DPW Holdings Provides Business Update and Announces $65 Million in Total Backlog
March 05 2020 - 6:30AM
DPW Holdings, Inc. (NYSE American: DPW) a diversified holding
company (“
DPW,” or the “
Company”)
presented at the LD Micro Third Annual Virtual Conference on March
4, 2020. The Company’s CEO and Chairman, Milton “Todd” Ault, III,
provided an overview of DPW and its subsidiaries, discussed the
Company’s goals for 2020 and disclosed the Company’s total backlog
as of February 29, 2020 was $65 million, including $46 million in
related party backlog (related-party backlog is delinquent in the
production schedule). The written presentation discussed during the
conference was disclosed on Form 8-K filed with the U.S. Securities
and Exchange Commission.
The $65 million backlog includes recently
received orders from the Company’s global power electronics
business, Coolisys Technologies, Inc. (“Coolisys")
totaling approximately $2.2 million primarily from existing
customers for customized products in multiple industries including
medical instruments, telecommunications, industrial equipment and
defense. The orders are expected to be shipped over the next six
months. The recent orders include an order from a new defense
customer for a full custom designed product for a military
lightweight and compact uninterruptable power supply to power
mission-critical and tactical communication systems for combat
field deployment. Another recent order is for a power system
designed to power optical transport systems used in broadband
networks in addition to some other custom solution orders Coolisys
has recently received.
Coolisys offers a variety of power electronics
products including off-the-shelf, ruggedized and modified, or
complete custom designs, from an in-house design team. Coolisys’
CEO, Amos Kohn said, “The recent increase in orders is the result
of long-term relationships and a strong reputation for delivering
custom high-reliability power solutions for the global defense,
medical, industrial and telecommunications industries.”
The Company also recently announced that its
global defense business, Gresham Worldwide, Inc. (“Gresham
Worldwide”), 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 CEO and Chairman, Milton “Todd” Ault, III
said, “Our recently announced $7.7 million exchange agreement
provides a path to an improved capital structure and enables
management to focus on the many opportunities we have to grow our
business. We are committed to providing additional financial
resources to enable Coolisys, Enertec and our other 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.
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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