DPW Holdings, Inc. (NYSE American: DPW) ("
DPW" or
the "
Company"), a diversified holding company,
announced today that Digital Power Lending, LLC (“DPL”), its
wholly-owned subsidiary, has entered into an agreement to form a
joint venture to be called Innovative e-Payment Solutions with
QPAGOS (OTCQB: QPAG),(“QPAGOS”), a provider of consumer payment and
financial services in Mexico, to launch a network of 1,000
self-service kiosks starting in California over the next 12 months.
It is the joint venture’s intent that the self-service kiosks will
feature consumer payments with an ability to enter into
transactions with over 10,000 vendors, utilities and service
providers actively accepting payments (domestic and international)
as well as mobile top up service, money transfers, cryptocurrency
purchases and payments and micro lending transactions. Currently,
there are less than 1,800 active kiosks to date throughout the
United States that provide similar services including the ability
to purchase cryptocurrency.
QPAGOS has established a solid presence in the Mexican market
through 700 kiosks deployed with over 140 payment services
integrated. In 2017, QPAGOS processed over $8,000,000 in
transactions including utility and entertainment service payments
as well as transportation, national lottery, cryptocurrency and
other transactions. QPAGOS and DPL intend to leverage QPAGOS’
experience and expertise to develop a network of over 10,000 kiosks
throughout the United States by 2023.
William “Bill” Corbett, President, CEO and Manager of DPL,
stated, “We are thrilled to be able to partner with QPAGOS in the
initial launch of one of the most sophisticated kiosks in the
world. The ability of Digital Power Lending to participate in both
the selling of our cryptocurrency and the money remittance business
with Mexico is a very compelling opportunity for DPW Holdings and
its shareholders. We look forward to building this business in
Southern California with a proven management and technology team at
QPAGOS."
The parties plan to enter into an operating agreement of
Innovative e-Payment Solutions, LLC and related credit facility
agreement and supply agreement, on July 1, 2018. Under the
agreement to form the proposed joint venture, DPL plans to
contribute cash and a promissory note in the aggregate amount of
$2.5 million for 51% interest. In addition, DPL plans to enter into
a $2.5 million credit facility to assist in the financing of the
purchase of the kiosks by the joint venture. Finally, QPAGOS plans
to enter into a supply agreement with the joint venture. Unless
otherwise agreed to by the parties, the agreement to establish a
joint venture will terminate if the parties do not enter into the
operating agreement, credit facility agreement and supply agreement
by July 1, 2018 unless extended by the parties.
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, www.Enertec.co.il, 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 divisions, Super Crypto Power,
www.SuperCryptoPower.com and Super Miner, www.SuperMiner.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. News Source: Digital Power Lending, LLC
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. Such forward-looking
statements include, but are limited to that DPL and QPAGOS will
enter into a joint venture agreement and related credit facility
and supply agreement, that the joint venture will be able to launch
a network of 1,000 kiosks in 12 months, that the kiosks will be
able to provide and process the anticipated services and
transactions, and that the joint venture will able to develop a
network of over 10,000 kiosks in the United States by 2023.
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.
###
Ault Global (AMEX:DPW)
Historical Stock Chart
From Mar 2024 to Apr 2024
Ault Global (AMEX:DPW)
Historical Stock Chart
From Apr 2023 to Apr 2024