DPW Holdings Reports $1,500,000 Payment towards Debt
April 18 2019 - 6:45AM
DPW Holdings, Inc. (NYSE.MKT: DPW), a diversified holding company
(the “Company,” or “DPW”), today announced it has completed a
payment of $1,500,000 towards debt held by our senior lender which
brings the Company’s total reduction of debt to approximately
$10,500,000 year to date in 2019. The Company noted that with this
payment it has made significant progress in restructuring its total
debt which supports our growth initiatives and manufacturing base.
DPW continues to work with its creditors to service and manage its
debt, strengthen its capital structure while moving forward with
profitability and other objectives for the year. As stated during
its Investor Conference on February 25, 2019, the Company’s goals
for this year include decreasing its short-term liabilities,
increasing revenue growth and improving financial and operational
performance.
DPW’s CEO and Chairman, Milton “Todd” Ault, III
said, “We are very pleased we were able to work with our lenders to
significantly reduce our debt, de-risk our balance sheet as this
will improve our bottom line. During 2018, the cost of our debt
resulted in nearly $16 million in cash and non-cash expenses. The
year-to-date reduction in debt will result in a significant
improvement to our operating results. Further, because the majority
of our debt is short-term obligations, the reduction in debt
service will materially reduce our overall cash requirements for
2019. This short-term debt financed the bulk of our corporate
acquisitions and other efforts to expand our revenue streams.” Ault
continued, “With the tremendous downturn in the cryptocurrency
marketplace throughout 2018, the servicing of this short-term debt
was challenging while we sought to expand of our manufacturing and
customer base this past year. We are pleased that we are
accomplishing our plan to restructure our debt in 2019 and believe
we will begin to report positive results starting in the second
quarter of fiscal 2019. The Company remains dedicated to attaining
our stated goals for the year that include driving the Company’s
revenue growth and profitability, reducing overhead and improving
operational performance.”
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 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 that hold global potential. 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’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.
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