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or Name
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Empower Technologies Corp
Symbol EPT
Shares Issued 71,115,279
Close 2014-09-30 C$ 0.01
Market Cap C$ 711,153
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Empower Technologies refiles financials for Q1, Q2 2014

2014-09-30 20:08 ET - News Release

Mr. Paul Leung reports

EMPOWER TECHNOLOGIES(TM) REFILES AMENDED AND RESTATED 2014 Q1 AND Q2 UNAUDITED INTERIM FINANCIAL STATEMENTS AND 2014 Q1 MD&A

As a result of a review by the British Columbia Securities Commission (BCSC) to help issuers to comply with the securities regulations and to improve the quality of disclosure the issuers provide to their shareholders and other investors, Empower Technologies Corp. is issuing the following press release to clarify certain disclosures in the company's 2014 first quarter unaudited interim financial statements and management's discussion and analysis (MD&A) for the three-month period ended March 31, 2014, and the company's 2014 second quarter unaudited interim financial statements for the six-month period ended June 30, 2014, by revising and updating some comparatives, accounting policies and disclosures, which in total are regarded as material.

The material revisions made to the unaudited interim financial statements for the six-month period ended June 30, 2014, are as follows:

  1. The company has presented the comparative information of June 30, 2013, in its consolidated statement of changes in equity to comply with the comparative information required by National Instrument 51-102, continuous disclosure obligations.
  2. Net loss from continuing operations of June 30, 2013, in the June 30, 2014, consolidated statement of cash flows differs from the statement of comprehensive loss. The company has corrected the amounts to $614,171 and $301,901, respectively, for the six-month period ended June 30, 2013, and the three-month period ended June 30, 2013.

The material revisions made to the unaudited interim financial statements and MD&A for the three-month period ended March 31, 2014, are as follows:

  1. The comparative figures of Dec. 31, 2013, in the March 31, 2014, consolidated statement of financial position differ from the company's Dec. 31, 2013, audited statement of financial position. The company has corrected the errors on the comparative figures of the Dec. 31, 2013, financial position.
  2. The comparative figures of March 31, 2013, in the March 31, 2014, consolidated statement of comprehensive loss differ from the amounts presented in the company's March 31, 2013, statement of comprehensive loss. The company has corrected the errors on the comparative figures of the March 31, 2013, financial position.
  3. The company has presented the comparative information of March 31, 2013, in its consolidated statement of changes in equity to comply with the comparative information required by NI 51-102.
  4. Net loss from continuing operations of March 31, 2014, in the March 31, 2014, consolidated statement of cash flows differs from the statement of comprehensive loss. The company has corrected the amount to $197,674 from $199,017. The company has corrected the errors on the consolidated statement of cash flows; thus, "cash, end of period" equals $35,249 to match the amount presented in the March 31, 2014, consolidated statement of financial position.
  5. The company updated note 7 on the convertible debenture to match the amounts in the statement of financial position.
  6. On the "summary of quarterly results" table of the MD&A, the revenue of the quarter ended March 31, 2013, has been changed to $52,384 from nil. Furthermore, the company elaborated on the factor that caused the increase in revenue and expenses and decrease in loss -- mainly due to its acquisition of the subsidiary, AIC Global Communications Inc. Lastly, the company clarified in the "related party transaction" section, paragraph (b), the officer stated is the spouse of the president of AIC.

Accordingly, the company has refiled its amended and restated unaudited interim financial statements and MD&A for the first quarter ended March 31, 2014, and its amended and restated unaudited interim financial statements for the second quarter ended June 30, 2014, on SEDAR.

We seek Safe Harbor.

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