DPW Holdings Inc (DPW) Announces Strategic Investment in Minnesota-Based Contract Manufacturing Company
DPW Holdings Inc (NYSEAMERICAN:DPW) has made an investment in WSI Industries, Inc. (NASDAQ:WSCI), a leading contract manufacturer that specializes in the machining of complex, high-precision parts for a wide range of industries, including automotive, avionics and aerospace, energy, recreational powersports vehicles, small engines, marine, bioscience and the defense market. WSI has established itself as an industry leader by continually identifying opportunities to increase efficiency and reduce costs through new technologies, lean manufacturing and low-cost country (LCC) supplier relationships.
DPW Holdings has purchased 228,929 shares of the common stock of WSI Industries, representing an equity position of 7.76% of WSCI’s outstanding common stock, and making DPW the largest shareholder of WSI.
“As outlined during our webinar held on December 20, 2017, our investment in WSI Industries is aligned with our growth strategy. We are committed to continue to execute on our plans,” said Milton “Todd” Ault, III, the Company’s Chief Executive Officer and Chairman.
Yesterday, DPW announced that it has raised its revenue guidance for 2018, on a consolidated basis, from $36 - $38 million to $44 - $49 million. The Company stated it was very pleased with the results of the recent proxy vote including the authority to change its name from Digital Power Corporation to DPW Holdings, which management of the Company believes better reflects its business model, reincorporate into the State of Delaware and launch its new website.
“We are happy with our acquisitions and with the success we have experienced with crypto-mining. We are excited about our prospects for 2018 and our ability to deliver added value to our stockholders as we continue to execute our strategies,” said Milton “Todd” Ault, III, the Company’s Chief Executive Officer and Chairman.
Shares of Digital Power are up nearly 1.5% to $3.11 in pre-market trading Friday. DPW has a 1-year high of $5.95 and a 1-year low of $0.40. The stock's 50-day moving average is $3.08 and its 200-day moving average is $1.18.
