DPW Holdings Provides COVID-19 Business Update
March 18 2020 - 6:30AM
DPW Holdings, Inc. (NYSE American: DPW) a diversified holding
company (“
DPW,” or the
“
Company”), is providing an update relating to the
impact that the coronavirus disease (“
COVID-19”)
is having on its business.
Updates by business unit are as follows:
- DPW Holdings’ corporate headquarters, located in Newport Beach,
CA, is evaluating the need to work remotely, based on the occupancy
and social distancing orders from the Orange County Health Officer.
The headquarters staff has tested the secure remote access systems
and technology infrastructure to adjust working arrangements for
its employees and believes it has an adequate internal
communications system and can remain operational with a remote
staff, if necessary.
- Coolisys Technologies Corp. (“Coolisys”),
located in Fremont, CA, has temporarily suspended operations as a
result of the Alameda County Public Health Department’s order to
cease all activities at facilities located within the
County.
- The I.AM Prep Kitchen restaurants, located in San Diego, CA,
have temporarily suspended operations to protect the health and
safety of their customers, employees and the communities they
serve.
- Microphase Corporation, located in Shelton, CT, has developed
an emergency plan to ensure that its mission critical manufacturing
and logistical functions are up and running. Microphase has
implemented additional steps to ensure a higher level of
cleanliness in its facility. Employees at greater risk of major
health issues from COVID-19 are not required to work on site. The
crisis management team meets regularly to monitor the situation,
and modifies and communicates the plan as the need arises. Once the
COVID-19 crisis has passed, the team will work on transitioning
Microphase back to normal operations.
- Gresham Power Electronics Limited, located in Salisbury, UK,
will temporarily suspend operations on Thursday, March 19,
2020.
- Enertec Systems 2001 Ltd., located in Karmiel, Israel, has been
granted a waiver by the Israeli government to remain open to
complete key projects that impact national security. Approximately
50% of the Enertec workforce is working remotely.
- Digital Farms’ cryptocurrency mining operations have been
suspended indefinitely, primarily due to the sharp decline in the
market price for Bitcoin (BTC).
2020 Targets Suspended
Due to the unprecedented market conditions
domestically and internationally, and the effect COVID-19 has had
and will continue to have on the Company’s operations and financial
performance, the extent of which is not currently known, the
Company is temporarily suspending guidance for 2020. The Company
will monitor the situation rigorously and provide business updates
as circumstances warrant and resume providing guidance on the
Company’s business when management believes that such information
would be both reliable and substantively informative.
DPW’s CEO and Chairman, Milton “Todd” Ault, III
said, “The health, safety and well-being of our employees and
customers remain our top priority as the impact of COVID-19
continues to rapidly evolve. We are closely monitoring the
situation and following all guidance from the CDC and federal,
state and local authorities, and we continue to take measures to
ensure our team and customers are safe.”
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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