ABSOLUTE POWER Once again Paul Leung has decided to reward himself and others in managment with more shares. This time its 8 million options at a nickel.
What have these people done to deserve to be rewarded? As far as I can see nothing.
In the upside down world of Empower Technologies Leung routinely rewards himself and others in management for total failure.
Today the stock traded at 1/2 cent.
It would be altogether different if Leung ever succeeded at something but he never does. The company is nearing the end of year 16 and Leung still has not accomplished anything except massive financial losses.
Why does he reward himself for failure? There is no one to stop him. Leung has absolute power and control over Empower.
-Sept 30/15 - 8 million options
-Dec 15/14 -800,000 bonus shares
-Sept 26/14-800,000 bonus shares
-July 2/14-1.6 million bonus shares
-Dec 17/13 -2.4 million bonus shares
-May 31/13-3.0 million shares
In addition to the millions of additonal shares handed out Leung is receiving between 12.95 to 14% for the loans he has given the company.
Its very difficult to know how many shares Leung and management now have but I estimate Empower now has more than 125 million shares when fully diluted. That number is growing exponentially with the interest Leung charges for his loans to the company which are necessary because he has run the company dry of cash over and over again with every failure.
On Jun 29/15 Leung announced upgrades to AIC's telecom infrastructure, expected to be completed by Sept 2015 as well as a rebuilt AIC website into an ecommerce site. Where are they? How hard is it to hire someone to rebuild the website? Its now more than 3 months and its still not done.
Failure is standard procedure at Empower.