PHOENIX, Dec. 18, 2014 /PRNewswire/ -- SNTech Inc., a leading developer of high-efficiency, "smart" electric motors for both commercial and residential applications, announced that it filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Arizona. The Company intends for the Chapter 11 filing to enable it to seek an acquirer through an expeditious 363 sale process.
The Company, subject to court approval, has secured debtor-in-possession "DIP" financing from existing SNTech creditors for the planned 363 sale process.
SNTech has retained the investment bank Gordian Group LLC to assist in the sale of the Company.
Management believes the acquisition of the Company provides a buyer with the unique opportunity to immediately gain access to an established product line, with an increasing customer base. Management also believes that the highly-engineered nature and numerous patents of the Company's products protect its operations from its competition. The technology has been validated by leading Fortune 100 HVAC companies, pool suppliers and a major consultant to the U.S. Navy.
The Company differentiates itself by offering Electronically Commutated Motors ("ECM") that are significantly more efficient than the energy-exhausting units used in the majority of residential and commercial HVACR and Pump systems. The ECM's have wireless capability and integrated software compatible with any building management system ("distributed intelligence"). The Company's motors are amongst the only available as true drop-in replacements, allowing automatic adaption with smart software and sensors. In addition, the motors have a proprietary multi-voltage feature, are agency-approved in the US and globally, and are designed to stay cool and quiet. For more information, please visit http://www.sntech.com.
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SOURCE SNTech Inc.