Gresham Worldwide, a BitNile Holdings Subsidiary, Booked New Orders Exceeding $8.6 Million in the First Quarter of 2022
May 26 2022 - 6:30AM
Business Wire
BitNile Holdings, Inc. (NYSE American: NILE), a diversified
holding company (“BitNile” or the “Company”),
announces its global defense business, Gresham Worldwide, Inc.
(“Gresham Worldwide”), booked orders for new business
exceeding $8.6 million in the first quarter ended March 31, 2022,
continuing momentum from the latter half of 2021. While new orders
in Q1 2022 came about 16% lower than the particularly strong $10.2
million bookings in Q4 2021, first quarter 2022 bookings exceeded
by 15% the average $7.5 million bookings that Gresham Worldwide
recorded in the first three quarters in 2021.
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Gresham Worldwide’s operating companies secured significant new
orders in the first quarter, as customers continued buying Gresham
Worldwide solutions to assert more control over supply chains. We
believe turmoil in the supply chains have prompted customers to
place orders earlier and in greater volumes to ensure the
availability of critical parts, materials, and technology.
Additionally, we believe the conflict in Ukraine has intensified
global interest in, and increased demand for, electronic solutions
for defense applications. Gresham Worldwide’s subsidiaries continue
to build order backlog in the U.S., the U.K. and Israel.
New Order Overview
- United Kingdom. Bookings for power
conversion equipment and displays at Gresham Worldwide operating
companies in the U.K. exceeded $3.6 million for the first quarter
2022. Commercial customers continue to order earlier and in higher
volume to keep backlog for RELEC Electronics Ltd. in record
territory for power electronics and advanced display offerings.
Gresham Power Electronics Ltd. booked significant orders on
ruggedized power distribution, power conversion and uninterrupted
power supply products for major shipbuilding programs moving
forward again after years of uncertainty first from BREXIT and then
the global COVID-19 pandemic.
- Israel. Additional capital
investment in Q1 2022 enabled Enertec Systems 2001 Ltd., based in
Israel, to secure more than $3.1 million in orders for advanced
electronics solutions for the Israeli Air Industries, prime defense
contractors and providers of medical calibration and testing
systems.
- United States. Microphase
Corporation added $1.9 million in new orders from the U.S. military
and global defense contractors for radio frequency filter and
detector log video amplifier product lines. Those orders included a
large order for the overhaul of a major Department of Defense
aerospace platform and another substantial order for sustainment of
combat aircraft in Europe as well.
Management Perspective
Jonathan Read, Gresham Worldwide’s Chief Executive Officer,
said, “The first quarter of 2022 saw Gresham Worldwide continue to
book new orders that increased backlog with significant amounts of
work extending through 2024 and beyond. These new orders include a
mix of legacy business on long life cycle defense platforms as well
as new offerings to enable critical applications for customers in
the defense, medical, telecommunications, transportation, and
manufacturing sectors. Our operations outside the United States
showed a particularly strong bookings surge. We expect this upward
trend in bookings to continue as supply chains return to more
normal patterns in 2023.”
Timothy V. Long, Gresham Worldwide’s Chief Operating Officer,
added, “Gresham Worldwide operating entities have accelerated
momentum despite the headwinds of the pandemic and supply chain
turmoil. We continue to invest in people and infrastructure to
strengthen operations and increase capacity to deliver bespoke
technology solutions that meet the most demanding requirements. Our
customers have responded with more orders while our improving
performance continues to attract new customers as well.”
For more information on BitNile and its subsidiaries, BitNile
recommends that stockholders, investors, and any other interested
parties read BitNile’s public filings and press releases available
under the Investor Relations section at www.BitNile.com or
available at www.sec.gov.
About BitNile Holdings, Inc.
BitNile 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, BitNile owns
and operates a data center at which it mines Bitcoin and provides
mission-critical products that support a diverse range of
industries, including defense/aerospace, industrial, automotive,
telecommunications, medical/biopharma and textiles. In addition,
BitNile extends credit to select entrepreneurial businesses through
a licensed lending subsidiary. BitNile’s headquarters are located
at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV
89141; www.BitNile.com.
About Gresham Worldwide Incorporated
Gresham Worldwide is a private holding company that owns Enertec
Systems 2001 Ltd., RELEC Electronics Ltd., Microphase Corporation
and Gresham Power Electronics Ltd. Gresham Worldwide focuses on
delivering electronic technology solutions that protect, save and
enhance life, including turnkey electronic solutions, electronic
countermeasures, radio frequency solutions, power conversion and
electronics, and displays. Gresham Worldwide primarily supports the
defense and aerospace industries, while also enabling mission
critical applications in transportation, industrial,
telecommunications and medical technology market sectors.
www.greshamworldwide.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.BitNile.com.
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BitNile Holdings Investor Contact: IR@BitNile.com or
1-888-753-2235
Gresham Worldwide Investor Contact: KCSA Strategic
Communications Valter Pinto, Managing Director (212) 896-1254
Gresham@KCSA.com
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