Venture-Backed Industrial Technology Company Expands Product Offering
NEW YORK, July 1, 2024 /PRNewswire/ -- Motomova, Inc. (OTC: MTMV) ("Motomova" or the "Company"), a leading developer, manufacturer, and supplier of testing solutions for electric motors, announced today that it has completed its acquisition of Skillr, Inc. ("Skillr"), to bolster its suite of software-as-a-service ("SaaS") products.
Headquartered in New York, New York, Motomova owns and operates MEA Testing Systems Ltd. ("MEA"), an Israeli industrial technology company with corporate offices in Netanya, Israel, and manufacturing facilities worldwide.
MEA is a developer, assembler, and distributor of testing equipment for the global electric motor industry. Since 1998, MEA has provided testing solutions with which to quality check electric motors used in automotive applications, manufacturing and industrial applications, home appliances, robotics, and for research and development laboratories. MEA's prestigious clients have included Mitsubishi Electric, Rolls-Royce, Siemens, Kawasaki, Thyssenkrupp, GE, Huawei, and Tata Motors, among others globally.
Skillr, Inc. ("Skillr"), founded in 2020 and headquartered in New York, New York is a venture-backed commercial stage developer of mobile applications for consumer and enterprise clients.
Under the terms of the Skillr acquisition, Motomova agreed to issue approximately 31.86 million shares of common stock, 13.80 million warrants, and 7.29 million pre-funded warrants to Skillr's shareholders. Pursuant to the terms of acquisition, Motomova's chief executive assumed the role of chief executive of Skillr.
Menny Shalom, Motomova's chairman and chief executive, stated, "We have executed the acquisition of Skillr as part of our 2024-2025 plan focused on capital formation and product line expansion into SaaS, driven by the demands for innovative solutions made by our clients worldwide."
Skillr's founder and now former chief executive, Cassel Shapiro, CFA, stated, "Skillr's shareholders and I are excited to join Motomova in its mission to deliver innovative testing solutions to industrial technology clients globally."
Menny Shalom is a dual US-Israel attorney and serial entrepreneur based in Tel Aviv, Israel. Menny has incubated numerous technology ventures in addition to having invested in, or purchased and operated, a multitude of software, agriculture, industrial, and defense technology businesses in Israel and abroad.
About Motomova
Motomova is the parent company of MEA Testing Systems Ltd. Founded in 1998, MEA is a leader in the development of testing solutions, instruments, and simulations for electric motors found in automotive, aerospace, consumer and other industrial applications. MEA has combined science, engineering, and decades of industry experience to meet the needs of over a thousand customers around the world.
MEA's solutions integrate unique dynamic and static capabilities with traditional dynamometer methods, creating a custom approach to meeting the needs of each customer. Its comprehensive range of services includes project consulting, specialist deployment, system integration, in-house testing, custom solutions, and contracted measurements.
Forward Looking Statements
This release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including those relating to our business activities, our strategy and plans, the future development of products, and other statements that are predictive in nature and that depend upon or refer to future events or conditions. All statements other than statements of historical fact are statements that could be forward-looking statements. Forward-looking statements include words such as "expects," "anticipates," "intends," "plans," "could," "believes," "estimates" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors which may cause actual results to be materially different from any future results expressed or implied by the forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to, our ability to continue as a going concern, our ability to obtain additional capital to meet our liquidity needs on acceptable terms, or at all, including the additional capital which will be necessary to grow our businesses; our ability to successfully complete research and further development and commercialization of our product candidates; the uncertainties inherent in industrial technology; ability to develop and protect the Company's intellectual property; the loss of any executive officers or key personnel or consultants; competition; changes in the regulatory landscape or the imposition of regulations that affect the Company's products. Except as may be required by law, the Company does not undertake any obligation to release publicly any revisions to such forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
View original content:https://www.prnewswire.com/news-releases/motomova-completes-skillr-acquisition-to-complement-saas-product-suite-302186040.html
SOURCE Motomova, Inc.
