Empower Technologies Corporation Signs Distributorship Agreement with Spherex Inc., Licensed Manufacturer of the Xbox® 5.1 Surround Sound System
Richmond, British Columbia - August 23, 2004. Today, Empower Technologies, Inc. ("Empower") announced signing a 16 month non-exclusive distributorship sales agreement with Spherex Inc. for its Spherex Xbox Surround Sound System.
Under this sales distributorship agreement which covers North America, Empower is allowed to purchase and resell Spherex Inc.’s Xbox ® 5.1 Surround Sound System. The agreement is for sixteen months, renewable at both parties' discretion. Empower will launch the Xbox® 5.1 Surround Sound System and its other new products into its distribution marketing channels in the 4th quarter, before year-end of 2004.
"This additional product will improve and add more revenue to Empower's bottom line", said Edward Dennis, President of Empower. "This is in line with our tactical plan for the rest of the year."
Paul Leung, CEO of Empower stated, “This sales distributorship with Spherex, Inc. will accelerate our effort to expand our sales and marketing reach into the multimedia traditionally called the Audio Video (A/V) consumer electronics market. Advance speaker systems such as Xbox 5.1 Surround Sound System are fast becoming a key component and the centerpiece in the digital home."
Empower is working fervently to supply multimedia consumer products that use Empower's embedded technologies to become equipment central to the digital home.
Alex Romanov, President and CEO of Spherex Inc., agrees, “The product direction taken by the two companies are complementary to each other and this sales distributorship agreement will further cement our relationship.”
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.
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.
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.
For more information contact:
Empower Technologies Corporation
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.
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