Solace Power Inc. Announces Process to Seek Strategic Partners, Aims to Achieve Rapid Growth and Penetration of Addressable Markets

News provided by

Jun 23, 2021, 11:48 ET

MOUNT PEARL, NL, June 23, 2021 /PRNewswire/ - Solace Power Inc. ("Solace Power" or the "Company"), a world leader in differentiated wireless power technology, announces that its board of directors (the "Board"), following a review in collaboration with the Company's strategic advisor, Clariti Strategic Advisors Inc. ("Clariti"), has determined that it is in the best interests of the Company to seek the support of one or more strategic partners to assist the Company in achieving its growth aspirations.

In conjunction with this process, the Company also announced that, effective June 17^th, 2021, Michael Gotlieb has stepped down as the Chief Executive Officer, and Neil Chaulk, one of the founding shareholders and directors of the Company, has moved into this role.

Gordon Conlin, speaking on behalf of the Board, said: "Solace Power has a highly differentiated technology that is considered mission critical by blue-chip customers in several high-growth industries, including telecom (particularly with the advent of 5G), aerospace & defense, automotive and healthcare. Under the leadership of its management and the Board, Solace Power has brought its technology through the proof-of-concept phase and has proven out its commercial application and value. It is now time to work in collaboration with a world class strategic partner to take the Company and its technology to the next level. The ideal strategic partner would be one that covets our differentiated technology as an opportunity to further penetrate not only our blue-chip customer base, but also the end markets that we are pursuing. Such a partner could participate with Solace Power in a variety of ways, including through an acquisition of control of Solace Power or a capitalized long-term licensing agreement."

Neil Chaulk, Chief Executive Officer of Solace Power, added: "I look forward to working closely with our board of directors, executive team, and all of our employees to achieve our strategic goals. I have been involved in all facets of the business since inception and am more confident than ever in Solace Power's potential. Our technology has proven its efficacy to be a best-in-class solution and is primed for growth across several verticals. I am excited about the opportunity to work closely with a strategic partner, and together, we can achieve very strong outcomes."

About Solace Power

Solace Power is a leading developer of intelligent wireless power-based solutions featuring proximity sensing and data. Our patented Resonant Capacitive Coupled (RC²) technology provides industrial grade, decoupled power for a world of new, previously unachievable applications across automotive, defense, medical, industrial automation and telecommunication. The addition of high-frequency induction capabilities has broadened Solace Power's scope into high-volume markets where Solace Power has a distinct advantage. Solace Power is proud to have won the 2017 Boeing Silver Level Performance Excellence Award and Deloitte's Technology Fast 50™/Companies-to-Watch.

About Clariti Strategic Advisors

Clariti Strategic Advisors Inc. is a leading Toronto-based independent strategic and investment banking advisory firm.

SOURCE Solace Power