NEWPORT BEACH, Calif., Nov. 06, 2018 (GLOBE NEWSWIRE) -- DPW Holdings, Inc. (NYSE American: DPW), (“DPW”) a diversified holding company, announced that its board of directors has approved a proposed reorganization of its corporate structure. The reorganization is intended to enhance DPW’s ability to reach its objectives, notably its growth strategy, as well as to assist its investors and others to better understand the components and purpose of each subsidiary. DPW Holdings will acquire, grow and spinoff companies in two separate groups: DPW Technology Group and DPW Financial Group.
“DPW constantly evaluates options to increase stockholder value through acquisition, appreciation, and disposition of our companies and strategic investments,” stated CEO and Chairman Milton “Todd” Ault, III. “We own, fund and grow multiple companies in various sectors with commonalties in the business models, growth strategies, and needs for financing and leadership. We believe supporting our assets in these two specific groups will enhance our ability to help them achieve their objectives and, ultimately, generate greater value.”
DPW will own 100% of these two groups and anticipates beginning accounting for them separately in 2019:
- DPW Technology Group will focus on advanced technology, design, power solutions and manufacturing businesses in defense, aerospace, telecom, medical, and textiles. Mr. Ault will serve as the interim CEO, and William B. Horne as the financial executive.
- DPW Financial Group will focus on lending, cryptocurrency mining, hospitality, and real estate. Darren Magot will serve as CEO and Kenneth S. Cragun as the financial executive.
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.
DPW plans to provide a company update and report third-quarter 2018 financial results in mid-November 2018.
For more information, it is recommended that stockholders, investors and interested parties read DPW’s public filings and press releases available under the Investor Relations section at www.DPWHoldings.com or available at www.sec.gov.
About DPW Holdings, Inc.
DPW Holdings, Inc. is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact. 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 Holdings, Inc.’s headquarters is 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.