LONDON, February 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 by 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