DPW Holdings, Inc. (NYSE American: DPW) ("
DPW" or
the "
Company"), a diversified holding company,
announced today that it has used Bitcoin, the cryptocurrency its
subsidiary Super Crypto Mining, Inc., or SCM, has mined through its
operations, to reduce the Company’s debt, marking a milestone for
the Company and possibly the use of Bitcoin on a commercial basis.
SCM actively mines the cryptocurrency, Bitcoin, and, since late
2017 has held its inventory of Bitcoin as one of its long term
operational and investment strategies. DPW incurred new debt
recently to support the purchase of Enertec Systems 2001 Ltd.
("Enertec"), a 22-year-old private company, by another of its
subsidiaries, Coolisys Technologies, Inc. Enertec is Israel’s
largest private developer and manufacturer of specialized
electronic systems for the aerospace and defense markets. Enertec
generated over $8 million in annual revenue for its fiscal year
ended December 31, 2017. DPW has made a payment of $500,000 towards
this new debt today thus leveraging the mined Bitcoin through a
non-dilutive transaction to shareholders. The Company believes this
transaction is significant for both its shareholders as well as the
cryptocurrency community worldwide.
“We believe this transaction of reducing the debt incurred from
the purchase of Enertec with the cryptocurrency we have mined
validates Bitcoin’s value as a commodity and the use of
cryptocurrencies as an alternative to fiat currency. DPW will
expand its cryptocurrency mining operations as well as explore
other paths to further advance the use of Bitcoin,” said Milton
“Todd” Ault, III, the Company’s CEO and Chairman. Mr. Ault
emphasized, “Having a lender provide capital for our acquisitions
while our company is able to mine and use cryptocurrency to reduce
debt that is used to purchase an asset, marks an important moment
in the transactional use of Bitcoin for both the Company as well as
the crypto community.”
ABOUT DPW HOLDINGS, INC.Headquartered in
Newport Beach, CA, DPW Holdings, Inc. (www.DPWHoldings.com), is a
diversified holding company with a growth strategy of acquiring
undervalued assets, disruptive technologies, sustainable solutions,
and exciting ventures for incubation and development to their full
potential for long-term growth and investor returns.
DPW, through its wholly-owned subsidiary, Coolisys Technologies,
Inc., is dedicated to providing world-class technology-based
solutions for critical applications and lifesaving services, in
which innovation is the main driver. Coolisys serves the defense,
aerospace, naval, homeland security, medical, telecom, datacom, and
industrial markets. Its growth strategy targets core markets that
are characterized by “high barriers to entry” and that require
specialized products and services that are not likely to be
commoditized. Through its portfolio companies, Coolisys develops
and manufactures cutting-edge switching power products and power
solutions utilizing its customized digital power management and
resonant topology to achieve the highest efficiency and highest
density power converters and inverters; specialized complex
airborne high-frequency, radio frequency (RF), and microwave
detector-log video amplifiers (DLVA); very high-frequency filters;
and naval power conversion and distribution equipment. Coolisys
provides its technology and services through its three primary
groups: the Power Solutions Group (PSG); the Defense and Aerospace
Solutions Group (DSG); and the Advanced Service Industries (ASI)
Group. Coolisys manages five divisions, including Digital Power
Corporation, www.DigiPwr.com, a leading provider of power
electronics technology based in Northern California; Digital Power
Limited dba Gresham Power Ltd., www.GreshamPower.com, a designer
and manufacturer of power distribution systems primarily for Naval
use based in Salisbury, UK; Microphase Corporation,
www.MicroPhase.com , a designer and manufacturer of microwave
electronics technology based in Shelton, CT; Power-Plus Technical
Distributors, www.Power-Plus.com, a value-added distributor based
in Sonora, CA; and Enertec Systems, a developer and manufacturer of
specialized advanced electronic systems for the defense and
aerospace sectors based in Karmiel, Israel.
Digital Power Lending, LLC, www.DigitalPowerLending.com, a
wholly owned subsidiary of the Company, is based in Fremont, CA,
and is a California private lending company operating under
Financial Lender’s License ##60DBO-77905 dedicated to strategically
providing capital to small and middle size businesses for an equity
interest in addition to loan fees and interest. Super Crypto
Mining, Inc. www.SuperCryptoMining.com is a wholly-owned subsidiary
of the Company, is based in Fremont CA that leverages its
engineering expertise and existing locations to create crypto
currency mining facilities across the globe. Super Crypto Mining,
Inc. operates the branded division, Super Crypto Power,
www.SuperCryptoPower.com. Excelo, LLC, www.Excelo.com, a
wholly-owned subsidiary of the Company, is a national search firm
specializing in fulfilling strategic executive, professional and
hi-tech placements for businesses delivering world-class services.
DPW Holdings, Inc.’s headquarters is located at 201 Shipyard Way,
Suite E, CA 92663; www.DPWHoldings.com. For Investor inquiries:
IR@DPWHoldings.com or 1-888-753-2235.
Forward-Looking StatementsThe 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, including statements regarding the acquisition and the
ability to consummate the acquisition. 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.
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