He also withheld the lawsuit information.
Another key factor was Leung had hired IR firm Teatyn to raise money for Empower by selling shares. Leung did not inform Teayn of the lawsuit. Teatyn became aware of this and Leung announced the 2 companies had mutually agreed to go their own ways.
What about the computer handwriting patent?
Leung claimed on May 21,2013 that the company was moving ahead by contacting law firms in the US and Canada to enforce the patent.
"The Company will vigorously protect its stylus based handwriting recognition Utility Patent to exclude anyone from infringing or misusing the Utility Patent without first obtaining a proper license and permission from Empower." Paul Leung, May 21,2013.
Why is this not moving forward? All Leung says in his Dec 2,2013 annoucement is the third stream of revenue will be from licensing of the patent.
The Dec 2,2013 announcment has virtually no detail whatsoever.
What about the $500K quarterly revenue mentioned by Roadie?
As far as I know this is true. But the $500K is GROSS REVENUE. Net revenue is unknown to investors at this time. Would the previous owner of AIC have sold his company for 750,000 shares of Empower if he were making strong revenue such as 30 to 50% as Roadie suggested in his August 2,2013 post when he was posing as Flowers? He would have to be a fool to do so.Most likely there is very little or no net profit currently from AIC. If there were strong net profit even Leung would be smart enough to make investors aware of this.
What about the latest $400K loan?
Not only is Leung charging outrageous interest fees but he is taking 4.6 million shares to keep the company alive.
Will $400K make a difference to AIC? Thats chump change. If Leung is directing the way the money is spent it will be gone in no time and nothing will come of it. There are private individuals who have lost far more than $400K investing in Empower and they received far fewer shares.
Leung has proven to be an incompetent and deceitful CEO who is willing to break the law. He has been caught in lies that directly effect investors and their ability to make important decisions on whether to buy, sell or hold.
At the 2006 AGM Leung told the assembled group of 70-80 investors that the "Osaka project" [a glorified radio] was never anything more than a "reference model." Everyone heard him loud and clear. It was a bare faced lie.
"The Osaka Project is expected to be widely available this December for MSRP $499 USD." Paul Leung, January 4,2005.
There is something seriously wrong behind the scenes. When you consider the criminal fraud commited by the stockbroker and all of Leung's deceitful practices the 2 of them are ripe for a full RCMP-IMET investigation. We don't know what Leung is really up to. I have a very difficult time believing that Leung is this incompetent. Is Leung deliberately trying to sabotage the company? It sounds ridiculous until you consider the history of this debacle and the fact that Leung is always at the centre of all these failures.
I will not be surprised if Empower becomes completely unraveled and out of business by spring. Leung has no ability to raise money and Leung is completely discredited as a business person and CEO.