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DPW Holdings Settles Debt with Institutional Investor
Globe Newswire 13-Feb-2019 6:45 AM
Newport Beach, Calif., Feb. 12, 2019 (GLOBE NEWSWIRE) -- DPW Holdings, Inc. (NYSE:DPW) a diversified holding company ("DPW," or the "Company") announced it has executed an exchange agreement ("Agreement") amicably with an institutional lender to cure both a recent default and settle debt with the face value of $1,043,799.03 and interest at 8% per annum. Pursuant to the Agreement, the Company issued 8,729,253 shares of the Company's common stock at $0.12 per share. The Company appreciates the cooperation and support by the institutional investor to completely resolve all issues. DPW remains focused on reducing its liabilities and moving forward with its revenue and growth initiatives for 2019. The Company filed a prospectus supplement pursuant to Rule 424(b)(5) with the SEC after the close of the financial market on Tuesday, February 12, 2019, which the prospectus supplement is available under the Investor Relations section at http://www.DPWHoldings.com and at www.sec.gov.
DPW's CEO and Chairman, Milton "Todd" Ault, III said, "We are very pleased we were able to work with our lender to reach an amicable resolution and close the issues at hand as we focus on moving the Company forward toward profitability in 2019."
For more information on the Company, DPW 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 http://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 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.
