VANCOUVER -- Empower Technologies has signed an agreement to acquire Northstar Electronics' contract assembly business for C$1 million and the assumption of up to C$2 million in liabilities.

The pending deal for the wholly owned subsidiary, Northstar Network, was previously announced in November. Closing will take place between March 31 and May 31.

Under terms of the deal, Empower will pay $100,000 by Feb. 28, $500,000 at closing and $400,000 within 12 months after closing. The transaction is subject to customary closing conditions, including due diligence and financing.

The Canadian dollar is trading almost 1:1 to the US dollar.

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