Another Powerhouse investee looks shaky as Motim’s CEO walks off the job
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The boss of one of tech investor Powerhouse’s companies has walked off the job and has made a formal debt claim.
Motim Technologies founding CEO Andrew Plimmer “has abandoned his employment with Motim. He has also issued a statutory demand on Motim”, according to director John Walley.
A statutory demand is a demand sent to a debtor company. It’s not a debt recovery tool but can be an incentive for companies to pay up.
As a result, Mr Walley cancelled a shareholder meeting on Monday that would have decided whether to sell the company’s assets to an American company.
Mr Walley was nominated to the board in February after the chairman was “removed” and another director quit.
Powerhouse has been pushing for an unpopular sale of Motim’s asset to Boston-based Crosstech Partners, a company without a functioning phone number or website, but claims to be a “full service digital marketing solutions company”.
Powerhouse CEO Paul Viney said he was “aware that many shareholders were vocally against the transaction that was being put before shareholders for approval”.
He said that while they may not like the deal, the other option was liquidation and zero return for shareholders.
“After 10 years of existence, Motim deserves its chance to be better funded and resourced going forward and for its technology to be useful to industry,” he said.