DPW Holdings Announces that Its Gresham Worldwide Defense Business Has Been Awarded a $2.0 Million Purchase Order From a Defe...
July 28 2020 - 6:30AM
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 $2.0 million
purchase 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.
Enertec has completed the development and proof
of fitness of a unique generic automated testing system to meet
complex challenges in validating capabilities and readiness of
defense and attack platforms. The test system can test and perform
diagnostics on all sophisticated computers that support a wide
range of military and aerospace systems. Enertec has been in
business for more than 30 years and Enertec’s CEO, Zvi Avni, has
over 35 years of experience developing advanced testing systems.
After receiving a $2.9 million order in 2019 to develop this unique
and complex testing system, in the first quarter of 2020, Enertec
recently received a follow-up order of an additional $1.4 million
and today announces that on July 26, 2020 it received a new $2.0
million order for additional work on the testing system. During the
first half of 2020, Enertec recognized revenue for approximately
30% of the first two orders. Enertec’s management believes the
balance of the orders will be recognized as revenue over the next
twelve months and that this customer has the potential to order
over $10 million of Enertec solutions per year.
Enertec’s CEO, Zvi Avni said, “The completion of
the development of our testing system has resulted in a $2.0
million order and represents a major milestone for Enertec. This
accomplishment solidifies Enertec’s position as a leading provider
of complex testing solutions for the defense and aerospace
industry, both at home and abroad.”
“We are very pleased with Enertec’s progress,
which contributes significantly to the prospects for Gresham
Worldwide,” said Jonathan Read, Gresham Worldwide’s CEO. “This
recent order demonstrates that demand for Gresham’s technology
offerings remains strong. The expansion of Enertec’s testing
systems offerings reflects the confidence and the trust that global
defense contractors have to work with Gresham on long life cycle
platform programs. We remain optimistic that Gresham can achieve
our goals for significant growth in 2020 and 2021.”
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, and textiles. In addition, the Company
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 decades of experience serving global
defense markets. 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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