Spherex Inc., Licensed Manufacturer of the Xbox® 5.1 Surround Sound System signs Strategic Licensing Agreement with Empower Technologies, Inc.
June 14, 2004, Toronto, Canada. Today, Spherex Inc. announced signing a three-year licensing agreement for its Spherex Optimized Surround Sound technology with Empower Technologies, Inc., a wholly-owned subsidiary of Empower Technologies Corporation of Richmond, B.C.
The thirty-six month agreement is to jointly develop an intelligent multi-function audio device, incorporating the licensed Spherex Optimized Surround Sound technology and Empower’s embedded operating system and circuitry. The currently confidential project will be launched before year-end.
Spherex and Empower will cross license each other’s licensed technology to manufacture and market the audio device. The audio device will be manufactured and sold by Spherex under its selective brands. Empower can OEM and/or license the audio device to selective consumer electronics manufacturers to sell under their own labels.
Mr. Paul Leung, founder of Empower Technologies, Inc., states “the Spherex Optimized Surround Sound technology has brought exclusive audio performance to the Xbox 5.1 Surround Sound System making it the best immersive sound for video games, home theatres and music playback available today. We look forward to achieving the same result in a completely unrelated channel.”
Empower Technologies acknowledges the dynamic nature of the consumer electronics industry, specifically within the intelligent device sector and has entered the marketplace at an opportune time.
Alex Romanov, President and CEO of Spherex Inc., concurs that “our mutual timing and opportunity will further establish Spherex Optimized Surround Sound as a new standard for digital audio dispersion for today’s multiple media sources.”
Both companies are confidently poised to take full advantage of a channel opportunity worth millions worldwide currently and boding well for the long-term future.
About Spherex Inc.
Spherex Inc. is a wholly owned subsidiary of Audio Products International Corp. (API). Founded in 1972 and privately owned, API is one of the largest loudspeaker manufacturers in the world. API brands include Mirage, Energy and Athena Technologies loudspeakers. Xbox 5.1 Surround Sound System offers an exciting, immersive audio experience for gaming, movies and music playback. It exemplifies Spherex’s dedication to superior sound quality and affordable pricing.
About Empower Technologies, Inc.
Founded in 2000, Empower Technologies, Inc., a Washington State registered company and wholly-owned subsidiary of Empower Technologies Corporation of Richmond, B.C., is a provider of embedded system technologies and solutions for the consumer electronics industry and the intelligent appliance market.
Empower is an innovative company, who through the development of quality partnerships and strategic alliances is positioning itself to become a leading provider of embedded system technologies and solutions for consumer electronics manufacturers.
The Xbox 5.1 Surround Sound System is manufactured under license by Spherex Inc.
Microsoft Xbox and the Xbox logos are either registered trademarks or trademarks of Microsoft Corporation in the U.S. and/or in other countries and are used under license from Microsoft.
The statements contained in this news release that are not historical facts are forward looking statements. Such statements are based on management's estimates, assumptions and projections using available information. The company cautions that actual financial results could differ materially from the current expectations due to a number of factors.
The TSX Venture Exchange has in no way passed upon the merits of the proposed transactions and has neither approved nor disapproved the contents of this press release.
Mirage, Energy, and Athena are trademarks of Audio Products International Corp. All other brands are trademarks of their respective owners. Palm is a trademark of Palm, Inc. All other brands are trademarks of their respective owners.
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