DPW Holdings, Inc. (NYSE American: DPW) a diversified holding
company (“
DPW,” or the “
Company”)
announced changes to its existing leadership team. Effective today,
William B. Horne, who has served as the Company’s Chief Financial
Officer, has been appointed as President and that Kenneth S.
Cragun, who has served as Company’s Chief Accounting Officer, has
been appointed as Chief Financial Officer.
DPW’s CEO and Chairman, Milton “Todd” Ault, III
said, “As part of the evolution and growth of the Company, we are
pleased that both Will and Ken will assume their new roles and
responsibilities within the organization. They are seasoned public
company executives with a passion for leading teams and developing
strategic plans for DPW, its subsidiaries and partner companies. I
believe DPW has excellent prospects for growth and a talented team
that is positioned to empower the Company to capitalize on new
opportunities. I am looking forward to Will and Ken leading that
growth in their new roles.”
William B. Horne has served as
a member of DPW’s board of directors since October 2016. On January
25, 2018, Mr. Horne was appointed as DPW’s Chief Financial Officer.
Prior to his appointment as DPW’s Chief Financial Officer, Mr.
Horne served as one of the Company’s independent directors. He has
served as the Chief Financial Officer of Targeted Medical Pharma,
Inc. (OTCBB: TRGM) since August 2013. Mr. Horne is a director of
and Chief Financial Officer to Avalanche International, Corp., a
“voluntary filer” under the Exchange Act. Mr. Horne previously held
the position of Chief Financial Officer in various companies in the
healthcare and high-tech field, including OptimisCorp, from January
2008 to May 2013, a privately held, diversified healthcare
technology company located in Los Angeles, California. Mr. Horne
served as the Chief Financial Officer of Patient Safety
Technologies, Inc., a medical device company located in Irvine,
California, from June 2005 to October 2008 and as the interim Chief
Executive Officer from January 2007 to April 2008. In his dual role
at Patient Safety Technologies, Mr. Horne was directly responsible
for structuring the divestiture of non-core assets, capital
financings and debt restructuring. Mr. Horne held the position of
Managing Member & Chief Financial Officer of Alaska Wireless
Communications, LLC, a privately held, advanced cellular
communications company, from its inception in May 2002 until
November 2007. Mr. Horne was responsible for negotiating the sale
of Alaska Wireless to General Communication Inc. From November 1996
to December 2001, Mr. Horne held the position of Chief Financial
Officer of The Phoenix Partners, a venture capital limited
partnership located in Seattle, Washington. Mr. Horne has also held
supervisory positions at Price Waterhouse, LLP and has a Bachelor
of Arts Magna Cum Laude in Accounting from Seattle University. The
Company believes that Mr. Horne’s extensive executive, financial
and accounting experience in diversified industries and with
companies involving complex transactions give him the
qualifications and skills to serve as President of the Company and
as one of its directors.
Kenneth S. Cragun joined the
Company as Chief Accounting Officer in October 2018. Mr. Cragun is
the Chief Financial Officer for Alzamend Neuro, Inc., a biotech
company, on a part-time basis beginning in December 15, 2018. He
served as a CFO Partner at Hardesty, LLC, a national executive
services firm since October 2016. His assignments at Hardesty
included serving as CFO of CorVel Corporation, a $1.1 billion
market cap publicly traded company (NASDAQ: CRVL) and a
nationwide leader in technology driven, healthcare-related, risk
management programs, and as CFO of RISA Tech, Inc. a private
structural design and optimization software company. Mr. Cragun was
also CFO of two NASDAQ-listed companies, Local Corporation, from
April 2009 to September 2016, which operated Local.com, a U.S. top
100 website, and Modtech Holdings, Inc., from June 2006 to March
2009, a supplier of modular buildings. Prior thereto, he had
financial leadership roles with increasing responsibilities at
MIVA, Inc., ImproveNet, Inc., NetCharge Inc., C-Cube Microsystems,
Inc, and 3-Com Corporation. Mr. Cragun serves on the board of
directors and Chairman of the Audit Committee of Verb Technology
Company, Inc. (NASDAQ: VERB). Mr. Cragun began his professional
career at Deloitte. Mr. Cragun holds a Bachelor of Science degree
in accounting from Colorado State University-Pueblo. Mr. Cragun’s
industry experience is vast with extensive experience in
fast-growth environments and building teams in more than 20
countries. Mr. Cragun has led multiple financing transactions,
including IPOs, PIPEs, convertible debt, term loans, and lines of
credit. For these reasons, the Company believes that Mr. Cragun is
well qualified to serve as its Chief Financial Officer.
For more information on DPW Holdings and its
subsidiaries, the Company recommends that stockholders, investors
and any other interested parties read the Company’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
and majority-owned subsidiaries and strategic investments, the
Company provides mission-critical products that support a diverse
range of industries, including defense/aerospace, industrial,
telecommunications, medical, and textiles. In addition, the Company
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.
Forward-Looking Statements
This press 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.
Contacts: IR@DPWHoldings.com or
1-888-753-2235
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/7de3cb8f-4304-47f4-bf7b-dc04956a9454
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/03dfffd1-bc4b-420a-9479-5c94febce743
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