Solace Power Inc. Announces Process to Search Strategic Partners, with an Aim to Achieve Growth and Penetration of Addressable Markets

Telecom Tech Outlook | Thursday, July 01, 2021

In connection with this procedure, the Company announced that Michael Gotlieb would step down as Chief Executive Officer on June 17th, 2021. Neil Chaulk, one of the Company's founding stockholders and directors, will take over.

FREMONT, CA: Solace Power Inc., a global leader in differentiated wireless power technology, today announced that, after consulting with its strategic advisor, Clariti Strategic Advisors Inc., the Board of directors has determined that it's the best interests of the Company to seek the support of one or more strategic partners to help it achieve its growth goals.

In connection with this procedure, the Company announced that Michael Gotlieb would step down as Chief Executive Officer on June 17th, 2021. Neil Chaulk, one of the Company's founding stockholders and directors, will take over.

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."