PHOENIX, Dec. 18, 2014 /PRNewswire/ -- SNTech Inc., a
leading developer of high-efficiency, "smart" electric motors for
both commercial and residential applications, announced that it
filed a voluntary petition for relief under Chapter 11 of the
United States Bankruptcy Code in the
United States Bankruptcy Court for the District of
Arizona. The Company intends for
the Chapter 11 filing to enable it to seek an acquirer through an
expeditious 363 sale process.
The Company, subject to court approval, has secured
debtor-in-possession "DIP" financing from existing SNTech creditors
for the planned 363 sale process.
SNTech has retained the investment bank Gordian Group LLC to
assist in the sale of the Company.
Management believes the acquisition of the Company provides a
buyer with the unique opportunity to immediately gain access to an
established product line, with an increasing customer base.
Management also believes that the highly-engineered nature and
numerous patents of the Company's products protect its operations
from its competition. The technology has been validated by leading
Fortune 100 HVAC companies, pool suppliers and a major consultant
to the U.S. Navy.
Interested bidders should contact Gordian Group LLC, care of
Ashley Zambito at (212) 486-3600
ext. 126 or amz@gordiangroup.com -- www.gordiangroup.com for more
information.
About SNTech
The Company differentiates itself by offering Electronically
Commutated Motors ("ECM") that are significantly more efficient
than the energy-exhausting units used in the majority of
residential and commercial HVACR and Pump systems. The ECM's have
wireless capability and integrated software compatible with any
building management system ("distributed intelligence"). The
Company's motors are amongst the only available as true drop-in
replacements, allowing automatic adaption with smart software and
sensors. In addition, the motors have a proprietary
multi-voltage feature, are agency-approved in the US and globally,
and are designed to stay cool and quiet. For more information,
please visit http://www.sntech.com.
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SOURCE SNTech Inc.