DPW Holdings Announces Rebrand of Defense Business as Gresham Worldwide and Plans to Seek Access to Public Markets
December 10 2019 - 6:45AM
Business Wire
DPW Holdings, Inc. (NYSE American: DPW), a diversified holding
company (“DPW” or the “Company”), announced a rebrand
and plans to seek access to public markets for its global defense
business under the name Gresham Worldwide, Inc. (“Gresham
Worldwide”).
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20191210005426/en/
About Gresham Worldwide
Gresham Worldwide, formerly known as DPW Technology Group, will
combine and focus three established companies into a provider of
high-quality, ultra-reliable bespoke technology solutions for
mission critical applications in the defense, medical and
telecommunications verticals. The three component companies under
the leadership of CEO, Jonathan Read, are Microphase Corporation,
Enertec Systems 2001 Ltd. and Gresham Power Electronics Ltd.; each
has over 30 years experience as global defense contractors. Gresham
Worldwide operates with a global footprint with headquarters in
Phoenix, Arizona, an office in Washington D.C. and design and
operations centers in Shelton, Connecticut, Salisbury, U.K., and
Karmiel, Israel. Gresham Worldwide plans to retain individual
sub-brands in the near term.
Planned Access to Public Markets
Gresham Worldwide has significant expansion opportunities and
backlog with imminent orders of approximately $41 million and is
looking to raise significant funds to execute and fulfill these
orders and complete its growth plans. To this end, Gresham
Worldwide has engaged the investment banking firm ThinkEquity for
its plans to seek access to public markets. DPW plans to retain an
ownership position in the defense business and may dividend shares
of Gresham Worldwide to DPW shareholders.
“We are very excited about the prospects for Gresham Worldwide,”
said Jonathan Read, Gresham Worldwide’s CEO. “Our planned capital
raise is expected to generate significant revenue from fulfillment
of orders from long life cycle platform programs with ‘blue chip’
customers in defense, aerospace and commercial sectors across the
globe, and which we anticipate, will afford us the ability to
achieve strong growth. Moreover, Gresham Worldwide provides a solid
platform to capitalize on growth opportunities and additional
acquisitions of quality small and mid-size defense firms.”
DPW’s CEO and Chairman, Milton “Todd” Ault, III said, “As a
holding company, our business strategy is designed to increase
shareholder value. Accordingly, we are focused on managing and
financially supporting our existing subsidiaries with the goal of
maximizing the value returned to shareholders. As we have
previously announced, we will consider initiatives including,
public offerings or the sale of individual partner companies, as
well as other opportunities to maximize shareholder value. We
believe Gresham Worldwide’s plans to raise capital will result in
significant revenue growth and dramatically improved bottom-line
results adding shareholder value for both Gresham Worldwide and the
consolidated Company.”
The Company will provide an investor update presentation
discussing key strategic initiatives on December 19, 2019 at 2:00
p.m. Pacific Standard Time. Webcast and dial-in information will be
announced prior to the date of the presentation.
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 that provide a global impact. Through its wholly as
well as 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, 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. The Company’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 SEC including, but not limited to, the
Company’s Forms 10-K and 10-Q. All filings are available at
www.sec.gov and on the Company’s website at
www.DPWHoldings.com.
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