DPW Holdings Announces That Its Gresham Worldwide Defense Business Has Been Awarded a $1.4 Million Purchase Order for Defense...
February 21 2020 - 6:45AM
DPW Holdings, Inc. (NYSE American: DPW) a diversified holding
company (“
DPW,” or the “
Company”)
announced that its global defense business, Gresham Worldwide, Inc.
(“
Gresham Worldwide”), has received a $1.4 million
order from a leading defense and aerospace customer of its wholly
owned subsidiary Enertec Systems 2001, Ltd.
(“
Enertec”).
Enertec, based in Israel, is a leading defense
and aerospace designer and manufacturer of advanced multi-purpose
electronic systems, including customized computer-based automated
test equipment and turnkey solutions designed to perform in harsh
environments and battlefield conditions.
After receiving a $2.9 million order in 2019 to
develop a unique and complex testing system, Enertec recently
received a follow-up order of an additional $1.4 million related to
the testing system. Enertec’s management believes this customer has
the potential to order over $10 million of Enertec products per
year. DPW’s management believes that its recent restructuring of
debt and improvement to its capital structure puts the Company in a
stronger position to execute on expected growth in backlog from
this and other customers of the Gresham Worldwide operating
units.
Enertec’s CEO, Zvi Avni said, “The increase in
orders from this important customer is the result of a multi-year
sales development effort and reinforces Enertec’s strategic focus
on delivering complex solutions for the defense and aerospace
industry, both at home and abroad.”
DPW’s CEO and Chairman, Milton “Todd” Ault, III
said, “Our recently announced $7.7 million exchange agreement
improved our capital structure and enabled management to focus on
the many opportunities we have to grow our business. We are
committed to providing additional financial resources to enable
Enertec and our other Gresham Worldwide defense subsidiaries to
expand.”
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, 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.
About Gresham Worldwide
Gresham Worldwide, formerly known as DPW
Technology Group, is 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 of experience as global
defense contractor. 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.
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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