Powermat Condemns Distorted Leak of Mediation Documents as Shareholders Stand By CEO Thorsten Heins

NEW YORK, March 1, 2016 /CNW/ -- Powermat Technologies Ltd. today responded to a court filing and to various statements made to the press by Powermat's former CEO and Chairman, Ran Poliakine. The Company said it is highly unfortunate that Mr. Poliakine and those working with him chose to release a copy of a term sheet that was being discussed in the context of a confidential mediation without consent of the parties or the mediator. 

The disclosure of such mediation materials by Mr. Poliakine is in clear violation of legal standards and the good faith parties expect during mediation. In addition, various press reports misrepresent the mediation materials and suggest there is a binding agreement, which is not the case. In fact, the document was rendered "null and void" because all parties did not sign it.

Powermat Chairman and CEO Thorsten Heins said: "I am proud of the accomplishments the Powermat team has made over the past year as we form new partnerships, expand our user base and roll out our new platform. We are building a stable and growing business. For example, Powermat users logged a record-breaking 150 million charging minutes over the past year. I am gratified by the continuing support I have received from the company's principal shareholders as we take Powermat in exciting new directions."

Neil Auerbach, CEO of Hudson Clean Energy Partners and Powermat board member, and Frank Carmel, a director of the Company representing Chris Burch and affiliated shareholders, made the following joint statement: "Thorsten Heins has done a tremendous job of focusing Powermat on real shareholder value creation following Ran Poliakine's departure after eight years. Thorsten enjoys the support of a majority of the board, and selflessly expressed his willingness to make significant personal sacrifices in the interest of eliminating shareholder disputes. Mr. Heins remains the CEO of Powermat, with our confidence in his ability to bring true shareholder value, despite the harassing litigation and other actions taken by Mr. Poliakine and his allies."

SOURCE Powermat Technologies Ltd.

Amy McDowell, [phone], [email protected]