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HOBOKEN, N.J., April 29, 2019 (GLOBE NEWSWIRE) -- WaveTech Global, Inc (the "Company" or "WaveTech"), a global next generation technology platform company that specializes in power management and efficiency, asset lifecycle extension, data-analytics, and intellectual property development, announced today the signing of a definitive agreement and simultaneous closing of the purchase of the assets of Power Analytics, Inc a market leading provider of real-time power modelling, simulation and digital twin management software. Pursuant to this transaction, WaveTech Global will purchase certain assets and intellectual property of Power Analytics for consideration in the form of common stock shares. Over $20million has been invested into the Power Analytics software technology, and WaveTech Global will now have ownership and access to over 20 additional granted patents.
Kevin Meagher will join the senior leadership and all current employees of Power Analytics will continue their current responsibilities within the WaveTech Global group of companies. With this transaction three new strategic and institutional shareholders of GE, Casuam Enterprises, and Carolina Financial have joined the shareholder base of WaveTech Global, Inc.
Kevin Meagher of Power Analytics stated, “The WaveTech Global team has created an exceptional platform to address mission critical markets in telecommunications, energy storage, utilities, information technology (especially data centers) and renewable generation in all markets. The combined technologies and platform represent the extraordinary application of Artificial Intelligence technology in high availability energy markets and situational awareness that communications and transactional data are so dependent on. We are delighted to be part of this synergistic team representing years of applied research and technology as an industry leader.”
Michael Kotlarz of WaveTech noted, “The addition of Power Analytics with its real-time Power Digital Twin Software as a Service (SaaS) and its Power Analytics Gateway marks an acceleration in WaveTech’s ability to deliver a high value-added platform that generates huge efficiency, and cost savings based on both real-time empirical and predictive simulation data. Our combined platform will enable operational visibility and proactive insight unlike anything currently in the space.”
Keith Barksdale of WaveTech and BV Advisory Partners stated, “We are excited to have Kevin Meagher and his team join the Wavetech Global family. Kevin has been named as a Top 100 experts in the US smart grid sector, and his thought leadership will help WaveTech accelerate the launch of our proprietary Digital Network Clone product offerings that will change the way network operators build, maintain, and repair their critical infrastructure. With this acquisition we also immediately increase our reoccurring SaaS Revenue with new Fortune 100 Global Customers."
WaveTech’s extensive platform of products include power asset life extension, operational servicing and automation, lifetime cost reduction, and real-time heterogeneous power source switching. WaveTech’s Power-Control network architecture (Patent pending) creates an automated intelligent network from your power storage and generation assets to accomplish a diverse set of customer specific goals from maximizing availability to minimizing cost. In addition, WaveTech’s patented approach to crystal control (CCT®) can dramatically reduce the need for backup energy capital expenditure and associated operating costs for the environmental control and maintenance needed to protect and operate these critical energy assets. CCT’s dramatic improvements in cost and reliability were born from a portfolio of patented Intellectual Property specializing in the manipulation of crystallization formations within fluid media.
WaveTech was advised by BV Advisory Partners, and Power Analytics was advised by Carolina Financial.
About WaveTech Global
WaveTech is a global next generation energy management company that specializes in asset lifecycle extension, intellectual property development, and implementation services. The Company offers a global portfolio of end-to-end energy optimization and lifecycle management solutions developed from proprietary intellectual property, engineered systems, and operational expertise. WaveTech’s extensive suite of products include power asset life extension, operational servicing and automation, lifetime cost reduction, and real-time heterogeneous power source switching. Additional information regarding WaveTech may be found on WaveTech’s website at http://www.wavetechglobal.com
About Power Analytics
Embraced by the power industry for more than 25 years, Power Analytics’ software is at the forefront of the electrical system planning and operation space for energy intensive, mission-critical facilities and microgrids, and currently protects more than $120 billion in customer assets. The Company’s worldwide operations include sales, distribution, and support offices located throughout North America, South America, Europe, Asia, Africa and Australia. For more information, visit http://www.poweranalytics.com
Media Contact: Steve Lopiano – Power Analytics Corporation
The above news release contains forward-looking statements. The statements contained in this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as "anticipate," "appear," "believe," "could," "estimate," "expect," "hope," "indicate," "intend," "likely," "may," "might," "plan," "potential," "project," "seek," "should," "will," "would," and other variations or negative expressions of these terms, including statements related to expected market trends and the Company's performance, are all "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based except as required by applicable law and regulations.
WaveTech Global, Inc.