Powermat Announces Settlement of Shareholder Disputes, New Investment; Revamps Management and Governance; Thorsten Heins Steps Down as CEO

NEW YORK, NY, June 27, 2016 /PRNewswire/ - The Board of Directors of Powermat Technologies Ltd. ("Powermat") announced today the execution of a definitive agreement that will position the company for growth in the near term and realign all stakeholders under one unified umbrella. 

Pursuant to that agreement, Thorsten Heins has agreed to resign his position  as CEO and Chairman of the Board of Directors. The company will receive new investment capital from Hudson Clean Energy Partners, funds managed by Goldman Sachs Asset Management, and by Ran Poliakine and Roman Ferber. 

Michael Blumenthal, Managing Partner of Grant Thornton, Israel will become Chairman of the Board of Directors, and a search process will commence to select a new CEO.

"With the settlement agreement completed, we are pleased that Powermat can continue to build on its strengths and leadership position in wireless charging around the world," said Ran Poliakine, Powermat Founder. 

"We are grateful to Thorsten for his efforts in advancing Powermat's leadership position in wireless charging for the benefit of businesses and users.  We wish Thorsten the best of luck in the future," said Mr. Gaurav Bhandari, Director of Powermat representing funds managed by Goldman Sachs Asset Management.

"With this new investment and restructuring, the Company is in a position to move forward vigorously with its business plans for the future," said Mr. Neil Auerbach, managing partner of Hudson Clean Energy Partners.

Subject to the closing of the agreement, the pending lawsuits between various Powermat shareholders will be dismissed without prejudice. 

The above-mentioned changes are subject to and will become effective upon a number of conditions to closing expected to occur no later than July 5, 2016, including but not limited to the funding of the new investment capital, approval by Powermat shareholders, and other matters.

About Powermat Technologies

Our vision is to help create a world where people never again need worry about running out of power. By equipping venues with a wireless charging infrastructure, Powermat's platform allows businesses to increase relevant engagement with customers sending contextual information, alerts, offers and promotions through the Powermat app before, during and after on-site consumer interactions. Together with more than 100 partners, we are building a global wireless power ecosystem. A pioneer in cloud connected wireless charging infrastructure, we utilize existing principles of magnetic inductivity to wirelessly transfer electricity in a safe and effective manner. As founding members of the Power Matters Alliance (now AirFuel Alliance) we are dedicated to creating an industry standard for smart, environmental and accessible wireless power. Everyone should live life at 100%. For more information please visit www.powermat.com.

The statements contained herein include statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements.

SOURCE Powermat Technologies