This is great news and it looks like Paul is doing a little house cleaning to get a proper team in place for what I see as a real, going forward, company here. He could probably do a little more.
I can hardly wait for the next news, this could be it once the company gets the word out.
To be sure I don't like the trading stats (none) but that could change over night.
EMPOWER TECHNOLOGIES RECEIVES TSXV CONDITIONAL APPROVAL FOR NORTHSTAR NETWORK ACQUISITION
Empower Technologies Corp. has received conditional approval from the TSX Venture Exchange for the previously announced acquisition of Northstar Network Ltd. from Northstar Electronics Inc.
The exchange requires Empower to deliver certain requested documentation and satisfy the following conditions prior to closing:
- Empower will have to provide confirmation that Northstar Network will not provide any downstream guarantees to the creditors of Northstar Network, nor to any creditors of Northstar Electronics.
- Empower will have to provide confirmation that Northstar Electronics has received all necessary approvals to affect the sale of Northstar Network.
Closing of the transaction is subject to a number of additional conditions typical of a transaction of this nature, as set forth in the definitive purchase and sale agreement between the parties. The parties have agreed that the outside date for completion of the transaction is Sept. 30, 2012. There is no assurance that Empower will be able to satisfy the exchange conditions or that the other conditions to closing will be satisfied on or prior to the outside date on terms satisfactory to the parties or at all.
Empower will provide a further update as soon as it is in a position to satisfy the conditions necessary to receive final acceptance from the exchange and close the transaction.
Performance Capital, principal Gordon Monk, is acting as the adviser to Empower on the acquisition.
It is with regret that Steve Gupta has resigned as a director of the company. Mr. Gupta cited his fast-expanding business, a very busy schedule and the increasing director activities from this acquisition as the reasons for his resignation. The company would like to take this opportunity to thank Mr. Gupta for his many years of excellence and outstanding service as a board member, and to wish him a very prosperous and continuing success in his business.
We seek Safe Harbor.