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Watteam suspends production and seeks strategic partners

Cycling power meter specialist Watteam has suspended the production and sales of its POWERBEAT product offering, as it seeks acquisition options. The company has also decided to withhold pending orders. It has issued a release giving further background to its decision and its current ‘search for the right strategic partners’.

Watteam statement…

As of this week, Watteam decided to suspend its production and direct sales of the POWERBEAT product line and to withhold pending orders. Although we are facing the peak of the retail season, the G3 is not at a standard we are confident to supply. With limited resources and production difficulties, this is the optimal moment to make this exciting change towards what we have always envisioned as the future and make it possible.

We apologize for the inconvenience that this decision may cause to you, and we hope that our continued developments will bring you greater benefit in the future!

All current POWERBEAT customers can continue to use all POWERBEAT App and server facilities and are still eligible to receive our full support and warranty. The several hundred G3 customers can rest assured, since their units were manually assembled by Watteam, and went through vigorous quality check[s].

The Future of Watteam
Going forward, Watteam is vigorously perusing an individual or corporation that will obtain the current assets that have been obtained over seven years of industry knowledge, Big Data, and technological advancements. In addition to the Smart Crank being one of the most accurate and advanced power meters, equipped with all the latest features, it will function as a “One Stop Shop” for manufacturers and customers. Featuring a variety of industry solutions that will bring an end to many problems faced by the manufacturer and the end client.

The outcome of having the most cost-effective hardware with a mature and stable algorithm is the Smart Crank. A mandatory bike component integrated into every bike, without additional costs to the end user.

The current management decisions coming from Watteam’s board of directors is to consider acquisition options and to search for the right strategic partners in order to establish positive cash flow and execute our vision. We are very confident with our technology, our cost-effective hardware and methods of integration. We wish the cycling community will get to enjoy it eventually.

All inquiries are welcome at info[at]Watteam.com

Sincerely,
Watteam Ltd

www.watteam.com

 

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