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PowerHouse Ventures announces Portfolio Company update – Motim Technologies Limited

Powerhouse Ventures Limited (Powerhouse) confirms that Motim Technologies Limited (Motim) has cancelled the Special Meeting of Shareholders that was due to held on 7th May 2018. Motim sole Director Mr John Walley has advised all shareholders as follows:

"Dear Shareholders,
Unfortunately there have been developments within the Motim Shareholder base and [CEO] Andrew Plimmer has abandoned his employment with Motim. He has also issued a statutory demand on Motim. I am taking advice and working through what this all means. Things are beginning to firm up but I think it will take all of today to have a view. I have to cancel the planned Shareholders meeting in light of these developments."

Powerhouse expects that Director Walley will make an announcement to Motim shareholders in the next few days.

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