Company to Report Performance Through Newly Established DPW Financial, Inc. and DPW Technologies, Inc. for All Business Units and Subsidiaries
Newport Beach, Calif., Jan. 10, 2019 (GLOBE NEWSWIRE) -- DPW Holdings, Inc. (NYSE American: DPW) a diversified holding company (the “Company”) announced today that it has completed establishing DPW Financial Group, Inc. and DPW Technologies Group, Inc., both Delaware corporations, as previously announced on November 6, 2018. DPW anticipates aggregating all reporting by its subsidiaries and business units through these two new subsidiaries, starting as early as the first quarter of 2019. This realignment will set the stage for other initiatives by the Company in 2019 and beyond.
DPW will own 100% of these two groups:
- DPW Technology Group, Inc. will focus on advanced technology, design, power solutions and manufacturing businesses in defense, aerospace, telecom, medical, and textiles and will include Coolisys Technologies, Inc., Digital Power Corporation, Microphase Corporation, Enertec Systems 2001 Ltd, Digital Power Limited, and Power-Plus Technical Distributors, LLC. Mr. Milton “Todd” Ault, III will serve as the interim CEO, and William B. Horne as the new subsidiary’s CFO. DPW Technology Group intends to hire a Chief Executive Officer to provide leadership during the IPO and to develop and execute future growth strategies.
- DPW Financial Group, Inc. will focus on lending, cryptocurrency mining, hospitality, and real estate and includes Digital Power Lending, LLC, IAM, LLC and Super Crypto Mining, Inc. Darren Magot will serve as the CEO and Kenneth S. Cragun as the CFO.
The officers of DPW will remain the same: CEO Milton “Todd” Ault, III, CFO William B. Horne, and CAO Kenneth S. Cragun. DPW anticipates that the corporate restructuring will enable it to leverage more efficiently its sustainable assets, including making additional strategic investments.
About DPW Holdings, Inc.
DPW Holdings, Inc. is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies that hold global potential. Through its wholly owned subsidiaries and strategic investments, the Company provides mission-critical products that support a diverse range of industries, including defense/aerospace, industrial, telecommunications, medical, crypto-mining, and textiles. In addition, the Company owns a select portfolio of commercial hospitality properties and extends credit to select entrepreneurial businesses through a licensed lending subsidiary. DPW’s headquarters are located at 201 Shipyard Way, Suite E, Newport Beach, CA 92663; www.DPWHoldings.com.
The foregoing release contains “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8-K. All filings are available at www.sec.gov and on the Company’s website at www.DPWHoldings.com.
Mary Magnani and Kirsten Chapman, LHA Investor Relations, 415.433.3777, firstname.lastname@example.org