Thompson Investments steps forward to fund Powa

Feb 19, 2016, 15:14 ET from Powa Technologies Ltd

LONDON, Feb. 19, 2016 /PRNewswire/ - Thompson Investments, the vehicle headed up by Richard Thompson, has confirmed that they are stepping forward to buy the Powa businesses.

Richard Thompson said: "Powa is an exciting business driven an extraordinary entrepreneur with great vision. PowaTag in particular is extremely exciting and I have great faith in the future of the business and its experienced and talented management team. I am looking forward to building on the momentum that they have created over the last two years."

Dan Wagner, Chairman and CEO, said: "Pre-revenue tech start-ups need a steady source of capital. The market conditions in recent months have had a significant impact on capital raising activities across the tech sector and others. Nevertheless, we have found in Richard a committed investor who is working with the senior management team and understands the needs of the current business. Myself and my senior management team would like to re-assure all customers and partners that we continue to trade as normal and they will be unaffected by the current re-structuring."

"With existing clients around the world, we remain committed to continuing on the path we started in building a global tech success."

SOURCE Powa Technologies Ltd