Ossia Appoints Citi as Financial Advisor and Announces New Leadership
Ossia Inc. ("Ossia"), the company that created Cota® Real Wireless Power™, today announced that it has retained Citigroup Global Markets Inc. ("Citi") to serve as its financial advisor to Ossia. Citi will assist Ossia in the evaluation of potential strategic initiatives intended to drive the Company's long-term growth and financial performance. In tandem with this financial partnership, Ossia has appointed Doug Stovall as Chief Executive Officer, Marty Feuerstein as Chief Operating Officer and Ossia's Founder and Chief Technical Officer, Hatem Zeine will now also serve as the Company's President.
Ossia is experiencing tremendous product momentum as a company and has taken a decision to focus, in the near-term, on commercialization and bringing Cota-enabled products to market. Stovall, having led the company's revenue efforts for the past 4 years, is uniquely positioned to take the Ossia ecosystem to the next level by prioritizing recurring revenues. Stovall is a wireless technology veteran with multiple successful exits in his career.
In concert, to ensure expanded focus on bringing Cota Real Wireless Power products to market, Ossia has appointed Marty Feuerstein as Chief Operating Officer to guide Ossia's product development initiatives. Feuerstein's extensive background leading successful IoT, wireless and smart antenna product launches is an ideal fit for this stage of the Company's development.
Having completed extensive evaluations of a number of global investments banks, Ossia has chosen to retain Citi to provide strategic advisory services to support the company's growth initiatives. Citi will provide Ossia with expert advice on financial transactions and execution strategies to accelerate commercialization and expand globally.
"I am delighted to announce this relationship with Citi. Ossia's recent milestones with regulatory and technology advancements, coupled with a strong financial advisor will create significant value for Ossia's shareholders," said Ali Kolaghassi, Chairman of the Board at Ossia.
Ossia is also building on its recent successful regulatory approvals. The Company is working closely with the Federal Communications Commission on establishing the testing criteria for power delivery over greater distances, while also gathering data to submit for approval of its new 5.8GHz Cota system.
"The board is confident that the promotions of Doug Stovall as CEO and Marty Feuerstein as COO will lead the company in executing a successful commercialization strategy," said Kolaghassi. "It is this caliber of leadership the company needs to take it to the next level. Ossia is seeing massive traction as the demonstrated leader in the wireless power ecosystem. Delivering Cota products to market and augmenting Ossia's financial position are the next steps to achieving the full potential of the Cota technology."
Ossia Inc. is leading the world on what is possible with wireless power. Ossia's flagship Cota® technology redefines wireless power by safely delivering remote, targeted energy to devices at a distance. Ossia's Cota technology is a patented smart antenna technology that automatically keeps multiple devices charged without any user intervention and enables an efficient and truly wire-free, powered-up world that is always on and always connected. Ossia is headquartered in Bellevue, Washington. Visit our website at www.ossia.com.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com
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